The education and the athletic program are the two things virtually every family focuses on when considering prep school for their student-athlete. Most families can’t even process all the information in those two categories, so it’s no surprise that they overlook two other really big benefits when considering the value of prep school.
Why do you think some families are readily willing to pay $55,000 for one year of prep school? It isn’t just the great education, or the great athletics. It’s the contacts, the connections. The kids your child is going to meet, the ones who will become lifetime friends, are the ones who are going to be running this country 20 years from now. If you believe it’s as much who you know as what you know, it’s hard to overvalue this benefit.
2) College is taking more than four years
Many families aren’t sure they want to invest money in prep school, especially since they know they are likely to be spending money on college, money they may not have. Here’s what they fail to account for: college students aren’t finishing college in four years like their parents’ generation did. A remarkably high percentage (approximately 44% overall, and a startling 64% at public institutions) of students are not finishing college in what used to be considered the “normal” time frame.
Closely tied to those statistics is another, even bigger, one: college debt has become arguably the most important financial problem in the US today. A good chunk of that is a result of students taking more than four years to finish, or worse, not finishing at all.
For many students the issue is going to college before they’re ready. Many students, even some with very good transcripts, are now taking a gap year before college for that reason.
Finding yourself in college is tricky. Once you get off track, it’s hard to get back on. Colleges aren’t set up for you to find yourself. They’re set up to weed you out and take your money. Switching majors gets expensive in a hurry.
A post-graduate year is just the opposite. It’s designed to help the student discover more of him or herself. Consequently, it is much more effective and efficient at doing so, leading to a much lower risk.
Once families come to grips with these facts, especially the realization that there’s a good chance they’re likely to spend the additional money anyway, it is much easier to see that money is often much better spent on a PG year than on additional years in college.