Deciding where your child will attend school is a major decision. Your choice will affect not only your child’s academic career, but also their social life, extracurricular activities, and future prospects.
Your choice can affect your family’s financial picture significantly too. You will have to weigh a school’s costs and benefits, both on its own and in the context of other goals such as saving for retirement or managing housing costs. With all these consequences before you, how should a parent proceed?
The first step, as with any major financial decision, is to get clear on your own priorities. With those firmly in hand, you can begin gathering information about what school (or schools) might be a good fit and thinking about how to make the decision work as part of your long-term financial plan.
Factors To Weigh
Type Of School
As a parent picking the right school for your child, the natural place to start is public versus private. You may come in with biases for or against a particular option, but approach the question with an open mind. Educational programs can change over time, and your experience as a student may not be an accurate representation of current school environments.
Public schools have a few inherent advantages. First, they must accept all students within their district and they do not charge tuition. Because admission is based on address, your local public school is likely to be relatively close to where you live. In addition, you will have access to the state’s curriculum standards and potential to influence your local school board as a district voter. Teachers in a public school must be state-certified, which is not true of all private schools (though some do require certification).
The downsides come largely from the reality that funding and quality — which are related, but not 100% correlated — can vary widely by location. Also depending on the school, a particular public school may not offer the academic or extracurricular programs that matter to you and your child. Some critics say that government oversight has led to public schools “teaching to the test,” since they are often evaluated by their students’ standardized test scores. And often, though not always, public school class sizes are larger, meaning each student has a smaller fraction of the teacher’s attention.
Magnet schools are a subset of public schools that offer specialized instruction not offered, or not offered to the same degree, at standard public schools. They may specialize in STEM subjects, arts, vocational training or other skills. Like other public schools, magnet schools do not charge tuition. Depending on where you live, admission may be determined by application, lottery or testing. Since they usually serve students from a larger area, they may be farther away than your local public school.
Charter schools receive government support but are not directly overseen by the local school board. These schools sometimes receive private donations as well as public support, but they do not charge tuition. While their test scores receive public scrutiny, charter schools typically exercise more autonomy when it comes to their curricula than standard public schools. Like magnet schools, charter schools’ admission practices vary, but a lottery system is a common approach.
By contrast, private schools are funded by tuition and donations. They are not administered or funded by government agencies, and may vary quite a bit in size, approach and student costs. This category includes religious or parochial schools, schools focused on alternative teaching methods, intensive college preparatory academies, and many more.
Public schools remain the most popular option in the United States by a wide margin. The National Center for Education Statistics, as reported by the Pew Research Center, reported that 83% of K-12 students attended traditional public schools and an additional 7% attended charter schools as of the 2021-22 school year (the most recent year for which statistics are available at this writing). But this balance can vary widely when you zoom in to the state or local level.
I will also note that some parents find homeschooling to be the best option for their situation. The complications of homeschooling are significant enough that I will not cover them here, but do note that this approach requires a major investment in materials and research, as well as time.
Costs
While even public schools impose costs in the form of textbook fees, school lunches, supplies and more, private school tuition represents a major expense for parents who choose to pursue this path. The Education Data Initiative reported in 2024 that average tuition among American private elementary and secondary schools was $12,790 for the year. Private high school tuition, when broken out separately, averaged $15,344.
That said, it is critical to look more closely at your local community. These nationwide averages incorporate a wide spread. According to the same EDI report, private high schools in South Dakota averaged $6,156 for the year, while private high school tuition in Connecticut ran an average of $42,032.
If you are considering boarding schools, expect a significant extra expense in the form of room and board. Room, board and tuition together averaged $69,150 annually.
Here in my home in South Florida, I have seen these variations for myself. Private kindergarten can cost anywhere from around $8,000 to $30,000 for a year, depending on the school. As a former student of upstate New York public schools, these prices were eye-opening to me as a parent.
I will discuss methods for handling school costs later in this article. But for now, note that it’s important to factor cost into your decision and to stay realistic about your budget.
Academic Track Record
It may sound obvious, but look into the information available about any schools you are considering, public or private. Third-party rankings are potentially useful, but dig deeper if you can. Consider publicly available information like test scores or colleges that graduates attend or are admitted to. If your child may need extra support or accommodations, look into what the school offers for neurodivergent students or students with disabilities. If you are interested in a particular curriculum approach, such as Montessori instruction, consider that too.
Religious Preferences
Do you want your child to attend chapel or synagogue as part of their school day? Or, conversely, do you want to avoid this sort of exposure? For me, it was important to choose a school where my kids would receive Bible instruction as part of their weekly coursework. Religious preferences are deeply personal, but it is worth thinking through what matters to you and where your boundaries are in the school selection process.
