New York City Private School's Tuition Reaches $40,000 Per Year

NEW YORK (CBSNewYork) -- Would you pay $40,000 a year to send your child to private school?

That's the going rate for at least one New York City school. And as CBS 2's Don Dahler reports, it teaches a valuable lesson about supply and demand.

Riverdale Country School in the Bronx has a campus that would be the envy of most universities and it has the tuition to match -- $40,000 per year.

Trinity School on the Upper West Side has raised its tuition for next year to $38,000. Add in extra fees for things such as books and athletics and it easily passes the $40,000 mark.

"The market will bear it. It is a factor of New York City and the reality of New York City. People in New York City make more money than people elsewhere," said George Davison, the head of the Grace Church School.

Grace Church on the Lower East Side increased its tuition to almost $35,000, although to maintain diversity, some of its students pay far less.

Davison said private schools offer a number of advantages, including smaller class sizes and those niche programs that are being eliminated from public schools.

"We are able to have all of the specials that add to the total value of the education -- art, music, language. Kids are taking Spanish, French, Latin. We also have some incredible trips," Davison said.

Victoria Goldman helps parents get their kids into their school of choice.

"It's crazy. I know, it's crazy," Goldman said. "There are more people that want these spots at this price than ever before. And I think what it says is education is a huge priority. And the best education is an even bigger priority."

She said even in a bad economy, plenty of parents will bite the bullet if they can manage to put their kids in the best schools. And with all the new schools being built asking for top dollar, there's no reason to believe the costs of a private education will ever come back down to earth.

With tuition hovering at around $40,000, many New York City private schools now cost more than some prestigious Ivy League universities, including Harvard and Princeton.

Has this gone too far? Or do you think this is fair? Please offer your thoughts in the comments section below.