Recently in Financial AId Category

The boarding school financial process officially kicked off this past Saturday (11/15) with the opening of the 2009-2010 PFS or Personal Financial Statement completion window. The PFS- the information or form gathered and processed by School and Student Service for Financial Aid (SSS)- is used to report family financial information to member schools. The processing and number crunching results in each family's Report of Family Contribution- the amount of annual tuition SSS calculates a family can afford pay. Member schools award their need based financial aid using the Report of Family Contribution.

SSS offers a list of frequently asked questions about the PFS on their web site. I recommend giving them a read.

Important notes about the FA process:
Applying for financial aid is time consuming. Read through all information available from each school and from SSS. Do your homework. Gather documents and start early. Be transparent open, honest, and candid- in all your data and in your communication with admission and financial aid officers. Keep the FA officers at your schools informed; let them know what you're doing; ask them questions. In turn, they will keep you informed.

Remember, seeking financial is a process, not a recipe. The completion of the process will not produce a specific result. Schools award their own aid based on the competition for that aid. The amount of aid you might receive varies from school to school based on how much aid the school has available and the quality of competition for each available dollar.

The long and short- be prepared to receive more aid from a school where you might be stronger applicant and less aid where you would be in the middle of the pack.

Because of the current financial crisis in our country, people are hesitant to consider applying to independent schools thinking they can't afford the tuitions. I am writing to tell the readers not to despair... all boarding schools offer generous financial aid to families who can demonstrate financial need.

Yes, the application process can be daunting, but the end result may be admission to a terrific boarding school program where your son or daughter can shine. And the great thing about financial aid is that your request for aid does not have any impact on admission to the school. Admissions decisions are separate from financial aid decisions. This does not mean that every family who applies for aid will get it. Schools usually get many more requests than they can meet. Sometimes your son or daughter may be accepted to the school but get put an a waitlist for financial assistance. In addition, aid is awarded on a first-come, first-serve basis and failure to meet the firm deadlines of the Financial Aid Committee may eliminate you from consideration. So be very cognizant of the deadlines. Priority for aid is oftentimes given to returning students.

All schools use the School and Student Service for Financial Aid (SSS) to collect basic information on income, assets, family size and the number of siblings in private schools charging tuition. SSS prepares a needs analysis which the school uses as a basis for its award. You can contact SSS for a copy of the Parent Financial Statement (PFS) at 866 387 2601 or online at www.nais.org/go/sss. Admissions Directors at the various schools and private Educational Consultants can help you navigate through the application process.

As stated earlier, don't give up on your dream of enrolling your child in an independent school because of finance. Take advantage of the generosity of schools through need based financial aid programs.

Good luck!!