Navigating Private School Financial Aid: FAQs to Ponder

Some of the biggest questions we get asked from families about private school are around the price of admission. Whether you know how much aid your family will need or not, it’s important to at least understand your options. This starts by asking as many questions as you can. Remember, those in the admissions and financial aid offices are there to help you!

Here are some of the biggest FAQs we hear from families who are interested in learning more about financial aid.

How do families apply for financial aid?

Pay attention to the important calendar dates on your school’s website. Most applications tend to open November 1st. Schools are now using Clarity Financial Aid which is a third party vendor your family can apply for aid through that helps you determine how much aid you can expect to be eligible for based on family contributions. Clarity is a platform that many independent schools are now using to determine a family’s level of need based on information shared in the Clarity application. This includes considering assets, income, expenses, and debts that a family has. Make sure to ask the school you’re applying to about the systems and tools they use!

How time consuming is the application for financial aid?

The Clarity application typically takes less than 30 minutes to complete. It's also user-friendly in that it has a mobile app and it also allows progress to be saved at any time, so you can come back to finish it up when you’re able. When you complete the application, there is a fee to submit it and you can also share your application with additional schools that accept the Clarity Application, at no additional charge.

How secure is it if I share my financial information?

All independent schools take the privacy and security of your personal information very seriously, including your financial information. Please refer to each schools’ privacy policies to confirm their policy. In addition, Clarity is certified for both GDPR and SOC2 and uses enterprise-level security standards, including end-to-end encryption of all personally identifiable information. Again, we suggest asking this question directly of the schools you are considering to ensure your own comfort level regarding the sharing of your information.

How does a school determine financial aid eligibility?

A majority of schools will make a determination on the amount of financial aid you’ll receive based on your answers from the Clarity Application. To know exactly how the school you’re applying to determines this eligibility, ask them! Most schools even have a financial aid webpage where your questions might be answered.

Is applying for financial aid going to decrease the chances I get accepted?

The short answer is no. Most schools will review your student’s application before they look at any financial aid needs.

If I receive financial aid for my first year, will I also receive it for my next few years at the school?

Most schools require students to go through the financial aid process year over year. However, you can expect to have a similar amount of aid for the other years remaining at the school.

I don’t think I will apply for financial aid now. But I’m not sure if I’ll need it in the future. What should I do?

If your family does not need financial aid support right now, don’t apply for it. However, if later on you do need financial aid support, you should contact the school’s financial aid office. The office can help you determine what you might be eligible for.

We would be remiss to not mention that some schools have a policy that if you do not apply for financial aid during your initial year, then they will not grant financial aid in subsequent years. Other schools may grant aid in subsequent years, although they give priority to “returning” financial aid families. Once again, our best advice is to have an open conversation with the school’s Director of Financial Aid to understand each school’s financial aid policies and parameters.

If you do apply for financial aid and later would like to withdraw your application, emailing the financial aid office is your best bet.

What if I live outside of the U.S. but am applying to private school stateside?

Most schools will still have your family go through the Clarity Application, but using a USD equivalent. You may also be asked to submit additional paperwork that discloses your income that the financial aid office may ask that you provide.

Do private schools offer financial aid for costs that aren’t just tuition based?

Some schools do provide students with aid for textbooks, travel, etc. Certain private schools even offer scholarships that would cover the cost of student needs outside of tuition.

We hope this list gives you the confidence to have those one-on-one conversations with each school’s financial aid office!