When you're a kid, you think all schools are the same and where you live has nothing to do with the quality of education you'll receive. That's not the case, and it's the reason why many homebuyers and young families in the housing market say their number one priority is finding a home in a good school district. Of course, with so many looking for good public schooling, the best districts are also often the priciest. Simple supply and demand.
While there are college grants available to low-income students, they can be hard to come by. A 2010 report, "The Rising Price of Inequality," by the Advisory Committee on Student Financial Assistance concluded that 55 percent of students from middle-income families earned bachelors degrees, but only 22 percent of those from low-income families were able to do so. According to the study, money, not the desire for higher education, was the primary cause of that discrepancy; improving academic preparation of students from low-income households only increased their success by five percent. From 1992 to 2008, the report said, grant money available didn't keep pace with the rising cost of college tuition.
Some states and school districts have attempted to level the playing field by providing vouchers and tax credits that enable students to attend private schools when they otherwise wouldn't be able to. Giving such opportunities and choices to students and their parents is only one benefit such programs have offered. A 2010 study by two researchers at Northwestern University showed that public schools in Florida saw improved academic performance by students, purportedly because with the competition, public school administrators were motivated to improve their schools for fear of losing per-student government funding.
The allure of private colleges is strong; they are known for having smaller class sizes than public institutions and attracting elite educators, and their names seem to carry more weight when it comes time to look for a job. But they're not cheap by any means. According to a College Board report, the average cost of private school tuition rose 17 percent between 2006 and 2010, to $36,993. Even with grants that don't need to be repaid, you're looking at $21,020 a year. That's not small change.