Anonymous
05/10/2015 13:44
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:OP asked how those of us with $150HHI and pay full freight make it work: its the housing. We live outside the city in a truly working class 'burn where you can buy a small 3 bedroom house for $230,000. Since you are sending the kid to a private school you don't need the neighborhood school to be good, so houses are cheap. Due to our income there is no formula for a fabulous house, fabulous school, and happy commute. So we took the fabulous school and good-enough house and a good-enough commute.
Which DC suburbs are truly working class?
Anonymous
05/10/2015 13:42
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.
Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.
My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.
Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.
That is has been numerous separate threads in the Money and Finances forum. Long and Short, we have been trying for years. My wife and I can't seem to do it. My view is my car payments are $1940 (both leased). Most people on two cars would spend 1,000 to 1,200. Why not give yourself a little happiness. Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC). The view is with the private schools also comes certain keeping up with the joness. Cars, Vacations. Mom pays for the majority of those as well because they are for grand kids. My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school. I have talked to financial advisers, therapists, nothing seems to work. I have scaled back my eating out every night. That is benefiting the wallet and the waist.
If I were you I would put the kids in public and have your mom save that money for their high school years.
Anonymous
05/09/2015 22:24
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.
Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.
My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.
Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.
That is has been numerous separate threads in the Money and Finances forum. Long and Short, we have been trying for years. My wife and I can't seem to do it. My view is my car payments are $1940 (both leased). Most people on two cars would spend 1,000 to 1,200. Why not give yourself a little happiness. Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC). The view is with the private schools also comes certain keeping up with the joness. Cars, Vacations. Mom pays for the majority of those as well because they are for grand kids. My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school. I have talked to financial advisers, therapists, nothing seems to work. I have scaled back my eating out every night. That is benefiting the wallet and the waist.
Anonymous
05/09/2015 21:57
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:Anonymous wrote:It is not middle class though pp. $200k is not middle class.
We make that almost that (185). Our occupations are middle-class occupations, they are just compensated more here then in other places to make up for the fact I we pay 3,000 a month (including taxes and insurance) for a 1400 sq foot house in a bad school district. Look at the occupation when determining class status because standard of living varies so much by geography.
I very much consider myself middle-class.
We also can't afford private tuition at the top privates but can swing 20-25 per kid for second tier privates.
I honestly can't understand how people making this HHI (and even quite a bit more) in DC can swing 20-25k per kid for 12 years of private school AND save for college AND save for retirement. I can't fathom it.
Anonymous
05/09/2015 21:09
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:What's the best way for a middle class family to get their kid into and have their private school funded for either middle school and/or high school? I understand that this is a loaded question, but I need to start somewhere. Let's say a middle class family earning $200,000 a year in DC wants to send their kids to some of these private schools (WIS, Sidwell Friend, St Johns, etc). First of all, how are you admitted? Is it mostly based on tests? If so, how do you best prepare for these tests? Also, if admitted, how can you get tuition assistance at some of these schools?
Um, St. Johns is an inexpensive religiously affiliated school. The tuition is low so that middle class families can afford it. It is not in the same league as WIS, Sidwell or any other top tier, expensive private school.
Anonymous
05/09/2015 19:38
Subject: How can middle class families send their kids to good private school (middle and high)?
Two working parents now making 160K, two kids in top private. Live in a small house in working class suburb. Drive older cars. Vacation by visiting family. Were making about $125 K when first kid started private ( grade 9). He got 50 percent aid. I know people will scoff at this but he did something that garnered a lot of positive attention in public middle school and Big 3 schools really wanted him. He got a named scholarship. DD got 25 percent aid. We pay the rest out of our salaries. We save for retirement, but do not save for college.
Anonymous
05/09/2015 16:41
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.
Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.
My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.
Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.
Anonymous
05/09/2015 16:19
Subject: How can middle class families send their kids to good private school (middle and high)?
OP, same responses here as on most threads where people ask about FA. Most of the responses are from people who are unhappy and don't want you to know the truth, which is that $200,000 HHI in Washington region certainly IS middle class and is not enough to afford two kids in a good private and owning a decent house in a nice neighborhood unless you have a rich family or trust fund. AND it will qualify you fir FA at the top Privates here.
The TRUTH AGAIN - a family with annual HHI of $200,000 will qualify for Financial Aid at most top private schools!!!
Go ahead and look at schools, pick a few to apply to, fill out applications AND financial aid forms (they require significant information on all your finances) and see where your child is accepted and how much FA you get. You WILL GET SOME FA at the top privates on this income. It won't be 100% but it will be some portion, probably around 50-10% depending on your personal info and the school.
The TRUTH AGAIN - a family with annual HHI of $200,000 will qualify for Financial Aid at most top private schools!!!
Go ahead and look at schools, pick a few to apply to, fill out applications AND financial aid forms (they require significant information on all your finances) and see where your child is accepted and how much FA you get. You WILL GET SOME FA at the top privates on this income. It won't be 100% but it will be some portion, probably around 50-10% depending on your personal info and the school.
Anonymous
05/09/2015 15:55
Subject: Re:How can middle class families send their kids to good private school (middle and high)?
Get your parents to pay for it (no private for us, but this is the answer from most of my friends going the private route).
Anonymous
05/09/2015 15:41
Subject: Re:How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:A lot of people feel financial aid should go to people who are truly struggling, not to people making 200K a year who could move into a good school district. You will not get full aid, and if you get any aid, it will probably be a fraction of the total bill.
Financial aid doesn't have to be full tuition or nothing -- lots of schools take off $5,000 or 10,000 from the tuition cost. So you're still paying $20K+, but that's better than the alternative.
Anonymous
05/09/2015 15:37
Subject: Re:How can middle class families send their kids to good private school (middle and high)?
Two years ago, the admission director at one of the DC big 3 said in a presentation, in response to a question, that the annual income cutoff for being considered for financial aid (any aid, even a small amount) was $320,000. If you don't apply for aid, you won't get aid extended to you.
Anonymous
05/09/2015 14:45
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:PP, is public HS an option?
Yes we are exploring that now. Driving to DC for big 3 is not feasible for us from VA. So if we don't get into Potomac it is Flint Hill or local public. And I can't justify spending 35K per kid for Flint Hill. I can for Potomac and may be Madeira but not Flint Hill. Just take honors classes at local public. Save Mom's money for college.
Anonymous
05/08/2015 23:22
Subject: How can middle class families send their kids to good private school (middle and high)?
PP, is public HS an option?
Anonymous
05/08/2015 22:35
Subject: How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.
Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.
My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.
Anonymous
05/08/2015 16:01
Subject: Re:How can middle class families send their kids to good private school (middle and high)?
Anonymous wrote:A lot of people feel financial aid should go to people who are truly struggling, not to people making 200K a year who could move into a good school district. You will not get full aid, and if you get any aid, it will probably be a fraction of the total bill. [/quote
The problem is there are many kids left behind in the so-called "good" school districts. That's why we pay for private despite our limited means.