Paying for private school can be expensive and financial aid can be a huge help. Here we'll cover the financial aid options, how eligibility is determined and how it can affect the admissions process.
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The fallout of the economic and financial meltdown of 2009 was far reaching. Private schools did not escape the consequences either. But that may be a good thing for you.
Money always talks. Pay cash for something, no matter what that something is, and you will get a better deal. A discount. Better terms. Nowadays the same thing applies to getting into private school. Assuming that your child offers everything the school is looking for, if you tell the school that you do not need any financial assistance, you can be virtually assured of acceptance. Why is that? What's changed?
The Perfect Storm
The impact of the financial markets' meltdown in 2008 meant that endowments shrunk significantly in most cases. 20-30% shrinkage seems to be the norm, though, of course, it is extremely difficult to unearth any data. You and I will have to wait until schools have filed their Forms 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 financial meltdown are the vast numbers of jobs which have been shed as companies have folded or down-sized. That means there are less 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 fewer applicants for many schools.
The top tier schools are feeling minimal impact as they still have a huge demand for places and relatively strong finances. They can make the adjustments needed to weather the storm. It is
Many parents are finding themselves short on funds to pay for private school tuition. What to do? Here are some answers.
Many parents are finding themselves short on funds to pay for private school tuition both after their child has been accepted and when it comes time to commit to another year at the school. What do you do? Withdraw your child? Send her to public school? Here are some options which you should explore.
The deposit and contract for next year at Wildwood Country Day School 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.
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?
You just found out that you have to take a pay cut of 20% in order to keep your job.
A brief look at fees and financial aid for overseas students.
Tuition at private schools ranges from $5,000 a year for primary grades in a parochial schools to almost $50,000 a year for boarding school. Like the wide range of private schools available, the costs vary greatly for several reasons. Sound management and healthy endowments are two major reasons some schools seem to be able to offer more for less.
Remember: American private schools receive no state funding, yet they must comply with all the laws and regulations which affect their daily operation. Retrofitting older buildings with new technologies, maintaining extensive physical plants, coping with soaring health and liability insurance, legal, and energy costs are just a few of the factors which come into play in determining tuition fees. While private schools are theoretically exempt from property taxes, most of them make substantial contributions to their local towns and cities to help offset the cost of maintaining police and fire protection. The overhead at a private school is enormous and complex with all the attendant impact on fees.
There are a host of ‘extras’ which also must be factored into the cost of an American private school education. Text book and academic material fees, sports fees, clothing, uniforms, transportation to and from school, application fees – the list seems endless. Most schools will provide a breakdown of the ‘extras’ for you upon request.
Financial aid for expats is generally not available. The assumption is that your company will pay for your child’s education as part of your compensation package. That’s fairly standard
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