Anonymous
12/22/2017 16:29
Subject: household income of 250K to send kids to private school
Anonymous wrote:Anonymous wrote:Anonymous wrote:Parent who transferred kids from private to magnets again.
Make sure you can save for college and retirement.
At $250k you won’t get any FA from colleges unless maybe if your kid gets into Harvard which has the largest endowment. (My kid didn’t qualify for FA at a different top ivy on that income.)
However, your kid may get merit aid with great grades (at some great non-Ivies because Ivies don’t give merit aid).
At your income you’ll also be able to do maybe $2-3,000 per month on a 10-month college tuition payment plan, just like you’d do for a 10-month private school tuition payment plan. That’s about $30k per year out of income for college out of your income. Bear in mind, though, that many private colleges are $60-70k/year these days (and will be more by the time your kid graduates), and out-of-state publics currently run about $55k/year. So unless you are planning for an in-state public, you will need to save for college.
I haven’t even started on retirement income. The good news isn’t that college FA forms don’t include retirement savings in your assets available for college tuition. (Not that you, or we, qualify for FA at most colleges.)
PP once again. I think the new tax bill lets you use your 529 for private school (yet another slap at the publics). Yay?
The new tax bill is supposed to let you use 529 but that's $ you won't have for college.
Slap at the publics maybe but its tough enough to get into a private with all the competition. Using 529 or not there isn't going to be space at the privates. Just a lot more competition because more will be able to pay snd not need FA.
Anonymous
12/22/2017 16:25
Subject: household income of 250K to send kids to private school
Anonymous wrote:Anonymous wrote:Parent who transferred kids from private to magnets again.
Make sure you can save for college and retirement.
At $250k you won’t get any FA from colleges unless maybe if your kid gets into Harvard which has the largest endowment. (My kid didn’t qualify for FA at a different top ivy on that income.)
However, your kid may get merit aid with great grades (at some great non-Ivies because Ivies don’t give merit aid).
At your income you’ll also be able to do maybe $2-3,000 per month on a 10-month college tuition payment plan, just like you’d do for a 10-month private school tuition payment plan. That’s about $30k per year out of income for college out of your income. Bear in mind, though, that many private colleges are $60-70k/year these days (and will be more by the time your kid graduates), and out-of-state publics currently run about $55k/year. So unless you are planning for an in-state public, you will need to save for college.
I haven’t even started on retirement income. The good news isn’t that college FA forms don’t include retirement savings in your assets available for college tuition. (Not that you, or we, qualify for FA at most colleges.)
PP once again. I think the new tax bill lets you use your 529 for private school (yet another slap at the publics). Yay?
The new tax bill is supposed to let you use 529 but that's $ you won't have for college.
Anonymous
12/22/2017 16:14
Subject: household income of 250K to send kids to private school
Anonymous wrote:Anonymous wrote:Anonymous wrote:We make around 365k and would not be able to send two kids to expensive privates. We are considering private high school for just one of the kids but that would only be for four years and we make more than you.
Wow, where is all your money going?
Just normal expenses. Mortgage is $3200/month and we save 2000k a month for college. Old cars. But we don't have an extra 80k a year for private school.
That isn't normal expenses if you are if you are on that income and cannot afford it. You could but may need to reduce in other areas.
Anonymous
12/22/2017 16:11
Subject: household income of 250K to send kids to private school
Anonymous wrote:Anonymous wrote:We make around 365k and would not be able to send two kids to expensive privates. We are considering private high school for just one of the kids but that would only be for four years and we make more than you.
Wow, where is all your money going?
Just normal expenses. Mortgage is $3200/month and we save 2000k a month for college. Old cars. But we don't have an extra 80k a year for private school.
Anonymous
12/22/2017 15:30
Subject: household income of 250K to send kids to private school
Anonymous wrote:We make around 365k and would not be able to send two kids to expensive privates. We are considering private high school for just one of the kids but that would only be for four years and we make more than you.
Wow, where is all your money going?
Anonymous
12/22/2017 15:30
Subject: household income of 250K to send kids to private school
Anonymous wrote:We live in upper NW and planned on sending our kid to public school all the way through, but recently switched over to a $20K private for a specific curriculum not available in the public. We make about $350K with only one child, but still feel the pinch. We do some discretionary spending--we like to travel abroad, take ski vacations, etc., so this would be tough on a lower salary while paying for private. YMMV.
At $350K, if it is a pinch you are overspending in other areas. We did a small private for $15K comfortably at under $200K but child had SN and we public would not work. We did it very comfortably.
For two $10-15K schools, doable, but 40K per child, its a stretch.
Anonymous
12/22/2017 15:25
Subject: household income of 250K to send kids to private school
Don't do it. Or only do it if you get 50%+ in FA or have only one kid and still get significant FA.
Anonymous
12/22/2017 12:16
Subject: household income of 250K to send kids to private school
We make around 365k and would not be able to send two kids to expensive privates. We are considering private high school for just one of the kids but that would only be for four years and we make more than you.
Anonymous
12/22/2017 12:14
Subject: household income of 250K to send kids to private school
Would it be more than half of your take home?
Anonymous
12/22/2017 11:22
Subject: household income of 250K to send kids to private school
Ouch!!
That would be extremely painful.
That would be extremely painful.
Anonymous
12/22/2017 11:06
Subject: household income of 250K to send kids to private school
Anonymous wrote:We poor middle income wage slaves. Why is life so unfair to us.
A real cry, not a tongue-in-cheek.
MUCH better to be at the tippy top 0.01% living off vasts amounts of wealth (stocks, real estate income, ESOP shares) or the broad bottom also net recipients of taxes (40% pay nothing and only receive money from gov't) than a silly dual income white collar ordinary income sucker!
Anonymous
12/22/2017 11:03
Subject: household income of 250K to send kids to private school
Anonymous wrote:What do you think of a family with a household income of 250K to send their two kids to private school? Other than the tuition, do you think socially the kids can fit in? What's the medium income for the families in private schools? Where to find such statistics?
sure, plus they get aid.
if you are applying 6 or 7th or 9th grade your kid needs to be very strong academically and either athletically/arts.
Anonymous
12/22/2017 10:49
Subject: household income of 250K to send kids to private school
We’ve been looking at LD schools on this HHI and I just don’t see it happening for us. We have the disposable income for a lot of therapies and enrichment but 40k year tuition is out of reach.
Anonymous
12/22/2017 10:45
Subject: household income of 250K to send kids to private school
Anonymous wrote:You can get financial aid
No, you can’t, unless you have multiple kids at the same school and maybe also extenuating circumstances, like somebody in your immediate family has really high medical expenses.
Anonymous
12/22/2017 10:35
Subject: household income of 250K to send kids to private school
We have a HHI of just under $300k (plus about $450k in stock options that will vest over the next 3 years, and $120k in stock issued each year). We have one child and are looking to send her to private school. The viability of doing that, when we look at our expenses, really depends on how much we can get from the stock options. It would be much more difficult if we were looking to do it only out of our regular income and maintain our current lifestyle, which includes one vacation per year, flying out to see relatives who live across the country, and eating out a couple times a week.