Private Schools & The Recession

The Economist:

In both America and Britain recession has so far done little to dent the demand for private education.

"COMPARED with last year, applications are up 14%," says Mark Stanek, the principal of Ethical Culture Fieldston, a private school in New York. All through the application season he and his board of governors had been on tenterhooks, waiting to see if financial turmoil would cut the number of parents prepared to pay $32,000-34,000 a year to educate a child. Requests for financial help from families already at Fieldston had been rising fast, and the school had scraped together $3m--on top of the $8m it spends on financial aid in a normal year--in the hope of tiding as many over as possible. Nothing is certain until pupils turn up in the autumn. Some parents could get cold feet and sacrifice their deposits. Yet so far the school is more popular than ever.

Across America the picture is patchier, but there is little sign of a recession-induced meltdown in private schooling. Catholic parochial schools and some in rural areas are finding the going harder--but this is merely the acceleration of existing trends. Private schools in big cities with rich residents, and those with famous names and a history of sending graduates to the Ivy League, seem to be doing rather well. "Some parents weighing up their options may be worried about what recession will do to public-school budgets," says Myra McGovern of the National Association of Independent Schools (NAIS), which represents around 1,400 of the country's 30,000-odd private schools. "And some may think that if other people are struggling, that will mean their children are more likely to get in."

Posted by Jim Zellmer at July 2, 2009 1:23 PM
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