So while students who attended private high schools tend to get about $1,000 more in merit-based aid (among those who receive merit-based aid), that does not justify the idea that the parents pay for private high school so the student can win scholarships to get a free ride in college. The increase in merit-based aid falls far short of college costs. The economics just don't work out in practice.

Moreover, the higher aid may have more to do with the distribution of students across public, non-profit and for-profit colleges. As the following table demonstrates, students who attended public high schools are more likely to attend public colleges, while students who attended private high schools are more likely to attend private non-profit colleges. The average college cost of attendance is higher as a result for students who attended private high schools ($28,435 versus $24,062), perhaps explaining the larger aid packages. This ultimately causes the out-of-pocket cost (cost of attendance minus grant aid) to be higher for the students who attended private high schools despite the higher merit-based grants ($22,289 vs $18,704).