We send our kids to "private" school - a Christian school, because we want them to receive the same teaching at school as we would give them at home. That is VERY important to us, and so we currently pay about $7500 a year for DD1 to go. When she reaches highschool, we will be paying over $16000.
As far as debts go, currently we're not in debt, and I hope we can stay out, but if we had to borrow for our kids to have that kind of education, we would. Nothing more important to us than teaching our children well. It's not about the academics (although their schools are excellent in that respect!) or the sports first and foremost. For us it's about the faith.