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Just out of curiosity, what number do you all consider a combined house hold income, above which financial aid would be very hard to come by if you have to fund private school for two children? (assuming no significant debts other than some high 5 figures college debt. Ofcourse an outstanding mortgage as well)
If you don’t have to save for your kids college you definitely don’t need financial aid for private school.
What an insensitive and inaccurate thing to say. You have no idea what my families finances are or what we have been through. You heard "trust" and assumed we have $$$$.
For some this could be true but again you can't make assumptions based off of one detail.
Like many of you I was looking for advice & support during a very stressful process. I was not here to argue with or try to offend people on the internet.
Thank you for your reply. Yup it is one of the schools mentioned above.
I am spending a significant portion of my income/savings sending my kids to private school. Also working some overtime for it. Hopefully end up making the right decision in the end.
Going to school - even private school - isn't about where your kid goes to College. Its about so much more including the entire process. That said, I was surprised when my I saw where most of the kids in many of those schools listed above end up at college. My friends at those schools have their kids going to Alabama, UT, OU, Arkansas, San Diego State, ASU...all good state schools, but no different than where many of the kids I know from public schools are going to.
I've been starting to look into college for my MS/HSers. I have to admit - I just assumed that with my kid's stellar stats that he would be able to get substantial merit to almost anywhere. But my eyes have been opened and it looks to assume that even with merit - I should expect $40-50K at least. Even UT - is over 30K with R&B.
College shouldn't be the reason to choose a private or public school, but something to consider when also discussing finances.
Let's not forget that financial aid is meant for families whose children would absolutely not be able to attend the school without the help--- they couldn't even consider it. This is what makes some of these institutions wonderfully economically diverse which, let me tell you is a great thing unless you want little Johnny thinking that everyone drives around in a $100,000+ car. Only in recent years did we go from scholarships for families that absolutely, no question, needed it, to trying to game the system and figure out how much financial aid we can receive.
Look at it this way--- if you get $2000 less than you wanted in your financial aid package, that $2000 might go to a family that would actually not be able to attend AT ALL unless they got it: ie. they are looking at food on the table for their 4 kids or sending their brightest student to an expensive private school. It's so easy to forget that being middle class is actually being wealthy, compared to most of the worlds population. These private schools are generous with their aid and I think it's really important to remember why those endowments and scholarship funds were started in the first place.
If you don't receive all the aid you'd like--- please remember that it might be going to a family that doesn't own a home, has no home equity and is struggling to get by--- but just wants to make sure their kids have wonderful opportunities (like you!).
What an insensitive and inaccurate thing to say. You have no idea what my families finances are or what we have been through. You heard "trust" and assumed we have $$$$.
For some this could be true but again you can't make assumptions based off of one detail.
Like many of you I was looking for advice & support during a very stressful process. I was not here to argue with or try to offend people on the internet.
Good luck to everyone who applied!
I didn’t hear “trust” I heard “I don’t have to pay the full amount for my kids’ college education.”
There are families that have to pay for their entire kids college education and - in general - they should get financial aid over someone who already has college (some or all I don’t know) covered.
Let's not forget that financial aid is meant for families whose children would absolutely not be able to attend the school without the help--- they couldn't even consider it. This is what makes some of these institutions wonderfully economically diverse which, let me tell you is a great thing unless you want little Johnny thinking that everyone drives around in a $100,000+ car. Only in recent years did we go from scholarships for families that absolutely, no question, needed it, to trying to game the system and figure out how much financial aid we can receive.
Look at it this way--- if you get $2000 less than you wanted in your financial aid package, that $2000 might go to a family that would actually not be able to attend AT ALL unless they got it: ie. they are looking at food on the table for their 4 kids or sending their brightest student to an expensive private school. It's so easy to forget that being middle class is actually being wealthy, compared to most of the worlds population. These private schools are generous with their aid and I think it's really important to remember why those endowments and scholarship funds were started in the first place.
If you don't receive all the aid you'd like--- please remember that it might be going to a family that doesn't own a home, has no home equity and is struggling to get by--- but just wants to make sure their kids have wonderful opportunities (like you!).
