There are pros and cons to it. Do you live in a good school district? If yes, I wouldn't bother about Charter school/magnet school. Charter school have excellent academics and they are more result oriented. If the child is too academic oriented and not much into sports then Charter school is good. This you will know only when the kid is in 4th/5th after trying out different activities. At elementary level not much extra-curricular activities are offered in schools in our state.
As you said extra-curricular might be minimum for example if your child develops interest in music either chorus or band/orchestra not sure if all charter schools provide enriching music learning. They might offer some extra-curricular but not lot of options. There will be lot of homework starting from middle school level which might give less time for extra curricular activities.
Also it may not be apparent in elementary/middle school level but peer pressure starts building up towards high school especially among Asian community. If only top 2% of a race, could make it to IVY league (that's what all our asian parents have an eye on) imagine the peer pressure. I have heard that teachers don't stick with Charter schools for long and some times kids need to take extra help outside the school to catch up with the curriculum offered. it's not easy to get into charter schools mostly they get filled up by lottery.
There are two charter schools where I live and one is the top in the state. Kids that come out of that one despite of all the other challenges get placed in good colleges. The other charter school has only until 8th grade and they do a good job too.
We are in public school system, we moved from most populated indian community to a diverse community now which also has a good school system and we see remarkable change/growth/exposure for our children. Not sure if it's the age or school system or diversification but it has worked out in their favor. They do have lot of after-school activities starting from middle school (it depends on the school system too) but my kids select one or two they really like and just do that.
Good luck !!!
Charter Schools/Public Schools - Need Suggestions
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