Insight into competitive life

Hello All,

My 7 year old daughter has recently been recruited by a competitive swim team. Parents of competitive athletes, if you're willing to share your experience, your insight is very appreciated.

Are your children able to balance school and competitions/training? (In my country they work independently and it's the family's duty to balance and arrange both). Are your children able to have an adequate social life? Do they have the time to participate in other hobbies? Are family vacations impacted in your agenda? In addition to learning to compete, is collaboration also implemented?

In an effort to make the best decision for her, your experienced pros and cons of competitive life would be a valuable insight to us. Thank you all.