Private schools in the recession: Staying on board

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. ... (link)