Inflation in the United States is causing ripple effects in various sectors across the country, including education. As prices for goods and services continue to rise, the strain on families seeking a top-tier education for their children in private schools, such as The Village School, is becoming increasingly apparent.
Inflation is the erosion of a currency’s purchasing power, resulting in a diminished value of the currency and an associated escalation in the prices of goods and services. “I define Inflation as the shrinking value of a currency, as a currency gets less valuable the purchasing power lessens,” said Aryan Shah, senior and leader of the Investment Club. Private education costs, including tuition fees and the various expenses associated with schooling, are not immune to this phenomenon. As inflation persists, paying for education regarding school fees and essential educational supplies becomes increasingly challenging for families.
Inflation’s primary impact on private school families manifests through day-to-day expenses. Traditionally, private schools, celebrated for their exceptional educational standards and personalized approach, come with a premium cost. However, the inflationary pressures have amplified these fees, intensifying the financial hurdles parents face.“Yes, I wouldn’t say stress but I’ve noticed how much I’ve been spending more often, especially on groceries” said 5th-grade teacher and parent Mrs. Masters, when asked if Inflation stresses her. The broader escalation in the cost of living, encompassing expenses like housing and groceries, further exacerbates the financial strain on families, subsequently diminishing their ability to allocate resources toward their child’s private school experience, such as extracurricular activities, essential educational materials, and supplementary support. “I limit myself from extras and toys for my kids but when it comes to school supplies I do not. I still buy most of the school trips except for excessively expensive trips,” said Ms. Masters.
Inflation also influences students, altering the accessibility of opportunities available to them. Previously obtainable experiences, such as school trips, after-school activities, or the latest educational technology, may now be restricted or require additional financial commitment. “Yeah, gas prices, goods at the grocery store, and the school store prices going up are all examples of inflation,” said Shah, when asked if he is affected by Inflation in or out of school.
As a 10th-grade student at The Village School, I’ve observed a rise in prices in our school store, which has made me reserve myself in my spending there, “Hot lunches from outside vendors, such as Chick Fa La, have made the meals more expensive” said Mrs. Skaggs, a school store employee. However, the impact of these cost increases extends beyond the school. I’ve also noticed substantial price hikes at my favorite fast-food chains, prompting me to restrict my visits and limit the frequency with which I can enjoy their food.
Inflation is placing a significant financial strain on private school families, affecting tuition fees, educational opportunities, and essential supplies. Addressing this issue should be a higher priority for the government to ensure that quality education remains accessible to its citizens and the up-and-coming era.
References
Welding, L. (2023, October 2). College tuition inflation statistics: Bestcolleges. BestColleges.com. https://www.bestcolleges.com/research/college-tuition-inflation-statistics/#:~:text=On%20average%2C%20from%202001%2D2021,at%20private%20two%2Dyear%20colleges.
