CNN Money reported this week that more wealthy families with children in the private schools are requesting financial aid.
In the 2010-11 academic year, about 20 percent of families that filed for financial aid for private school earned $150,000 or more a year, up from just six percent in 2002-03, according to the National Association of Independent Schools.
Many parents have been hit hard by the recession and declining home values, the story goes on to explain, and can no longer afford an expensive private school education. But it’s one expense they aren’t willing to give up.
“There’s this pressure to give your kids what you think is the best,” said Robin Aronow, a school admissions consultant in New York.
Read Making 300K and Getting Financial Aid for a First Grader at CNN Money.