"For a student who is not wealthy and/or a legacy, there is likely little benefit in admissions in attending a private prep school, compared to a public magnet school, all things being equal. "
Actually there is one big example of a difference between the private and the public magnet, i.e., cost. The public taxes pay for the magnet! To me, this is a good thing! Government supporting this widely needed “merit” good is not a new idea, but often complained about by those paying the property taxes to their local governments.
See https://en.wikipedia.org/wiki/Merit_good (I have a problem with the 1998 entry here as undergraduates were studying “merit” goods in 1970). I know because I am so old, I was there!
Education is fundamental to the functioning of a democracy (that is with a small d). Some conservative economists have trouble with this concept. The collective example of today’s world economies seems to argue, by demonstrated capital development, in education’s favor. At the very least, an educated workforce helps all of us.
Please don"t argue with me about it… I retreated to farming! It’s a lot more fun!