UrbanBaby

06.30.08, 16:41 PM General Topics
19 replies

How much do you think HHI would have to be (dual) to send two dc to private given that mortgage/maint. were under 3k a month? [ Reply | Watch | Flag ]
General Topics 06.30.08, 04:41 PM Flag

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it totally depends, you would be surprised at how much you can make and still qualify for financial aid [ Reply | More

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General Topics 06.30.08, 04:42 PM Flag

True, but that lessen your chance of getting in [ Reply | More

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General Topics 06.30.08, 04:44 PM Flag

Yes but if you make $250K any aid you'll get will be minimal. You will still have to cough up $25k or so. [ Reply | More

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General Topics 07.01.08, 06:21 AM Flag

For one child, for two you'd get more. [ Reply | More

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General Topics 07.01.08, 06:55 AM Flag

at LEAST 450k. privte school is about 25k-33k post tax per kid, mortgage alone is 36k. this is not including life expenses, other expenses you WILL HAVE TO SHELL OUT towards the schools, and you need to have extra money to save. [ Reply | More

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General Topics 06.30.08, 04:44 PM Flag

without FA? Tuition is $6k/month for 2 dc's and you need afterschool or p/t nanny to watch the kids until you come home. Need childcare in the summer (camp or family or whatever). So, whatever expenses you have now, plus retirement savings, then extra $6k/month. [ Reply | More

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General Topics 06.30.08, 04:45 PM Flag

$350k [ Reply | More

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General Topics 06.30.08, 05:28 PM Flag

That is what we make, but with a $4K mort/maint and don't think we could afford one private school tuition. Dual WOHPs and student loans though. [ Reply | More

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General Topics 06.30.08, 05:39 PM Flag

Maybe I'm crazy. Our HHI is $250 and we send 1 dc to private school Mtge + HELOC is $4K. (We have $2000 rental income per month though) [ Reply | More

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General Topics 06.30.08, 05:42 PM Flag

$2K rental income if taxed at capital gain rates puts your income closer to $290K. Nonetheless, that is pushing it from my perspective. [ Reply | More

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General Topics 06.30.08, 06:40 PM Flag

If you're excited to eat rice 3 meals a day! [ Reply | More

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General Topics 06.30.08, 06:35 PM Flag

I think $350K is possible with sacrifice. $500K is reasonable. [ Reply | More

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General Topics 07.01.08, 06:19 AM Flag

I would never do it on $350K unless I had dcs that absolutely needed private school. You deserve to have a life too, IMO. [ Reply | More

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General Topics 07.01.08, 06:22 AM Flag

I consider private a luxury product vs. a necessity as I would move to a reasonable zone even if it meant I couldn't afford the city anymore. It really varies for me - Assuming you still need to continue saving for retirment and college, like we do, and pay for some type of camp thing (I work) and childcare most days after school, I personally would need to make $425K or so and have a years saved up already in case DH got laid off. [ Reply | More

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General Topics 07.01.08, 06:40 AM Flag

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General Topics 07.01.08, 06:41 AM Flag

Np: Sounds right, though I wouldn't refer to an education as a "product" luxury or not. [ Reply | More

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General Topics 07.01.08, 06:42 AM Flag

OR. Yes, I guess so... I don't think of private college & grad school as products. [ Reply | More

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General Topics 07.01.08, 06:49 AM Flag

350 to 400K [ Reply | More

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General Topics 07.04.08, 05:48 AM Flag

I think you need to ask yourself why private is so important to you. [ Reply | More

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General Topics 07.04.08, 05:51 AM Flag