I agree with you that it is wonderful and wise that many of the independent schools attempt to create an economically diverse student body, in addition to cultural diversity. But I disagree with others on this thread that financial aid is only reserved for people with almost no assets at all. (As if by owning a significantly mortgaged home we're actually trying to game the system while sitting on a gold mine) Should middle class families be excluded from that economic diversity? Would that not create student bodies with enormous wealth gaps, with virtually no in-between? Or perhaps you could argue the middle class/middle income student body is comprised of those who are fortunate enough to have extended family pay their full tuition?
Schools, on paper at least, encourage middle class families to apply for tuition assistance, even if they believe they will only be eligible for a portion. That is because $30,000/per student is just plain unaffordable for many middle class families, especially with multiple kids - even a HELOC on our home would only kick the can down the road a couple of years.
While I agree with the statement many schools make, roughly: parents bear the primary responsibility for education costs - I don't think those who can pay out of their income (or family trust or whatever), and those whose income is less or barely more than tuition should be the only students afforded the opportunity to enroll. Personally, we're not holding our breath for acceptances, but if we were fortunate enough to be offered spots we have calculated that we could afford, with financial stretching and committed belt tightening, to pay up to $20,000 per kid, but more than that we can't afford without risking dire straits. Some posters are acting like that practically makes us deadbeats, which is insulting.
I agree with you that it is wonderful and wise that many of the independent schools attempt to create an economically diverse student body, in addition to cultural diversity. But I disagree with others on this thread that financial aid is only reserved for people with almost no assets at all. (As if by owning a significantly mortgaged home we're actually trying to game the system while sitting on a gold mine) Should middle class families be excluded from that economic diversity? Would that not create student bodies with enormous wealth gaps, with virtually no in-between? Or perhaps you could argue the middle class/middle income student body is comprised of those who are fortunate enough to have extended family pay their full tuition?
Schools, on paper at least, encourage middle class families to apply for tuition assistance, even if they believe they will only be eligible for a portion. That is because $30,000/per student is just plain unaffordable for many middle class families, especially with multiple kids - even a HELOC on our home would only kick the can down the road a couple of years.
While I agree with the statement many schools make, roughly: parents bear the primary responsibility for education costs - I don't think those who can pay out of their income (or family trust or whatever), and those whose income is less or barely more than tuition should be the only students afforded the opportunity to enroll. Personally, we're not holding our breath for acceptances, but if we were fortunate enough to be offered spots we have calculated that we could afford, with financial stretching and committed belt tightening, to pay up to $20,000 per kid, but more than that we can't afford without risking dire straits. Some posters are acting like that practically makes us deadbeats, which is insulting.
Oh I absolutely think that middle income families should go to these schools too. Economic diversity is important in all ways and I think that's pretty much why financial aid has evolved in the way that it has. What I am responding to is the discussion focused on to figuring out how to sway the system in ones favor a small amount (which let's assume is a few thousand here or there)...when that small amount probably won't change whether or not their child attends but absolutely would change whether or not a family with zero assets would.
Like: financial aid is a huge benefit- a privilege. It should be treated as such. Not as a right or an expectation.
I agree with you that it is wonderful and wise that many of the independent schools attempt to create an economically diverse student body, in addition to cultural diversity. But I disagree with others on this thread that financial aid is only reserved for people with almost no assets at all. (As if by owning a significantly mortgaged home we're actually trying to game the system while sitting on a gold mine) Should middle class families be excluded from that economic diversity? Would that not create student bodies with enormous wealth gaps, with virtually no in-between? Or perhaps you could argue the middle class/middle income student body is comprised of those who are fortunate enough to have extended family pay their full tuition?
Schools, on paper at least, encourage middle class families to apply for tuition assistance, even if they believe they will only be eligible for a portion. That is because $30,000/per student is just plain unaffordable for many middle class families, especially with multiple kids - even a HELOC on our home would only kick the can down the road a couple of years.
While I agree with the statement many schools make, roughly: parents bear the primary responsibility for education costs - I don't think those who can pay out of their income (or family trust or whatever), and those whose income is less or barely more than tuition should be the only students afforded the opportunity to enroll. Personally, we're not holding our breath for acceptances, but if we were fortunate enough to be offered spots we have calculated that we could afford, with financial stretching and committed belt tightening, to pay up to $20,000 per kid, but more than that we can't afford without risking dire straits. Some posters are acting like that practically makes us deadbeats, which is insulting.
