Economic Downturn and Private School Tuition

by NYC Firm Schools on January 12, 2009

We have discussed the economic concerns and how they may effect Firm Schools in NYC. Parents and school administrators alike have talked about possible attrition effects as families, deeply affected by the recession, may not be able to provide the tuition for their children who are already being educated in the NYC private school arena.

While Firm Schools are still seeing an astronomical amount of applicants for their schools, and there are not enough open seats in the schools to accept them all, the economic downturn has not had a big effect on the number of applicants or the number of seats made available due to attrition. It has, however, affected tuition payments and Financial Aid.

Financial aid applications are certainly on the rise in NYC Firm Schools and more and more families are finding themselves applying for financial aid for the first time. In addition, families who have not dealt with financial difficulties before are finding it increasingly hard to pay monthly bills, leaving schools with the burden of creating flexible payment plans to help their families through these difficult times without losing students. For many schools, accepting more flexible payment options is preferable to losing the tuition payment all together and disturbing the balance of the student body they have worked so hard to achieve.
Amanda Fung from Crainsnewyork.com recently wrote an article on how the economic downturn has affected the way some parents are paying for their children’s tuition at Firm Schools in New York.

Because of economic uncertainty, more parents are opting to pay tuition on a monthly basis rather than risk not getting a refund if they have to pull their kids out of school.

The article paints a very dim picture on the economic hardships faced by many families who are trying to meet their financial obligations to their children’s schools

For the full article, click here.

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