5 Financial Aid Dos and Don'ts
Dealing with private school financial aid can feel like conducting a complex symphony - each section must be perfectly timed and harmoniously arranged. From understanding why costs vary dramatically between institutions to knowing exactly when to submit your applications, the process requires careful orchestration. Whether you're considering a prestigious boarding school or a specialized day program, this guide will help you master the intricate movements of financial aid applications, revealing key strategies and common pitfalls to avoid.
1. DO Understand Why Some Private Schools Cost More Than Others
Several factors drive tuition costs. Location, facilities, and type of school are three of the most important factors.
Location
Some schools cost more than others simply because of where they are located. Real estate prices vary widely throughout the United States, as you well know. For example, it costs considerably less to rent space in Butte, Montana, than in Los Angeles, California. Insurance costs vary from locality to locality as well. Schools need comprehensive liability and property insurance. That's not an expense a prudent private school business manager will stint on.
Facilities
The school facilities vary widely as well. A K-6 school with twelve classrooms located in the 10-year-old education wing of a church or temple will cost less to run than a similar school housed in a 1930s mansion set on 30 private acres in the countryside. A school with extensive sports fields, riding stables, a natatorium, and a hockey rink, together with