Can I Ask For More Aid?
Published March 08, 2009
Scenario A
The deposit and contract for next year are lying there in your stack of bills. You are one of the lucky ones. Your $150k job seems secure. At least for now. But your wife's job is looking kind of uncertain as sales are down. Layoffs are in the works. She's been there for 15 years and makes $95k as the HR director. All the economic indicators are just so scary. Maybe you should pull Jodee out of private school and save that $25k. If the school could help you a bit, you might feel a bit more confident about keeping her in school.
The deposit and contract for next year are lying there in your stack of bills. You are one of the lucky ones. Your $150k job seems secure. At least for now. But your wife's job is looking kind of uncertain as sales are down. Layoffs are in the works. She's been there for 15 years and makes $95k as the HR director. All the economic indicators are just so scary. Maybe you should pull Jodee out of private school and save that $25k. If the school could help you a bit, you might feel a bit more confident about keeping her in school.
Scenario B
You are paying $1000 a month for your son's private high school. The school gave you a financial aid package which pays the equivalent of $1000 a month. But your wife just had major surgrey. Suddenly you are looking at $15,000 in medical bills you have to pay. Your cash savings are worth $5,000. Your 401k went south months ago. What do you do? Withdraw your son?
Scenario C
I just found out that I have to take a pay cut of 20% in order to keep my job. When I filed my PFS last December, I based it on the money I was making in 2008. That's all changed. I won't be able to send Helen to private school unless I get some more financial aid. Is it too late to ask for more money?
These scenarios are much more common these days than you may think. These are incredibly tough times for many parents. They are also some of the worst times most private schools have ever experienced. But, know what? Putting your head in the sand and pretending the problem does not exist is not the solution. Don't be embarrassed. Make an appointment with the school. Sit down and discuss your situation frankly and openly. Explore all the alternatives. You will probably be pleasantly surprised at the results of that conversation. Why? Because the school doesn't want to lose your child any more than you want to withdraw him.
Listen to Peter Baron's excellent podcast Approaching Financial Aid In An Economic Downturn. Plenty of sound advice and encouragement contained in it.
More Reading
- Affording Private School
- Paying for Private School
- Private School May Be Free If You Make Less Than $75,000
- Scholarships
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