High-fee private schools in Sydney's wealthy northern suburbs dominate the list of schools set to have have their federal funding cut next year under the Turnbull government's new funding model, Fairfax Media can reveal.

Many of Canberra's private schools are currently overfunded according to the Gonski formula and are also set to have their funding cut next year.

Education Minister Simon Birmingham announced on Tuesday that 24 independent schools will have their federal funding cut next year as part of the new federal funding model. Some 350 schools will also receive less federal funding by the end of the decade than they would have under the current formula.

Burnt by the experience of Mark Latham's private school "hit list", the Gillard government made it a condition of its Gonski school funding policies that no school would lose a dollar.