5 Things You Didn't Know About Financial Aid
Published June 07, 2009
1. You have to apply for it.
Applying for financial aid at most private schools is a separate process from applying for admission to the school. You also need to make sure that you apply early. This is particularly important if the school has no specific admissions deadline or rolling admissions.
2. You may be eligible for free tuition if your family income is below a certain amount.
2. You may be eligible for free tuition if your family income is below a certain amount.
Exeter, Andover, Groton, St. Paul's and Deerfield all have financial aid programs which offer a tuition free education to admitted students whose income is below a certain threshold. The threshold varies but is in the $60-75k range.
3. There is a common application form.
Many private schools use a common financial aid form. This vastly simplifies the process of applying to several schools. You will have to fill out the Parents' Financial Statement (PFS) online at www.nais.org/financialaid/sss. You can also complete a paper version of this application. This will be available from school admissions offices.
4. Most schools have a sliding scale of aid.
You may think that you are ineligible for financial aid because your family income is $150,000. The truth is that you may indeed be eligible for some aid. It will depend on factors such as how many children you have at the school and so on.
5. Most scales have increased the amount of aid dramatically.
Private schools recognize that they need to offer more aid to more families in these very tough financial times. Changes in employment and shrinking financial resources have meant that many more families who normally might be able to afford private school are asking for help. Schools have reallocated resources to make sure that they can meet the increased
demand.
Financial aid can be a complicated proposition. You may even find it intrusive and embarrassing. The truth is that there is much more at stake, namely, your child's future. So, get your affairs in order. Gather all the required paperwork and forms. Submit everything as early as you possibly can.
demand.
Financial aid can be a complicated proposition. You may even find it intrusive and embarrassing. The truth is that there is much more at stake, namely, your child's future. So, get your affairs in order. Gather all the required paperwork and forms. Submit everything as early as you possibly can.
Read Related Paying For It Articles:
Guidance on paying for a private school education.
-
Affording Private School
Borrowing money to pay for your child's private school is one of several options you have. -
Paying for Private School
Some people can write a check for a year's tuition and never miss it. The rest of us have to be creative. Here are some options for paying for a private school education. -
Fees and Financial Aid For Overseas Parents
A brief look at fees and financial aid for overseas students. -
Private School May Be Free If You Make Less Than $75,000
Harvard, Yale and Dartmouth set the pace. Now several top private schools are offering free or greatly reduced tuition for children from families making less than $75,000. -
Private School Supplies
Find out which supplies you might need in the school. -
Scholarships
Scholarships for private school students are few and far between. Most are local in nature. Here are links to organizations offering funding. -
True or False: Do Declining Endowments Mean Less Financial Aid?
The impact of the 2009 financial meltdown on private school endowments has not been as severe as it was on college endowments. -
Why Are Tuition Costs Rising?
Private school tuition seems to go nowhere but up. We look at some of the reasons why and offer the opinion that a private school education is still good value. -
Will The School Give Me A Refund If My Child Withdraws Early?
What happens if my child suddenly takes sick before the end of the school year? What if he is expelled? Answers here. -
Can I Ask For More Aid?
Many parents are finding themselves short on funds to pay for private school tuition. What to do? Here are some answers. -
Which Is The Most Expensive Private School?
Tuition at private schools varies from nothing at a few schools to just under $100,000 for the top tariff charging school. -
Don't Need Financial Aid? Step to the Front of the Line!
The fallout of the economic and financial meltdown of 2009 is far reaching. Private schools have not escaped the consequences either. But that may be a good thing for you.
All Categories:
Featured Partners:
