ATOT Adults/Parents, How much money would you have to make to

[Polish3d]

Just curious. How much would you want to make before you'd be willing to send your kid to a private school costing 20k+/year?

 

[TridenT]

I would have to make really good money.. I'd say at least 100K. (even then, resistant) It's like a 1/5th of my income, hello.....

 

[blinky8225]

Well, some of those schools give aid (especially for sports and minorities), so you're not necessarily paying sticker price.

 

[TridenT]

Originally posted by: blinky8225
Well, some of those schools give aid (especially for sports and minorities), so you're not necessarily paying sticker price.

For a elementary private school? No way.

EDIT: Misread/misthought.. I thought you meant like money from the government. 😛 My bad.

 

[cHeeZeFacTory]

i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

 

[TridenT]

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

Yep.. It really depends on that too. I was figuring 100K living in Vancouver, WA.

 

[rgwalt]

Originally posted by: TridenTBoy3555
I would have to make really good money.. I'd say at least 100K. (even then, resistant) It's like a 1/5th of my income, hello.....

$100K isn't what it used to be... For a $20K private school education for one child, I would want a combined household income of $150, depending on other debt (cars, mortgage, etc). Add another $50K for each additional child.

My question is what is a $20K K-12 education buying that public schools aren't? I went to public schools. I have a PhD in chemical engineering from Notre Dame. Maybe if I went to private schools I would have a PhD in astrophysics from MIT...

R

 

[masterxfob]

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

 

[MotF Bane]

My parents combined make about $110k per year, sent both me and my sister to private school for a total of roughly $20k per year.

 

[IEC]

I went to public schools K-12.

Now I'm at a private university. Without financial aid it wouldn't be possible.

 

[uclaLabrat]

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Can you tell me what a ChemE does? Every single ChemE undergrad I've asked has no idea. I've come to the conclusion you all design oil refineries.


Per the OP: Screw private ed, they can go to school with the rest of the hoodlums, builds character 😀

 

[TridenT]

Originally posted by: uclaLabrat

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Can you tell me what a ChemE does? Every single ChemE undergrad I've asked has no idea. I've come to the conclusion you all design oil refineries.


Per the OP: Screw private ed, they can go to school with the rest of the hoodlums, builds character 😀

It doesn't.

 

[ChaoZ]

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Where did she attend?

 

[TridenT]

Originally posted by: ChaoZ

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Where did she attend?

I'm going to guess an Ivy League school... 😛

 

[Polish3d]

Originally posted by: TridenTBoy3555

Originally posted by: uclaLabrat

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Can you tell me what a ChemE does? Every single ChemE undergrad I've asked has no idea. I've come to the conclusion you all design oil refineries.


Per the OP: Screw private ed, they can go to school with the rest of the hoodlums, builds character 😀

It doesn't.

Actually my parents had exactly that attitude [in bold]. IMO it turned out badly

 

[uclaLabrat]

Originally posted by: TridenTBoy3555

Originally posted by: uclaLabrat

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Can you tell me what a ChemE does? Every single ChemE undergrad I've asked has no idea. I've come to the conclusion you all design oil refineries.


Per the OP: Screw private ed, they can go to school with the rest of the hoodlums, builds character 😀

It doesn't.

How you figure?

 

[Howard]

Originally posted by: TridenTBoy3555

Originally posted by: uclaLabrat

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Can you tell me what a ChemE does? Every single ChemE undergrad I've asked has no idea. I've come to the conclusion you all design oil refineries.


Per the OP: Screw private ed, they can go to school with the rest of the hoodlums, builds character 😀

It doesn't.

It's obvious why you would think that; yours is unbuildable.

I kid. I hope.

 

[Ika]

Originally posted by: TridenTBoy3555

Originally posted by: ChaoZ

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Where did she attend?

I'm going to guess an Ivy League school... 😛

Ivy Leagues are actually $50k+/year without aid and going up... I would know 🙁 $40k a year is more like tier 1 or tier 2 private school, like Emory, Vanderbilt, Case Western, etc. Unless that $40k/year is tuition only, not including room & board.

 

[Suspicious-Teach8788]

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Depends where you live? I have friends where 130k won't save your ass and they have problems going to public schools for college. I live in the Bay Area (silicon valley specifically) where 100k won't do jack if you need to pay for 20k/year. You can talk about housing tanking, but honestly it hasn't tanked that much in the south bay. People still need to work and tech jobs aren't that dead yet. This isn't the dot-com bubble. Places like SF and the East Bay have seen bigger housing prices drop.

 

[ebaycj]

Originally posted by: TridenTBoy3555

Originally posted by: ChaoZ

Originally posted by: masterxfob

Originally posted by: cHeeZeFacTory
i don't think income is the only factor. You have to consider the size of your mortgage (if you have one), debts, expenses, etc.

I wouldn't be able to do it with a 100k income living in So Cal. You minus the cost to raise a child, mortgage payments, and expenses, my savings rate would be zero if i had to pay 20k per year on a child's education.

my father owns a restaurant, so his income is just about zero... but my mother makes ~125k/year, pays mortgage on a house in so cal, has 2 car payments, and managed to pay 160k over 4 years for my youngest sisters undergrad. however, for grad school, my mother said you're on your own :Q

Where did she attend?

I'm going to guess an Ivy League school... 😛

My youngest sister's 4 year degree will be around that much when she finishes up.

Vanderbilt University (Nashville, TN).

 

[ponyo]

I would have to make over million dollars a year to send my daughter to a private school. Even then, I would only send her to the very best. My wife and I had the discussion. My daughter started kindergarten this year at a public school. All my relatives send their kids to private schools. They're paying around $18k a year for K-12. I told my wife I would rather take that money and save it for my daughter in an investment account. I had already saved $5k/year for her for the first 5 years. I had plan to stop there. But I made a compromise with the wife that I would continue to add $5k a year til my daughter entered college.

We have very good public schools where we live. If that wasn't the case, I would move or send my daughter to private school.

 

[DisgruntledVirus]

I'd sell my child on the black market and invest the money.

 

[edro]

The bigger question is why are you sending your kids to a private school?
Unless you live in a bad inner city school system, public school is a great way to guarantee your kids aren't socially fvcked up.

 

[DarrelSPowers]

Originally posted by: edro
The bigger question is why are you sending your kids to a private school?
Unless you live in a bad inner city school system, public school is a great way to guarantee your kids aren't socially fvcked up.

This.

I went to a private school from K-8, only reason we could afford it was because my mom taught there, and it def wasn't 20K/year (though close probably). I honestly never hated anything more. After that went to the public school IN THE GHETTO of Albany, and it was exponentially more fun. Since public schools tend to be pretty big, with (at least in mine) a larger minority population, I thought it was easier to be myself than it was in the little ~20 kid/grade private school. However, if it weren't for my parents I don't think I would have taken advantage of everything my school had to offer, and there were way more opportunities to cut class/slack off than there would have been if I stayed in private school.

What your kids get from their education largely depends on parenting, regardless of public or private school.

 

[DrPizza]

To be honest, I would pay to be able to send my kids to the public school where I teach, rather than the private school in the area.