Financial Aid Toolbox

Understanding Financial Aid Options for Private Schools

 

Navigating the world of private school financial aid can seem daunting, but it doesn't have to be.  There are a lot of words: SAO (Standard Application Online) - the SSAT - the HSPT (High School Placement Test) -  Clarity - SSS - FACTS - and more!

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While much of our experience is in the Philadelphia area, most private schools in the country follow the same patterns.  Whether you are a parent considering private education for your child or a student dreaming of attending a private institution, understanding the financial aid options available is crucial. This guide will walk you through the different types of financial aid, how to apply, and tips for securing assistance.

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Questions No One Will Answer,

But You Should Know

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​​​​​Types of Financial Aid for Private Schools

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Financial aid for private schools comes in various forms, including scholarships, grants, and tuition assistance programs. Each has its own criteria and benefits, so it's important to understand the differences.

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Top Question:  Does every school give financial aid?

 

Top Answer: No.  In fact, many schools are not financially strong enough to offer financial aid.  If it is critical for your family, your first questions should be: 1.) Do you give financial aid?  2.) What is the amount of a typical grant?  3.) Do you guarantee financial aid for our entire enrollment in the school?  4.) Can our financial aid increase/decrease when the tuition amount goes up?  5.) What is a reason our financial aid could be taken away?

 

Scholarships

Scholarships are typically merit-based and awarded to students who demonstrate exceptional skills, talents, or academic achievement. They can cover a portion or the entirety of tuition costs. Private schools often offer their own scholarships, but external organizations may also provide opportunities.

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Some scholarships are specifically designed for elementary private schools, while others target private high schools. It's essential to research and apply for scholarships that align with your child's grade level and strengths.

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Top Question:  Does every school give scholarships?

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Top Answer: No.  The truth is that some top tier independent schools do not support the idea of merit scholarships.  They believe every student is exceptional, so scholarships are not offered.  Many schools do offer academic scholarships and some offer athletic scholarships.

 

Grants

Grants, unlike scholarships, are usually need-based and awarded based on a family's financial situation. They do not require repayment. Many private schools have grant programs to help families who may not afford full tuition costs.

When exploring grant opportunities, consider the private school financial aid income limits, as they will determine eligibility. Schools often use a financial aid formula to assess need, which takes into account factors like income, assets, and family size.

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Top Question:  What is a Grant?

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Top Answer:  In nearly every private school, a grant is really a tuition discount.  The school adds an amount of money in their budget to cover the costs of a discounted tuition.  There is no actual money hidden in an account somewhere.  Instead, your family is simply being charged less than someone else.  On the outside, it's called a grant or financial aid award.  In fact, it is just uncollected tuition.  In the wealthiest private schools, they often use large endowments to cover the financial aid grants, so actual money is being used to support your tuition.

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Payment Plans

In addition to direct financial aid, many private schools offer payment plans that allow families to spread the cost of tuition over several months, making it more manageable.

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Top Question:  What if I can't pay the tuition all at once?

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Top Answer:  Nearly every school will offer, single, twice-yearly, quarterly or monthly payment plans. Monthly offen means 10 months, not a full year.  Most schools charge an additional fee to pay using the monthly option.

 

Applying for Financial Aid for Private Schools - 

I don't want to ask, but...

 

The process of applying for financial aid can differ from school to school, but there are some common steps you can expect.  

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How Do They Know If I am Telling the Truth?

It is essential that you tell the truth.  Yes, there are people who will get away with lying on their financial aid forms, but the vast number of lies are flagged along the way.  A good financial aid professional will be able to find inconsistencies right away.  Once the lie is revealed, you've lost all your credibility and, unless the school is desperate, they are unlikely to do anything to help you.  Be honest.

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Will they find out about our beach house?  Yes

Will they find out about our trust fund?  Yes.

Will they find out about our boat?  Yes.

Will they find out about our four week vacation?  Yes.

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Ryan Abramson's NOTE:  It is nearly impossible to lie in the financial aid process.  Sometimes a school may choose not to acknowledge the inconsistency because it is not important or they really want your child. Being honest is still always the best policy for the applicant.

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It's Embarrasing to Talk About My Financial Situation

In 25 years of financial aid management, the moment the family hung up the phone or walked out the door, I forgot about their story, details, face, child, etc.  I had to take notes on everything because I would not remember one family to the next.  After talking to hundreds of families a year, it is impossible to remember each situation.  A good financial aid professional values confidentiality over everything else.  We want you to come to the school, not to be a financial aid figure.  Don't let embarrassment stop you from getting the grant you deserve!

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Tips for Securing Financial Aid

Securing financial aid can be competitive, so it's essential to approach the process strategically.  Do not wait until the last minute to engage the financial aid process.  The sooner you start, the better the outcome.  School's only have so many dollars to distribute.  Make sure you are engaged, ask questions and know the details as soon as the admission process begins.  

 

Start Early

Begin the financial aid application process early to ensure you meet all deadlines and have time to gather necessary documents.

 

Be Honest and Thorough

Provide accurate and complete information on your financial aid application. Inaccuracies or omissions can delay the process or result in a denial of aid.  Many schools need you to enroll and it is better to get something instead of nothing.  Be honest (but reasonable) with what you are willing to pay.  You'll be surprised by how many schools with give you a discount if you ask!

 

Highlight Special Circumstances

If your family has special financial circumstances, such as unexpected medical expenses or a recent job loss, be sure to highlight these in your application or during interviews.

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Ryan Abramson's NOTE:  Do not be embarrassed to explain a special situation. Every family has them.  You never know if there is a sponsor at the school who wants to help in your special situation! 

 

Explore External Scholarships

In addition to school-specific aid, explore external scholarships for private schools. Organizations do offer small scholarships for students.  Google for results in your area.  You might be surprised to find some options you never knew existed.

 

Connect with School Financial Aid Officers

Establish a good relationship with the school's financial aid office. They can provide guidance, answer questions, and help you navigate the application process.  Remember, no one takes a job in enrollment and financial aid to keep people out.  The goal is to let people in!  Connect.  Be respectful.  Tell the truth.  But ASK for a grant.  The worst thing that they can say is "no."

 

More Insider Information

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