Private schools in Manhattan cost more than some colleges
The cost to attend some private K-12 schools in New York City has soared above $50,000 per year, The Wall Street Journal reported.
The rise in costs in the last five years alone is steep. Tuition and median fees at private schools in Manhattan are $44,050 compared to $35,867 five years earlier, The Journal reported, citing figures from the National Association of Independent Schools.
While private school tuition regularly exceeds the rate of inflation, a 23% jump in five years is still significant, especially considering that the $50,000 tuition is above the average cost. to attend a private college in the United States.
For the 2017-2018 school year, the average cost of tuition and fees at private colleges is $34,699, according to US News & World Report.
Additionally, there are nearly 40 American colleges that costs more than $65,000 per year, a shocking figure that calls into question the sustainability of the current higher education model. Four years of college at $65,000 a year means a family is paying over a quarter of a million dollars for four years of college.
Yet, if private school tuition were to remain steady at $50,000, a family that paid for a child to attend school for their elementary and secondary education would pay $900,000 during their pre-college education. .
About 20% of Manhattan private school students received financial aid, aaccording to the National Association of Independent Schools, compared to 90% who receive some type of financial aid at private four-year colleges.
The rising cost of private schools in Manhattan has led some to question the sustainability of their pricing model.
“It’s just a bad problem that’s getting worse,” John Allman, principal of Trinity private school, told the Journal. “The funding model for independent schools like ours is broken.”