--- title: GPS Destination #3: Private School Part II | TIME description: Certified Financial Planner Jeff Rose meets with Stewart and Jim to review their goals, offer several options and help them decide which path to take. canonical: https://time.com/video/tDyRPfn7/ og:title: GPS Destination #3: Private School Part II og:description: Certified Financial Planner Jeff Rose meets with Stewart and Jim to review their goals, offer several options and help them decide which path to take. og:url: https://time.com/video/tDyRPfn7/ og:image: https://cdn.jwplayer.com/v2/media/tDyRPfn7/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: GPS Destination #3: Private School Part II twitter:description: Certified Financial Planner Jeff Rose meets with Stewart and Jim to review their goals, offer several options and help them decide which path to take. twitter:image: https://cdn.jwplayer.com/v2/media/tDyRPfn7/poster.jpg?width=720 --- # GPS Destination #3: Private School Part II > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: GPS Destination #3: Private School Part II [Watch (HLS stream): GPS Destination #3: Private School Part II](https://cdn.jwplayer.com/manifests/tDyRPfn7.m3u8) (6:38)  _Published 2016-09-20. Certified Financial Planner Jeff Rose meets with Stewart and Jim to review their goals, offer several options and help them decide which path to take._ --- Jul 27, 2023 8:49 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [GPS Destination #4: Family Vacation Part II](/video/gqHZN0ZZ/) ### GPS Destination #4: Family Vacation Part II [GPS Destination #3: Private School Part I](/video/lQ2bzfZq/) ### GPS Destination #3: Private School Part I [GPS Destination #1: Graduate School Part II](/video/dVPcs1zq/) ### GPS Destination #1: Graduate School Part II --- ## Transcript [ MUSIC ] I recently got a message from Stewart and Jim. Their son is getting ready to start kindergarten next year, and they don't know what to do. Like many parents, they're overwhelmed about the choices being made about their son's education and how they can afford. it. They know the decisions they make now will have an impact far beyond kindergarten [ MUSIC ]. Looking for some assistance how they can provide the best education for their son without destroying their financial future. So I got some great options through here, they'll hopefully make their decision that much easier. That way we can get them to their desired destination as fast as possible. Let's go meet them. Jeff? Hello, Jim? It's nice to meet you. You too. Come on in. Hi, I'm Stewart. Stewart, nice to meet. Nice to meet you. Please come on in. Yeah, thanks for having me. So, I know we had a little talk right before this and just tell me a little bit about what your thinking with him, with your son, about going to school and some of the stresses that come along with that. We have universal pre- k here in New York city so pre- school is free for us. But next year, he goes to kindergarten and beyond, and that's where we're starting to wonder about, well, what do we do? Do you we send him to public school or is private school really the way to go, and realistically can we even afford that? Right. Well, not to give like you any sticker shock, but just to kind of give you a rough idea of what the cost is to attend a private school Right now we're looking about time that he's ready to go. We're looking at $ 22, 000 per year. That's one year to a ten. That's starting in kindergarten, so 13 years, K through 12. We're looking at roughly $ 286, 000 that you would pay. And not to make this even worse than that number, [ LAUGH ] but we're not including inflation here. Ouch. So the beauty of this number right now is that we would have to write a check for $ 286, 000. So all we have to do is look at some other options which I actually have for you right now. So option one this is a private tutor. Cost wise we're looking at $ 40 an hour, so if we're doing that about two hours a week during roughly about nine months during the school like a typical school year you're looking at a cost of just over $ 3, 000 per year, $ 3, 040 per year. So with Option 2, this is an afterschool program. [ SOUND ] Cost wise we're looking at $ 400 a month. Once again, if we do that over a typical school year we're looking at total cost of $ 3, 800. That's good and I love that there's the music and art programs too. That'd be really great. Okay, so this is Option 3. This is another after school program. Now, cost wise, a little bit more. We're looking at $ 550 dollars per month, so per year that equates to $ 5, 225. They help with test prep, they really set them apart and set them ahead amongst kids their age. So anytime there's any weaknesses, I mean they'll give them the tool they need to advance in their education. That would probably be a great option if we knew that he was having some difficulties in school, but that seems like something that would be pretty high pressure on him now. So it sounds like option two might be the winner, how does that make you feel right now, just coming and looking at this as an option for your son? We thought the only options were Either public school or private school. Private school, right. So this is wonderful to even know this exists. Right. Okay, so, we've already looked at the cost of when he goes to a private school. But we want to look at how much it's also going to cost for college. So, for an in- state institution, you're looking at roughly $ 28, 000. Is how much we're going to pay per year to attend, but that's not including inflation. So by the time that we inflate this where he's ready to go to the school, and we're looking at a 6 % inflation rate, you're looking at total cost for all four years of $ 293, 000. That's either The 13 years of private school or four years of university. And this is for a state school, so typically if you're looking at a private college, you can at least expect that number to be double. So 56, 000 dollars per year, once again at 6 %, now we're looking at 586, 000 dollars a year. For a private school and that's, four years? For four years, correct. Okay. And this being somewhat generous, some private could be a little bit more but that's still a pretty large number to adjust. These numbers are crazy to me. So, what is that we can do to get to anywhere close to that? In the what, 18, 15 years we have until he goes off to school. Right, so one of the more popular options that people take advantage of is called the 529 college savings plan. So this is an option that allows you to save for college. Now you can apply that for college tuition, books Fees or anything with college- related expenses. It allows you to save into this vehicle that, once you start pulling it out for college, everything is completely tax free. And just that's some numbers to look at. So if we're able to save approximately $ 343 a month And if we can average about 8 % return on investment, that will get us to roughly about paying 50 % of his state tuition. Now, if you wanna pay 100 %, basically, just double that about $ 682 a month as what that will take the cover 100 % but him going to a state school. And another thing with is that, you don't have to do it alone. You can ask for gifts when it comes down to birthday gifts, Christmas gifts. Any time that family members want to give your son something, a toy that he's gonna be tired of a week from now. Right. Encourage them to actually offer money. So they can put that into his college savings plan. Now, another perk that I didn't mention yet is that with a 529 Plan, you get a state tax deduction for anything that you put in. That's exciting. Yeah, that's exciting because now you can get to your desired destination as fast possible. So, excited for you guys. And it gets achievable and it's great to have a plan to be able to get there. So, I feel so relieved to know that's there. It's huge. So, I wanna thank you so much for coming out today. No, it's really my pleasure, really has. Thank you so much. I'm excited for you guys. So, [ INAUDIBLE ] on your journey. All right, let me show you out. Sure. Thank you. Every time a little bit more educated financially it makes me feel a little bit more relieved and a little bit more relaxed and comfortable as to where we are. There's a certain level of anxiety that's relieved because I know where we are and from that position we can move forward. [ MUSIC ]. For Stu and Jim their desire destination is get their son the best college education possible. 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