Middle class families ABSOLUTELY belong in private schools. I think on this forum we need to remember that DFW “middle class” incomes mean $75-125k household income. Like the family in our school whose parents are a cop & a teacher or the family whose father is a minister. Any families even with 1 child applying to private school would expect to receive financial aid having that income range.
What a lot of people consider “middle class” especially in North Dallas is families making $200-300k a year living in what has quickly appreciated to being a $1M++ value home. I would not expect to receive any aid in this income range unless you have like 3-4 kids in private schools or some sort of significant extenuating circumstance like $50k per year of OOP medical expenses ongoing.
When we contribute to our school’s annual fund and check the box to designate our gift towards financial aid, I sure as hell hope I’m not supporting someone making $250k per year who refuses to sell a home with multi-six figures of equity….
I teach at one if the “elite” privates and have no doubts that the kids at Travis and Sudie could academically outperform 1/2 of the grade. Being at a place where it’s cool to be challenged, put in the work, and to excel academically can’t be overlooked.
Oh I absolutely think that middle income families should go to these schools too. Economic diversity is important in all ways and I think that's pretty much why financial aid has evolved in the way that it has. What I am responding to is the discussion focused on to figuring out how to sway the system in ones favor a small amount (which let's assume is a few thousand here or there)...when that small amount probably won't change whether or not their child attends but absolutely would change whether or not a family with zero assets would.
Like: financial aid is a huge benefit- a privilege. It should be treated as such. Not as a right or an expectation.
I understand what you are saying, and I think we agree. Financial aid availability at these schools and its distribution is definitely a privilege, for those to whom it is awarded. Attending any of these schools in and of itself is an immense privilege, and in fact I had to convince my spouse that it was worth the effort to apply even though we can't afford it outright. We decided to take their stated recognition of the burden of tuition on middle class families at face value and have gone through both applications with forthrightness.
I was becoming frustrated with some earlier comments that appeared to be equating families with recently acquired home equity with those who are have poor cash flow due to lifestyle extravagance or those that "sacrifice" a vacation home they would otherwise be able to afford. In our financial position, we expect to pay a significant amount for private school, (if admitted) but I truly don't see how we could pay full tuition for all of our children.
Quote:
Originally Posted by TurtleCreek80
Middle class families ABSOLUTELY belong in private schools. I think on this forum we need to remember that DFW “middle class” incomes mean $75-125k household income. Like the family in our school whose parents are a cop & a teacher or the family whose father is a minister. Any families even with 1 child applying to private school would expect to receive financial aid having that income range.
What a lot of people consider “middle class” especially in North Dallas is families making $200-300k a year living in what has quickly appreciated to being a $1M++ value home. I would not expect to receive any aid in this income range unless you have like 3-4 kids in private schools or some sort of significant extenuating circumstance like $50k per year of OOP medical expenses ongoing.
When we contribute to our school’s annual fund and check the box to designate our gift towards financial aid, I sure as hell hope I’m not supporting someone making $250k per year who refuses to sell a home with multi-six figures of equity….
First, even though we may never directly benefit from your largesse, I think it's great you contribute to the education of other children at your school as you are able to. If I were in your position, I might also have misgivings about whether tuition assistance is supporting my economic equivalents who are squirreling away their assets while I paid full freight and made such contributions. Judging by SSS's family contribution estimate for us, I feel that is unlikely to be occurring.
We live within our means, lifestyle-wise, (combined income in the mid 100k range) just one sensible car, in a modest home in a safe neighborhood, but like most houses in the metroplex since 2020 has risen in value (and of course with it our property taxes). We are not considering selling it to "downsize" and capture that equity, because like I said before, even if we did, with current rates we'd likely have higher monthly payments in a less valuable house than we do now and increased costs related to transportation, and repairs/upkeep that a less expensive home may require. A HELOC would only get us so far in contributing to tuition, and then after that we could be in worse long-term financial shape than we are today; it could hurt us financially to the degree if we reapplied for tuition assistance, we'd be eligible for more than we are today... Of course like many, our wages have not stayed ahead of inflation and any eligible bonuses have been underfunded and delayed indefinitely. So while I don't think we are entitled to tuition assistance by anyone, as our children are not entitled to a private school education either - I was surprised to see that home equity appeared to be a significant factor in our SSS calculation. Obviously, I can't change their assessment and it may be irrelevant if we aren't offered spots and given an actual financial aid determination. Right now it's something to ponder on waiting on admission results.
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