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Financial Aid for Private Schools
by James Donovan - Managing Partner, Your Tuition Solution™
A guide to the private private elementary and secondary school financial aid process.
Best Source of Information
Determining Eligibility
Grants
Merit Awards
Avoiding the Most Common Mistakes
Private schools are an attractive option for some students. However, they can
be as expensive as college, with annual tuitions in the tens of thousands of
dollars. Financial aid for students attending private schools is scarce but not
impossible to acquire.
Best Source
of Information
Perhaps the best source of information lies with the financial aid officers at
the individual schools you're considering. The schools themselves are the primary
source for aid. The school will also know about any private scholarships received
by their students in the past.
Understand that each school may offer different strategies and may have different
policies. It is important to ask each school about the specifics of their various
options and to see how these fit within your financial planning. If your decision
to send your child to a private school depends on getting financial help, it
pays to apply for aid at more than one school.
Finally, be sure to ask around your community. Many civic and religious groups
provide scholarships.
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Determining
Eligibility
To determine your family's eligibility, you will have to fill out an application
for financial aid. You can get this form from the school's financial aid officer.
Most schools use the Parent's Financial Statement (PFS) from the School and Student
Service for Financial Aid (SSS) in Princeton, New Jersey. Other popular financial
aid services are offered by FACTS Tuition Management Company, SMART Tuition Management
Services, and Private School Aid Service.
The amount of aid a family receives may vary considerably from school to school.
The size of its endowment, its tuition costs, and its philosophy of awarding
aid affect how much a school offers.
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Grants
Schools award financial aid grants based upon the financial need of a family.
These grants do not need to be paid back and are used to offset tuition costs.
The money for these grants comes directly from the school's budget and demonstrates
the school's commitment to having a socio-economically diverse student population.
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Merit
Awards
While most schools offer need-based aid, some schools offer special scholarships
based on criteria other than economic circumstances. Examples of non-need-based
awards are merit scholarships and sibling discounts.
Merit awards are usually given for achievement or potential achievement in a
particular area. Merit scholarships can be driven by academics, athletics, or
some other talent.
Sibling discounts are a lesser-used option and depend upon the number of children
enrolled within the same school. These discounts may not be very large but be
sure to see if the schools you are considering offer such a program.
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Avoiding
the Most Common Mistakes
The most common error that applicants make is submitting an incomplete
or illegible application. All financial aid packages include a checklist
of items that must be included (i.e., tax returns, W-2’s, non-taxable
income documentation) for an application to be reviewed. Print clearly
and neatly with a black or dark ballpoint pen to avoid processing
delays.
It is also very important to note the deadline established by your school for
submitting financial aid applications. Late applications can lead to reduced
aid as many schools operate on a first come, first served basis.
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1 Comments
By Mrs Nargis Alphonse on November 24, 2008 9:18 AM
Dear Sir / Madam I am running a registered privite school in Chak Jumrah ( Pakistan) for many years.We give free education to poor and needy children.The people who cannot afford to educate their children,we welcome them in our school to educate their children.We provide free books and uniforms to poor and needy children.We also give gifts to children on Christmas.We donot take any fees from poor children.We give salary to teachers from our pocket.In the beginning the students were not in large number, but now they are in a large number.Now we are finding difficulty to bear expanses of children.So we request you that please give grant to our school so that we could keep running our school.As long as we could help the poor and needy children,we were doing this from the grace of God.The poor and needy children will be very happy with your support.They will pray for you.From your aid they could get good education and they will be good human being in the society.Waiting for your response. Best Regards Mrs Nargis Alphonse
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