Extracurricular Offerings
The importance of this factor will vary based on your child’s age and preferences. That said, it is worth looking at what a given school offers when it comes to sports, fine and performing arts, and any other extracurricular activities that matter to you and your child. If you are leaning toward a school with limited extracurriculars, you may find options for sports, music or arts programs outside of school. Bear in mind, though, that coordinating shuttling your child to these events after school may be a family challenge.
Location
I mentioned proximity among the pros of public schools earlier in this article, but I want to return to the importance of picking a school that works for you and your child when it comes to transportation. When selecting a school for my children, I felt strongly that I didn’t want my kids sitting in 45 minutes of traffic to get home every afternoon. We also weren’t interested in moving from our current area, because of both the pricing in the housing market and the potential impacts on my husband’s or my commutes. So we opted for a school closer to us that fulfilled most of my wish list. I have opted to supplement gaps in extracurricular options with outside programs. My kids spend only five minutes in the car getting home. I value time as a family, including family dinners and reading together, more than the incremental benefits of a slightly more competitive or larger school.
Whether or not you end up in the same place I did, take time to seriously consider the impact a school’s location will have on your family’s schedule. In some places, you may have a practical school in walking distance or reachable by reliable public transportation, so kids who are old enough can get to and from school on their own. Regardless, don’t underestimate the value of your time, or the wear and tear of a long trip every day — particularly if you live in an area with severe traffic congestion.
Social Atmosphere
While it can be hard to evaluate in advance, a school’s social ecosystem will have a major impact on your child. There are a few things you might look at. For example, in addition to class size, the size of the school as a whole can shift the atmosphere. Big schools offer larger pools of potential friends, but especially introverted students may find them overwhelming.
If you are looking at private schools, you may want to consider the pros and cons of a school that includes K-12 instruction, versus K-5 or K-8. Schools that continue through secondary education offer the advantage of not having to reapply, as well as familiarity for students as they progress. On the other hand, a more traditional elementary (or elementary and middle) school setup can feel less intimidating and offer chances to reevaluate at points where parents of other students are doing the same.
You may also want to consider the socioeconomic makeup of a particular school. Some parents value making sure their children have exposure to a wide range of peers, while others are sensitive to the potential for bullying that large wealth disparities can foster. Here in South Florida, the wealth gap can be major. Personally, I want my children to experience diverse learning environments, which will better reflect the post-school world they will move through. I was also wary of environments where in-groups and out-groups could easily be determined by designer clothing or the latest tech accessories.
Availability
A school may be ideal in all other ways, but it will not matter if you can’t secure a place for your child. Obviously, this concern is not a factor for a local public school. But if you hope to get a place in a magnet, charter or private school, it is important to understand the process and how competitive it is.
For private schools, I recommend getting on wait lists as early as you can. In the area where I live, some private schools routinely have parents sign up two or three years in advance. In major metropolitan areas like New York City, some parents go so far as to hire a private school admissions consultant to oversee the process. As with costs, norms can vary widely, so get to know your location. Asking other parents is ideal, but do some of your own research too.
Once you have considered all the factors above, try to synthesize them into a list of potential options. It is likely that there will be no one perfect fit. If possible, talk to parents of current students at the schools you are considering, and schedule a visit or attend an open house. Getting a closer look may help you to narrow down your choices. Remember not to put all your eggs in one basket; you should apply to multiple schools to ensure your child has options.
Paying For K-12 Education
Education costs can add up quickly. As with the factors I’ve discussed so far, what will be desirable and practical for your family may not be the same as another. Like any major financial goal, you should be sure you are living within a workable budget and stay realistic about your family’s priorities.
There are, however, a few strategies that can help put your preferred schools within reach.
529 Plans
Section 529 savings plans are a tax-advantaged way to save for educational expenses. They were initially conceived to support college-bound students — for more on 529 basics, see this article from my colleagues Thomas Walsh and Brianna Aviles. But the tax reform package that Congress passed in 2017 expanded 529s to allow account owners to use account funds, up to $10,000 annually, to pay for K-12 tuition and other educational expenses without triggering taxes or penalties. Most (though not all) states have mirrored the federal approach, allowing withdrawals that don’t trigger state income tax for the same approved K–12 expenses.
Note that 529 savings plans are still best used to save for college, including vocational or trade schools. This is because parents and other account owners will have a longer timeline to allow for tax-free investment growth when saving for post-secondary education. That said, the new rules give 529 account owners more freedom. You may want to talk to your financial planner or investment adviser about weighing the benefits and drawbacks of using a 529 to fund elementary or secondary education.
State Subsidies
Depending on your location, this option may be a hot topic or it may not be on your radar. Here in Florida, it is decidedly the former.
