Middle class affording private school (Dallas, Plano: sale, credit card, loans)

[TheOverdog]

I'm sorry, but if you are going to say both this:

that the rich and poor can choose any schools they get accepted to, and the middle class is forced to choose among public schools

and this:

I personally think that MOST (not all) bought a long time and so are totally out of touch

You come off as really out of touch and condescending. Do you really think there are signifcant numbers of low income students at the top private schools? Really? Do you realize that there are plenty of quality private schools that are affordable to the middle class?

I think you can come to the conclusion that everyone else is out of touch, or more likely that you are really confused.

[BubbleT]

My house in West Plano is worth every penny because if I had to send my 3 children for 13 years to privates that rivaled our public schools then it would cost me an extra 13 x 3 x 25,000. I don't even want to find out the hypothetical total. Our $300K income has hidden expenses of her college loans and senior care because my spouse's parents sent her and her siblings to private schools and didn't save much for their own retirement.

[alastrian2]

I believe the OP is referring primarily to one of my posts. At the time I posted it, our combined income was closer to $175K per year (before taxes, benefits, retirement contributions, student loans, etc), not the ridiculously high $250 to 400k per year the original OP mentions. I consider our income to be on the very top end of middle class and laugh at the concept that a household making between $250 to 400 a year can't afford an elite private. We live comfortably and could downsize our house, downgrade our cars and stop taking vacations to afford a tier 1 while not downgrading our retirement savings. That said, I'm not willing to do that right now.

Instead of whining about it, why don't you actually have a hard discussion with your child(ren) about your finances. Explain the tradeoffs, risks. Your child may be willing to accept that if he or she goes to a tier 1, they might be on the hook for more of their college education or that they might not be able to go to camp and mom might not be able to drive a Yukon XL or Audi. Life is trade offs!

[Brookside]

If you are middle class, you are disproportionately burdened by tuition costs than if you are wealthy or poor. Wealthy have enough disposable income that $30,000 is not a burden. Poor = scholarships and tuition grants, so no burden, either.

Let's say you are middle-class (100k income, 80k take home) and you have a very bright, high achieving child. You are deemed "too wealthy" for grants, and the competition for scholarships is fierce (and, let's face it, more likely to be given to an individual who is from the lower income bracket and deemed more deserving because they are rising from their circumstances, etc., or the school wants more diversity). So your only choice is to suck it up and try to find a way to pay 30% of your take home pay for school or --- take out a loan.

Does seem a tad unfair - but then I stopped insisting on fairness a long time ago.

If the OP really wants to get his/ her child into a private with minimal financial burden, then I suggest she get a divorce immediately and quit her job.

[HockDad]

Originally Posted by CMC_TX

Do you know why Mark Cuban chose to attend the University of Indiana's business school? Because it was the most affordable business school on the top 10 list, and look at him now. ).

Where does he send his kids?

[alastrian2]

Originally Posted by Brookside

If you are middle class, you are disproportionately burdened by tuition costs than if you are wealthy or poor. Wealthy have enough disposable income that $30,000 is not a burden. Poor = scholarships and tuition grants, so no burden, either.

Let's say you are middle-class (100k income, 80k take home) and you have a very bright, high achieving child. You are deemed "too wealthy" for grants, and the competition for scholarships is fierce (and, let's face it, more likely to be given to an individual who is from the lower income bracket and deemed more deserving because they are rising from their circumstances, etc., or the school wants more diversity). So your only choice is to suck it up and try to find a way to pay 30% of your take home pay for school or --- take out a loan.

Does seem a tad unfair - but then I stopped insisting on fairness a long time ago.

If the OP really wants to get his/ her child into a private with minimal financial burden, then I suggest she get a divorce immediately and quit her job.

I would check your facts on this one. I perused Greenhill's website and they absolutely offer financial aid to the income bracket noted above https://cdn.media78.whipplehill.net/...isc_111358.pdf. I'm not sure about St. Marks and Hockaday, but I would assume they are similar.

[ChristieP]

Originally Posted by HockDad

Where does he send his kids?

IIRC, he's still one of Dallas' most eligible bachelors....

[TurtleCreek80]

Originally Posted by ChristieP

IIRC, he's still one of Dallas' most eligible bachelors....

Not even close. Cuban's been happily married for 10+ years now.

His girls are at Hockaday.

[ChristieP]

Boy, I'm out of touch with the social scene, aren't i?

[HockDad]

Originally Posted by TurtleCreek80

Not even close. Cuban's been happily married for 10+ years now.

His girls are at Hockaday.

Yep and his son is at Meadowbrook.

The poster made a good point that it can make sense to pick the best school for the money (like Cuban), but all things being equal, and if money is not a concern, you just simply pick the best school. I would venture to say, that for the money, UA and Jesuit may be better values than Hockaday and St. Marks (very good schools at a far cheaper price), but the rich guys are simply going to pick the best schools regardless of price.

Finally, Hockaday offers financial aid to 18% of students. However, based on my experience with two different girls, the families likely receiving financial aid are still fairly well off. My best guess is that the families have multiple kids and fairly prestigious, but relatively low paying jobs.