Think the economic downturn will make the admissions process easier for wealthy parents hoping to send their children to elite New York City private schools? Not so, argues an article in today's Crain's New York Business. The reporter, Miriam Kreinin Souccar, cites "administrators" who suggest that kindergarten admissions has never been more competitive--with applications up at least 10%. The article suggests that despite the Wall Street meltdown and credit crunch, the growing size of Manhattan families, as well as the overall recession-proof nature of education, have not made getting into Horace Mann or Spence any less difficult. As the article points out, even parents who ponied up thousands at expensive preschools are still finding themselves disappointed:
A doctor whose son attends a prestigious preschool downtown applied to seven institutions, including Dalton, Dwight and Abraham Joshua Heschel. Her son was rejected at three and wait-listed at the rest. The doctor, who refused to give her name for fear of hurting the boy's chances on the lists, is confused about why her son—who scored an impressive 99 on the Educational Records Bureau entry test—wasn't accepted.
But despite the claims of Souccar's sources, I'm not persuaded that Manhattan private school education is truly recession-proof.
According to a conflicting Crain's piece that ran just last month (title: "Recession hits private schools"), many Manhattan parents are reporting higher acceptance rates than in the past, as schools want to ensure that they have full classes in the fall. Administrators are concerned that families may decide to pull their children out of private school if the recession worsens. As Emily Glickman, president of Abacus Guide Educational Consulting, put it:
"Private schools may be experiencing economic uncertainty. Some families will be leaving schools and the less competitive schools are looking to keep their classes filled.”
Reflecting on this trend, my brother, a senior at a prestigious Manhattan private K-12, has said that several of his classmates have been pulled out of his school because their parents can no longer afford to pay tuition. Last month, The New York Times described the troubles of families who must decide whether or not to keep their kids in private school for financial reasons. And back in November, a New York Magazine piece on the same topic quoted Victoria Goldman, author of "The Manhattan Family Guide to Private Schools," as saying:
"The hardest thing will be for admissions directors to figure out which new applicants will be able to stay the course."
Who can afford to stay the course? Those who can guarantee that they are able to pay $40K in tuition a year. But seeing as the net worth of most Americans has declined almost 20% since 2008 (and perhaps even more for New Yorkers due to the collapse of the financial services industry), fewer Manhattan families will be able to make that commitment this year. The result? Less competition for those coveted private school slots.
A doctor whose son attends a prestigious preschool downtown applied to seven institutions, including Dalton, Dwight and Abraham Joshua Heschel. Her son was rejected at three and wait-listed at the rest. The doctor, who refused to give her name for fear of hurting the boy's chances on the lists, is confused about why her son—who scored an impressive 99 on the Educational Records Bureau entry test—wasn't accepted.
But despite the claims of Souccar's sources, I'm not persuaded that Manhattan private school education is truly recession-proof.
According to a conflicting Crain's piece that ran just last month (title: "Recession hits private schools"), many Manhattan parents are reporting higher acceptance rates than in the past, as schools want to ensure that they have full classes in the fall. Administrators are concerned that families may decide to pull their children out of private school if the recession worsens. As Emily Glickman, president of Abacus Guide Educational Consulting, put it:
"Private schools may be experiencing economic uncertainty. Some families will be leaving schools and the less competitive schools are looking to keep their classes filled.”
Reflecting on this trend, my brother, a senior at a prestigious Manhattan private K-12, has said that several of his classmates have been pulled out of his school because their parents can no longer afford to pay tuition. Last month, The New York Times described the troubles of families who must decide whether or not to keep their kids in private school for financial reasons. And back in November, a New York Magazine piece on the same topic quoted Victoria Goldman, author of "The Manhattan Family Guide to Private Schools," as saying:
"The hardest thing will be for admissions directors to figure out which new applicants will be able to stay the course."
Who can afford to stay the course? Those who can guarantee that they are able to pay $40K in tuition a year. But seeing as the net worth of most Americans has declined almost 20% since 2008 (and perhaps even more for New Yorkers due to the collapse of the financial services industry), fewer Manhattan families will be able to make that commitment this year. The result? Less competition for those coveted private school slots.
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