<p>There will be a lots of things going on. Many parents will decide they can’t pay as things have gotten much worse since the decision to apply and even worse since the applications were sent. Some schools will have to reduce aid to incoming students to cover existing students, schools may accept more full paying students for more tuition dollars…this article talks of similar things happening at colleges:</p>
<p>Very relevant article, hmom! But does writing “many parents will decide they can’t pay” overstate the case? It might just as well be one or two families as a whole bunch of them, right? When push comes to shove, dont people really scramble to get their children an elite education and thereby a slice of the American dream? Are we not all merely speculating about the magnitude of the effect of the crisis on the nuts and bolts of admissions?</p>
<p>I think it is more than speculating about the effect of the economy on admissions. We had a post from a board member at a private school in NYC, and she was pretty clear that they expect changes. In my town in CT, 4 kids left private elementary schools and enrolled in the public one after Christmas. And this is just at one of the 4 elementary schools in town, there could be more I don’t know about. So right there, that is 4 families that made a mid-year change due to finances. But of course, there are some people who will stretch and make education the last thing to be cut…</p>
<p>Pan, I do agree with you that assessing the impact is highly speculative. A few eyebrow-raising anecdotes do not necessarily constitute a strong trend. I don’t doubt for one second that there are families that will opt for a more cost-effective alternative in the face of economic uncertainty. The real issue is to what degree? How many families are we talking about in terms of volume? This is something that only time will tell. We’ll all have a clear understanding of the magnitude on A10.</p>
<p>No matter whether you are getting FA, or full pay, these are extraordinary times; if it had been the same situation 16 months ago, I honestly don’t think we would have even explored the possibility of boarding school. That doesn’t mean we don’t recognize the value and want the best for our children – just that these tentative times make everyone on edge. That said, once one gets a taste of what these schools offer, it is difficult to go back; we’re in it for the long haul now! But I do think it’s more complicated if one is making that initial decision this year.</p>
<p>I’m surprised at the above comments. Many of the families that were able to spend big amounts on education have lost a large chunk of their net worth’s in recent months. The home equity that assisted in paying has dried up. The educational funds they had set aside is a fraction of what they were. Many are worried about keeping jobs. This will greatly impact educational decisions.</p>
<p>Colleges have much more money to give relative to private high schools and they have Federal money as well which we don’t have. Everyone feels their kids need to go to college pretty much, but private K-12 is not a necessity. Yet here’s a CNN report that says a study just found that more than 50% are rethinking college choice based on money:</p>
<p>hmom,
You are so right! Boarding school is an entirely discretionary expense whereas college is mandatory. When the college fund is down 40%, then how can families at the middle and upper middle income level afford the $160,000 or so that four years of boarding school requires? Better to keep that for college!</p>