By love-89.com Why are some families willing to spend $500,000 on hiring private college admissions consultants to secure spots at Ivy League schools? According to analysis by CNBC, despite the hefty costs associated with vying for admission to prestigious institutions, certain parents still see it as a “worthwhile investment.”
Reports indicate that some families spare no expense in their quest to get their children into highly competitive top-tier universities around the world, often operating under an unlimited budget.
For instance, at Command Education, a college consulting firm in New York, high school parents can spend $120,000 annually on consulting fees alone, not including expenses for standardized test preparations such as the SAT or ACT. By the time their child graduates high school, the total spending could approach $500,000.
The acceptance rates for top American universities, including Ivy League schools, have hit record lows, making the admissions landscape increasingly competitive. Thomas Howell, founder of Forum Education, a tutoring organization based in New York, notes that the stakes are high, and families feel immense pressure regarding admission outcomes and pathways to their desired schools.
For some households, enrolling their children in elite universities is viewed as an investment, leading to virtually limitless spending on tutoring, college consulting, and test preparation.
While some private colleges charge nearly six figures per year, other students opt for more affordable public universities or even different educational routes. Howell points out that opinions on whether spending so much for a college education is justified are divided; if a top-tier school isn’t an option, families often consider more budget-friendly alternatives. He added that for some students, not attending a university in the top 20% is a valid reason to rethink their options.
Hafeez Lakhani, founder of Lakhani Coaching in New York, reports that the trend of affluent families willing to invest over $100,000 in college admissions consulting has not changed, and these clients represent about 20% of his customer base. “This could be the highest single expense for parents aside from buying a car,” he remarked.
Lakhani noted that clients typically spend an average of $58,000 for college consulting services, with some parents investing as much as $800,000 over the years to ensure their children receive top-tier tutoring in every subject. He charges $1,600 per hour for his consulting services, and there is no shortage of clients. Other consultants at his company charge around $290 per hour, yet parents often prefer Lakhani’s expertise for their children’s education.