Private school fees cost families a third of parents’ take-home pay

Private school fees are costing parents more than a third of their take-home pay, and a poll has found about one in five parents simply cannot financially afford them.

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Parents of private school kids spend as much as a third of their take-home pay on school fees.

An analysis of 566 NSW families who send their kids to private schools has revealed that private education costs, on average, 34.1 per cent of their after-tax income.

It comes as fees at exclusive private schools across Sydney this year will hit $38,000 a year for the first time ever, with fees rising faster than the cost of living. The data comes from Edstart, a lender that specialises in private school fee loans.

Private schools fees are hitting parents hard.

It said the average fees in NSW were $14,309 — 13 per cent higher than the national average.

Despite the price tag, parents like Mosman fashion ­designer Virginia Banks are convinced the private school system is worth every dollar because of the extra-curricular activities. According to Ms Banks, her daughter Sophie, 16, who is studying at Loreto Kirribilli, has been received ­opportunities that are not available in the public system.

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About one in five parents who send their kids to private school cannot afford it, according to a separate poll of 152 families by Edstart.

According to the poll, 28 per cent of NSW families pay private school fees with debt, of which 16 per cent is credit card debt that attracts 20 per cent interest, and 8 per cent that take out a mortgage.