Financial Aid

Most private schools offer some form of financial aid to help offset tuition. Here is how these programs work in most schools. There are exceptions, of course, because we are talking about private, independent schools. Each school determines how it will handle its financial aid program. No local, regional or national association dictates how financial aid programs will work.

First of all, you have to ask for financial aid. If you don't ask, the school will not know that you need financial assistance. Secondly, you will have to prove that you really do need financial aid by documenting your income and assets. That is where the Parents' Financial Statement comes in. Then, the last thing to consider is that most schools have a limited pool of funds from which to award financial aid. That means that you must submit your application for financial aid as early as you can in order to be considered for a financial aid award.

Here is how The Hill School, Pottstown, Pennsylvania describes its financial aid program:

"The Hill School Financial Aid Program offers assistance to families based upon their financial need and the availability of funds. There are no merit-based scholarships at The Hill School. All awards offered are based on the financial/demonstrated need of the family. Accordingly, no student should be deterred from applying to The Hill due to their family not being able to afford the full tuition. Approximately 40 percent of our current student population

Financial aid can be very confusing for many parents. You wonder whether you make too much to be eligible. Is there a specific time when you apply? Here are five facts most of us didn't know about private school financial aid.

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.

Exeter, Andover, Groton, St. Paul's, and Deerfield all have financial aid programs that 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.

This video reports of free private school tuition.

"Exeter offers $25 million annually in need-based financial aid. Tuition-free attendance is available for families with incomes below $75,000."

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

Money always talks. When you pay cash for something, no matter what that something is, you will get a better deal. Or the vendor will offer a cash discount. Or perhaps you can negotiate better terms. Nowadays the same thing applies to getting into private school. Assuming that your child offers everything the school is looking for, if the school knows that you do not need any financial assistance, you can be virtually assured of acceptance. Why is that? What's changed?

This video reports on the ways that the pandemic has affected schools.

The Perfect Storm

World events have a direct impact on private school endowments. They can shrink as much as 20-30%, even more, when the stock market becomes a bear market. You and I can see how a school's finances are impacted by reviewing their tax returns, the Form 990. Form 990 is the tax return not for profit organizations file each year. Most schools file at the end of their fiscal year which typically is June 30.

Added to the market conditions are the vast numbers of jobs that have been shed as companies have folded or downsized. That means there are fewer parents able to afford private school without at least some financial assistance. Another factor is that many parents who were counting on sending their children to private school are scaling back their spending. The result is that there are

Many parents find themselves facing financial challenges when it comes to paying for their child's private school education. It can be especially difficult when circumstances change unexpectedly, such as a job loss, medical expenses, or a decrease in income. However, withdrawing your child from private school or immediately resorting to public school may not be the only options. Let's explore some alternatives and steps you can take in different scenarios.

Scenario A: Uncertain Job Situation

If you're facing uncertainty due to a job loss or potential layoffs, it's understandable to feel concerned about continuing with private school. Before making any decisions, consider reaching out to the school and discussing your situation. Many private schools have financial aid programs in place to assist families during challenging times. By openly communicating your concerns, you may find that the school is willing to work with you to find a solution. They understand the importance of education and retaining students, so they may be able to offer some financial assistance or flexible payment options.

Scenario B: Unexpected Medical Expenses

When unexpected medical bills arise, and you find yourself in a financial bind, it can put additional strain on your ability to pay for private school tuition. In this situation, reaching out to the school and explaining your circumstances is crucial. They may be willing to reassess your financial aid package or offer additional support. Private schools are often compassionate and understand that unforeseen circumstances can affect a family's financial stability. By having

Charter Schools
Is a charter school a private school? No. It is a public K-12 school. It receives public funding but operates without some of the arcane regulations most public schools must abide by. Read 10 Things To Know About Charter Schools. Charter schools can be found in most major urban areas. Some of them are well-run and funded adequately. Others have been a financial disaster. Charter schools tend to be small and have small class sizes.

Vouchers
The idea behind vouchers is to give lower income families an alternative to poorly performing public schools. Vouchers are a lightning rod in educational circles. Teachers unions universally despise them. Politicians avoid them. In places where voucher programs have taken hold, such as in Milwaukee and Cleveland, the response has been positive. The points of contention have to do with the use of public funds to pay parochial school fees and the diversion of public funds from public schools.

What vouchers are really all about is an attempt to provide some kind of school choice for parents with children in poorly performing public schools.