Eliza Shapiro’s recent New York Times article “Earn $800,000? You Might Get Financial Aid at an Elite NYC School” brings attention to the ever-growing divide in NYC private schools, where even families earning up to $800,000 might qualify for financial aid. The escalating tuition costs, now averaging $65,000 annually, emphasize the staggering expense of private education in New York—a cost that leaves even the affluent feeling the pinch.
I said:
Ms. Glickman said she believed schools might eventually charge as much as $100,000 a year. She recalled that private schools generally charged $20,000 when she started as a consultant in 1999, and it was headline news when schools neared a $40,000 tuition in 2012.
She added that she expected a “collapse” in the number of middle-class students attending private schools, and believed that “there will be fewer private schools that survive in today’s marketplace.”
The result? Fewer middle-class students will likely attend private schools, and the marketplace may see some schools shutter altogether. For now, though, many affluent families continue to choose private education, valuing small class sizes, more teachers, personal attention and luxe facilities and programs.