As COVID-19 struck the United States in March 2020, sending the nation into lockdown, worry about the fate of private schools was high. These schools, which only survive if people can pay for them, seemed to face deep trouble. Many private schools have thin financial margins even in good economic times and rely not only on tuition but also on fundraisers, such as in‐person auctions, to make ends meet. When the pandemic hit, many such events were canceled, and churches no longer met in person, threatening contributions that help support some private schools. Simultaneously, many private schooling families faced tighter finances, making private schooling less affordable. Finally, families that could still afford private schooling might have concluded that continuing to pay for education that was going to be online‐only made little sense.