Using interviews at a few schools and with the National Association of Independent Schools, the New York Daily News ran a piece (Private schools see more financial aid requests during recession - but applications hold steady) documenting this exact situation.
Families are making tuition a priority and schools are increasing their fund raising efforts and aid budgets. Everyone in the school business seems to be exhaling deeply that we've made it though this year. But, if things say like they are next year, too, will be tough.
Chris Seeley, upper school admissions director at the Trevor School in Manhattan told the Daily News:
"We are tightening the belt...We are bracing for the possibility that we may have fewer students next year. But we are trying to cut the budget without affecting programs, and we haven't been forced to do any major tightening yet."