The Florida Tax Credit Scholarship, or FTC, was a game changer for many Florida parents. As of 2023, the FTC allows nearly any Florida household with a school-aged child to request a voucher for the amount of funding their local public school would have received if their child attended. The family can use this voucher toward private school tuition, to support a homeschool curriculum, or to fund certain other expenses through an education savings account, or ESA. This program is not income limited, though access is prioritized for lower-income families and students in foster care.
My family has directly benefitted from this program. We had already decided to send our children to private school, and this program allowed us to subsidize tuition costs. However, while the program has been great for my household, there are undoubtedly drawbacks to the program. Many families cannot afford private schools even with the voucher (about $8,000 per child per year in my area). These families must now send their children to public schools with even fewer resources. And since there is no income limit, families with sufficient wealth to pay for private school outright are getting money back, potentially widening the wealth gap in our area.
For families in between these extremes, the vouchers may make all the difference in getting their children into schools the family couldn’t otherwise afford. This is great news on an individual level, but it also means that the potential admission pool for private schools has expanded. As a result, many of the top private schools in my area have daunting wait lists.
If you, like me, live in an area undergoing this debate, you know emotions around it can run high. The pros and cons are both real. However, when it comes to making a choice for yourself, the important thing is to thoroughly explore what options are available to you in your city and state. According to Education Week, 29 states and the District of Columbia offer some sort of program to direct public money to the school of parents’ choice. How these programs are structured and who may participate can look very different. Some are universal, while others are limited by income, student ability, or other factors. Some are vouchers, some are ESAs and some come in the form of tax credits.
You may also want to keep an eye out for changes at local, state and federal levels going forward. School choice is on many legislators’ minds, and your situation may evolve while your child is still in school. At this writing, the situation is also fluid in the courts. The Supreme Court heard arguments on April 30 in the case of an Oklahoma charter school board that challenged state law by approving a Catholic school’s application to become a publicly funded charter institution. The state’s Republican attorney general sued because Oklahoma requires public schools to be non-sectarian, and the school’s argument that it is a private — not public — institution was seen as a threat to the entire charter school system. Oklahoma’s highest court ruled against the school, which appealed to the Supreme Court. A ruling is expected by early this summer.
Moving To A Desirable School District
Many parents find that relocating into a better school district can pay long-term dividends. Whether this is a sound financial decision depends on many factors.
As a financial planner, I have seen parents buy homes in areas more expensive than they would otherwise want because the benefits of a strong public school outweigh the drawbacks of the higher property taxes and other expenses associated with a pricier area. It is important to project potential outcomes before making this decision, or have a financial professional help you make a projection. That said, in the end, moving to attend a strong public school does leave you the property value to fall back on, while paying for tuition and transportation to a private school is a sunk cost.
If you are considering this approach, don’t forget to include other big-picture factors in the decision. Will a new 30-year mortgage mean you have housing payments after you retire, and will that create problems for your retirement planning? Do you think you will want to stay in the more expensive community after your children are grown, or does moving to this area mean you plan to downsize after they graduate? Can you absorb the extra costs a move entails, both now and in the future?
One further option that may be available depending on your location: Some public schools allow nonresident students to attend as tuition students. If your projections suggest that moving is not worth it, you might consider the target public school as if it were a private school, including the many factors I mentioned above. It is worth at least looking into whether a strong public school offers this option and what the application process looks like.
Private Tutoring
Depending on your student’s needs, you may find it more economical to supplement public school with private tutoring. This may bridge the gap if the biggest downside of your student’s public school is not getting sufficient attention from teachers due to class size or other constraints.
A private tutor can offer individualized attention for particular trouble areas. They may be able to offer expertise you can’t supply as a parent, especially for high school students. Tutors also offer the benefit of flexibility, coordinating with your family to find a time that works and potentially offering virtual sessions to eliminate the need for transportation. Depending on the area in which your student needs support, you may only need to fund a tutor for a limited time.
While not as costly as public school tuition, tutors can still represent a major expense. They may charge by the hour, the lesson or the semester. Further, as with many freelancers, finding talented tutors and securing their services isn’t always easy. There’s no regulation on tutors, so evaluating them can be challenging without a personal connection or a referral. And even well-qualified tutors can be a mismatch for a particular student’s personality or style of learning.
Like most major financial decisions, there is no one right answer to “where should my child attend school?” But approaching the question thoughtfully and realistically will allow you to find an answer that feels right for you and your student. As with other responsibilities in parenting, after doing your research, making the decision will come down to a gut instinct. Finding the right school and paying for it can involve a lot of legwork, but given the number of hours children spend in school, it is certainly worth the effort to help foster a comfortable learning environment to help them flourish.
