Do you think I should be paying full tuition?

amother

Sapphire

Sun, Jan 22 2017, 6:49 am

Due to some salary changes beezras hashem we should be making 180 k in 2017. We have three kids in the local school and one will be in playgroup. Full tuition for school will probably be about 37 k including fees. I haven't gotten paid at this level yet but I am assuming that net we will probably make 110- 120k. Does that sound right? We are in NJ. It sounds like we should be able to pay full tuition but when I run the numbers I am not quite there. Is that crazy? We pay about 2100 month for mortgage 600 for playgroup.

amother

Brown

Sun, Jan 22 2017, 9:37 am

We made 170k last year and we pay 48k for tuition and daycare this year. You will need to learn to cut elsewhere.

My kid eats homemade lunch every day while his classmates on scholarships spend $200/month on catered lunches from the school. Everyone around us is is away this week, but we don't have the extra funds to go anywhere. I bake bread from scratch just to save money which is crazy considering I'm out of the house working 11 hours a day. But I digress... Just don't expect to have more disposable income when you make more money. The schools and the government all take more.

amother

Bisque

Sun, Jan 22 2017, 9:48 am

Op- where do u live that tuition is so pricey? We are in same predicament plus we have major st loans (1k a month) that go up with income. We still rent but I have no idea how we will pay tuition for our kids and live in tristate area.

amother

Emerald

Sun, Jan 22 2017, 9:51 am

Beezras Hashem you are making more more money. Perhaps the ezra from Hashem was given to you to help support your local yeshiva by paying full tuition. Many women here could tell you they could live very well if their family income was over 60K after paying taxes and yeshiva.

amother

Bisque

Sun, Jan 22 2017, 9:55 am

amother wrote:

Um no. That is socialism. 70% of people do NOT pay full tuition so the other 30% should not be working like dogs after extensive schooling to live the same. Rather every single st should be paying a reasonable tuition like 6-7k.

amother

Cerise

Sun, Jan 22 2017, 9:56 am

amother wrote:

I make considerably less than that and pay more than that for tuition, but we also have more children. We live a simple lifestyle and we manage. We also moved out of thd NYC area to somewhere more affordable.

amother

Sapphire

Sun, Jan 22 2017, 12:46 pm

Is everyone who is responding that they make less referring to gross or net and do both parents work? If I move the only expense that will go down is housing but our salaries will go down by a much larger amount. Unless we move to Lakewood our tuition won't go down so I don't think moving is practical. I think I may ask for a break and see what the school says. I am just not getting to a point where I am comfortable with a potential budget.

amother

Orchid

Sun, Jan 22 2017, 2:23 pm

You will be paying 43k or a 1/3 of your income to tution, another 25k goes to your mortgage. I'm assuming another 15k for bills. That's about 83k. Say your family needs to eat and get dressed.

Food, clothing, camp and cleaning help have to cost you less than 30 - 40k a year. If you are careful you can do that.

Raisin

Sun, Jan 22 2017, 2:28 pm

Doesn't the school have rules or guidelines? I'm sure they have other families at your salary level.

In any case make a very very detailed list of expenses for yourself so you can see where all the money is going and how much extra will be coming in so you can see how much extra tuition you can pay.

I do not think you should be forced to make your own bread. That is ridiculous.

amother

Orange

Sun, Jan 22 2017, 2:44 pm

We make 180k combined with1 kid pay about 20k in childcare and wouldn't be able to pull that off. Walk away with about 110k and we may end up owing even more taxes this year. It's essentially worth making less and going on government benefits.

amother

Babypink

Sun, Jan 22 2017, 5:47 pm

amother wrote:

You pay 70k in taxes? If you mean your e left with 110 after childcare then you are definitly better off than being on programs.

But I'll agree with you that it is so frustrating to see childcare and taxes eat up 70k of your money.

amother

Orange

Sun, Jan 22 2017, 5:52 pm

amother wrote:

No, that is before childcare is deducted. 110k after taxes alone.

amother

Brown

Sun, Jan 22 2017, 5:53 pm

Raisin wrote:

I'm glad you think it's ridiculous, but what's my option when all the schools see are dollar signs? We brought our excel budget to the school last year but they didn't care to see it. They gave us the number based on income and no other factors. The school has a lot of very poor families and puts the burden of tuition on the upper few.

Maybe it will be a bit easier for the OP in New Jersey, as it seems there are way more professionals in some areas there.

amother

Babypink

Sun, Jan 22 2017, 6:08 pm

amother wrote:

No, that is before childcare is deducted. 110k after taxes alone.

Perhaps look into making a drop less because it seems like you just make it to the highest tax bracket.

To op. Definitly file for tuition break. When telling income do not include bonuses or overtime work if applicable. That 10k can really tide you over with tution. Also be sure to put down student debt and how much you pay towards that per month.

On a side note living oot is definitly more affordable. Where I live your mortgage/taxes/ home insurance is under a thousand dollars. Health insurance is cheaper here too. My husband could make maybe 10k more at his job in Manhattan. Tuition sound about the same. 7-10.5k preschool-high school.

amother

Tangerine

Mon, Mar 13 2017, 3:50 pm

Quote:

To op. Definitly file for tuition break. When telling income do not include bonuses or overtime work if applicable. That 10k can really tide you over with tution. Also be sure to put down student debt and how much you pay towards that per month.

Why would you think that the bolded is okay?

amother

Indigo

Tue, Mar 14 2017, 7:02 am

Why are you asking now? If I were u and my financial situation was changing mid-year, I wouldn't be announcing it to my kids school. it only comes up late summer when you want to apply for financial aid.
also to the person who said 'the poor families who don't pay that much tuition are paying $200/month for the catered lunches the school provides' - maybe in your case that's exactly true, but in my kids school, these catered lunches are a gvmt subsidized program and if you're poor (there are specific gvmt requirements) the lunches are free.

amother

Violet

Tue, Mar 14 2017, 8:52 am

amother wrote:

DH and I earn around $180,000. Is your $120,000 including health care and retirement taken out already?

We currently pay about $55,000/year for tuition, daycare and aftercare and our mortgage is around $3,000. $600 for playgroup is pretty cheap too. You definitely should be able to afford it and if you find it tight, you should cut back on something else.

What are your optional expenses?

amother

Copper

Tue, Mar 14 2017, 9:11 am

amother wrote:

Quote:

Why would you think that the bolded is okay?

I'd say it's okay because it's not guaranteed income. You never know whether you'll get a bonus or if you'll be able to put in the overtime. A contracted salary you can pretty much expect to get unless you get fired or the company goes bust.

JAWSCIENCE

Tue, Mar 14 2017, 10:23 am

amother wrote:

And anyone could lose their job next year. And every person that owns their own business or works as an independent contractor could
List an income of zero by your reasoning as none of their income is gauranteed. It is not up to you to make these cheshbonos about what income is "guaranteed" and therefore should be listed. It's up to you to answer the questions honestly. If they ask your income they are not asking your projected income for next year minus bonuses as that is not guaranteed, they are asking how much you made last year. Zehu. You should answer honestly. You can say this much Is salary and this much in bonus and let them decide what is appropriate. Don't they ask for your tax returns? Is your bonus on there? Or do you feel the govt doesn't need that information either?

I make less than op and where I live tuition is 20k a kid plus building fund etc. I think op could have a reasonable budget with those numbers she posted but she is also welcome to fill out the application and let the committee decide. She might qualify for something and it would give her more breathing room.