A report from the Center for American Progress shows that, on average, families are spending more than $300 per child on child education, with the median spending at $3,200.
The report also found that a large share of families, nearly 70 percent, spend more on their children’s school fees than they pay in student loan debt.
The median family spends $13,700 per child, according to the report.
While the data is skewed by high-end schools, which tend to have more expensive students and a larger percentage of students in poverty, the findings paint a bleak picture of what it takes to raise a child.
“The costs are staggering, with a family spending more on a child’s education than they are on their student loans,” the report states.
It’s important to note that families are also spending more money on things like food, housing, and clothing, as well as entertainment, as their children grow.
And while many of these expenses are covered by their parents, many families are paying off student loan debts with the hope that their child will get an education in the future.
But as the report notes, the costs are even more extreme for those families who don’t have a child in school.
In the last year, families in the bottom quintile of income have spent $5,000 more on child care than those in the top quintile, according the report, adding up to $15,400 per child.
“It’s a tough financial time,” the Center’s analysis states.
“It’s also a time when parents need to step up their game.”
As of this month, parents in the lowest quintile were spending $10,000 per child and parents in that group were spending nearly $10 million a year on their child’s schooling.
Families in the highest quintile spent $33,600 per child per year.
According to the Center, more than 70 percent of families in poverty spend less than $30,000 a year, with families in this position spending just $3.3 million on education.
For more of The Upshot’s coverage of the 2017-2018 school year, click here.
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