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07.24.08, 06:20 AM NY Schools
34 replies
How the heck can so many people afford the exhorbitant private school tuition in Manhattan? Seriously. College is less than most of these will cost for Kindergarten adn they rise exponentially. [ Reply | Watch | Flag ]
NY Schools 07.24.08, 06:20 AM Flag
 

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Because tons of people make a lot of money in Manhattan? [ Reply | More
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General Topics 07.24.08, 06:31 AM Flag
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First, there is a lot of money in Manhattan, even in tough economic times. Second, some people who borderline can't afford it get sucked into the private school scene, believe the hype and think they cannot live without it, and they ask their parents to help out, or do stupid things like draw down from their 401(k) to make ends meet. [ Reply | More
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General Topics 07.24.08, 06:32 AM Flag
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Or, of course, get financial aid. [ Reply | More
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General Topics 07.24.08, 02:29 PM Flag
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Or just live paycheck-to-paycheck, while still stocking away in 401K [ Reply | More
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General Topics 07.24.08, 02:52 PM Flag
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pretty much only a state school costs less than private school. most private colleges and universities cost $50k or more per year. [ Reply | More
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General Topics 07.24.08, 12:17 PM Flag
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Actually you are WRONG! And the fact that provate school is anywhere near most universities is disgusting! np [ Reply | More
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General Topics 07.24.08, 02:14 PM Flag
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relax, snippy. and considering that college costs amount to much more than just tuition for the vast majority out there, i am not wrong. now pipe down. [ Reply | More
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General Topics 07.25.08, 12:57 PM Flag
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they have a lot of money; FA; family helps. [ Reply | More
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General Topics 07.24.08, 02:23 PM Flag
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i wonder that same thing! and i wonder where they work?! lol. my husband and i are college educated wtih professional jobs in the city, rent an apt in queens, and there's no way we could afford a private school. [ Reply | More
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General Topics 07.24.08, 03:29 PM Flag
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I wonder same and think it is much Wall Street/finance money as well as celebs, nouvo rich and some old money. I wonder what is going to happen with all the soon to come layoffs in the financial sector. [ Reply | More
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General Topics 07.24.08, 03:36 PM Flag
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First, the layoffs have already started going on a year now, and seccond, the real money comes with the layoff package! My DH got laid off from his firm and we had a great garden leave, enjoyed our 2 mil package, then he started at a new firm. [ Reply | More
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General Topics 07.25.08, 07:00 PM Flag
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We both have professional jobs & live in Manhattan & could almost afford it for one dc. [ Reply | More
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General Topics 07.24.08, 03:43 PM Flag
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Same here and we just don't see it being worthwhile. [ Reply | More
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General Topics 07.24.08, 03:52 PM Flag
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Ditto. We could wing one child. It's a waste of money, though, IMHO. [ Reply | More
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General Topics 07.24.08, 04:12 PM Flag
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You need to make b/t 250 & 300 to be able to afford to send one dc. Many professionals in NYC make that. OF course, many don't - but that combined with the really wealthy and the under 250K who get aid easily fills up the schools. [ Reply | More
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General Topics 07.24.08, 03:47 PM Flag
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Tuition for NYC private school rises about 3-7% yearly, depending on the year and the school. It does not rise exponentially. [ Reply | More
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General Topics 07.24.08, 04:27 PM Flag
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Oh Honey. To many of us THAT is exponentially [ Reply | More
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General Topics 07.24.08, 05:29 PM Flag
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It actually is the definition of exponential growth! It would be linear if you added a set amount every year, not a set percentage [ Reply | More
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General Topics 07.24.08, 09:02 PM Flag
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Math note - that is exponential growth. The exponent is 1.03-1.07, but it's still an exponent. [ Reply | More
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General Topics 07.24.08, 07:55 PM Flag
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That's a multiple, Not an exponent. [ Reply | More
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General Topics 07.24.08, 08:58 PM Flag
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and multiplying by a set number is exponential growth. The exponent part is the variable of time that tells you how many times you multiply by that number [ Reply | More
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General Topics 07.24.08, 09:01 PM Flag
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Then any growth is exponential if it goes up every year by an amount you can quantify? Does this mean my salary has exponential growth? [ Reply | More
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General Topics 07.24.08, 09:07 PM Flag
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If it goes up by the same percentage every year, then yes. Say it goes up 1% then you would calculate your current salary by first years salary times 1.01 to the power of how many years you have worked: the classic exponential formula [ Reply | More
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General Topics 07.24.08, 09:10 PM Flag
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Thanks for the late night math lesson. [ Reply | More
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General Topics 07.24.08, 09:34 PM Flag
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But schools don't have a set % increase each year. Just like the rent guidelines board, it varies. [ Reply | More
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General Topics 07.24.08, 09:12 PM Flag
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I was just saying that if it goes up 5% a year, then that is exponential growth [ Reply | More
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General Topics 07.24.08, 09:15 PM Flag
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Because its predominantly family money, or finance/hedge fund money. (And the rest financial aid, or celebs.) Clearly there are exceptions. But after much consideration, and getting into our top choice, we couldn't pull the trigger. Its just too contrived of a setting. And even if say, just 40% (which I maintain is a LOW estimate) of a particular class, is ibanking/hedge fund money . . . . didn't sit right with us, and not want we wanted our dc to grow up in. Going citywide g&T instead. [ Reply | More
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General Topics 07.24.08, 07:44 PM Flag
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^^^ meant "not what we wanted our dc to grow up around - " bad grammar but you get the point. [ Reply | More
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General Topics 07.24.08, 07:45 PM Flag
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You will probably end up with 40% hedge fund/IB [ Reply | More
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General Topics 07.24.08, 08:05 PM Flag
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not at citywide, not based on the parents I know whose kids are at citywide - there may be some attorneys, some in finance, but I highly doubt there's as high a % of hedge/IB as at private [ Reply | More
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General Topics 07.25.08, 01:10 PM Flag
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Hope not. I have to think there are a lot of smart people that passed on their smarts gene to their kids, and chose more interesting fields than finance. [ Reply | More
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General Topics 07.25.08, 06:36 PM Flag
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I really don't understand this question at all even though I've seen it a million times. A lot of people in Manhattan make a lot of money! Period. For example, our HHI is 3-4 M/year. Dh is finance (60%), I'm in a creative field (40%). We send our kids to private without batting an eye. Get over it. [ Reply | More
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General Topics 07.27.08, 04:53 PM Flag
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AND its almost all finance money. Boring. [ Reply | More
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General Topics 07.27.08, 06:30 PM Flag
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I agree. Ask the same question about a pair of shoes. There are some that spend several hundred dollars on a pair. The people with income similar to mine think this is silly, but we regularly spend $90 on a pair. But there's a group of people who think this is silly and would never spend more than $25. and THEN there's the group that can't spend more than $2.50. It's all a question of percentage of your income. I would guess that we all have the same tolerance when you think about portions. [ Reply | More
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General Topics 07.30.08, 08:59 AM Flag
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