NYC Mayor's Alma Mater Charges More Than Ivy League Tuition

The private Bank Street School for Children costs $71,545 per year for 5th-8th grade, surpassing Harvard and Princeton.

Published on Feb. 10, 2026

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The private school that New York City Mayor Zohran Mamdani attended as a child, the Bank Street School for Children, charges a tuition of $71,545 for 5th through 8th grade, exceeding the costs of attending several elite universities like Harvard and Princeton. This highlights the skyrocketing prices of top private schools in New York City, with many charging over $70,000 per year.

Why it matters

Mamdani has proposed education initiatives to increase funding for public schools and the City University of New York system, in contrast to the astronomical costs of private schools like his alma mater. The high price tags of elite private schools have become a point of contention, with some seeing it as an example of educational elitism while others view it as a consequence of broader trends in the American education system.

The details

The Bank Street School for Children, located in Manhattan's Morningside Heights, charges $71,545 for 5th through 8th grade tuition. This exceeds the tuition and fees of $64,796 at Harvard University and $62,400 at Princeton University for the 2025-26 school year. Other top New York City private schools like Spence, Dalton, and Nightingale-Bamford also surpassed the $70,000 mark for tuition this year. The high costs cover books, field trips, activities, and most after-school programming.

  • The Bank Street School for Children charges $71,545 for 5th through 8th grade tuition in the 2025-26 school year.
  • Harvard University charged $64,796 for tuition and fees in the 2025-26 school year.
  • Princeton University charged $62,400 for tuition in the 2025-26 school year.

The players

Zohran Mamdani

The current mayor of New York City, who attended the Bank Street School for Children as a child.

Bank Street School for Children

A private school in Manhattan's Morningside Heights neighborhood that charges $71,545 for 5th through 8th grade tuition.

Harvard University

An elite university that charged $64,796 for tuition and fees in the 2025-26 school year.

Princeton University

An elite university that charged $62,400 for tuition in the 2025-26 school year.

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What they’re saying

“When you think about socialism and state-controlled entities, private school becomes a premium priced product as more of the funding for schools moves to the state. As some families will demand alternatives to public options, the private school sector prices will inevitably increase.”

— Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast (Newsweek)

“The educational background of prominent elected officials is used either positively or negatively depending on the political leanings of the person leading the discussion. Either an expensive schooling record can be used to label the leader elitist and out-of-touch or as an example of the rich pedigree that individual was educated within. Still, the cost of private schooling remains a huge point of contention in every state, as some want to tackle the issue by investing more in public education while others want to divert some funds to cover the cost of these private schools for underserved students.”

— Alex Beene, Financial literacy instructor, University of Tennessee at Martin (Newsweek)

What’s next

Beene emphasized that Mamdani will have a tough task ahead in addressing affordability issues in New York City education, as all schools face financial pressure and the long-term trend is for private school tuition to continue rising.

The takeaway

The astronomical costs of top private schools in New York City, including Mayor Mamdani's own alma mater, highlight the growing divide in educational opportunities based on wealth and underscore the challenges Mamdani faces in fulfilling his campaign promises to invest more in public education and make schooling more accessible for all.