Tips for Understanding Your Student’s Financial Aid, Here’s How to Make Private School Financial Aid Work for You

One of the biggest questions parents have when they are on the hunt for the best private school for their child is the price. 

Often families are hesitant to talk about their concerns regarding affordability, as they think they will not qualify for financial aid. We like to remind parents to always look into the possibility of receiving financial aid if they have concerns regarding how they will pay for private school. It’s important to be informed and know that financial aid eligibility takes many factors into consideration. 

To help you understand your options around financial aid and navigate what can be an overwhelming process, we’ve put together quick tips you need to know before saying yes to a school’s offer.

Ask More Questions

If you’re seeking clarity on a school’s costs and how to think about financial aid, the first place you should turn to is the school’s admissions team. Most schools have a Director of Financial Aid, and they really are there to help! 

Having a one-on-one conversation with each school’s financial aid officer can help you get a crystal clear picture of the options available that fit your family’s situation. Even if you’re comfortable with the school’s cost options, we encourage you to schedule a few minutes with their financial aid officer. They might be able to help you understand different options that you weren’t aware of. For example, is there an alternative tuition payment plan that you can set up to align with a variable compensation payout plan that you have? They’ll help you assess all your options to consider so you can afford your student’s private school and anything that might come up during their course of study. 

Make sure to keep this conversation open and honest. Remember that the school’s goal is to help you create a way to make this education work for you and your student. 

What is the “True Cost” of Attendance?

It’s easy to gloss over all the other costs that come with sending your student to private school. From extracurriculars to class trips and school projects, there are always so many items to consider! 

To get the full picture of how much a private school will cost, make sure to take note of what your student may be involved in while attending this school. Ask if those activities are separate from the financial aid your family might receive. Don’t be afraid to ask what the additional costs are that may not be on their website too! Understanding this number is called “knowing your true cost of attendance.”

One way to help you understand what you might be expected to contribute is through a particular process and the use of a financial aid calculator. Ask your school if they have this calculator set up so you can see exactly how much you can expect to contribute given your income and number of students attending. 

Details and Direct Conversations Matter!

Get ready, as it takes time to gather all your documents and data that you’ll need to apply for financial aid. Don’t short cut the process and pay attention to the details! Answer all the questions, and be honest. It all matters! Most importantly, don’t give up! It’s okay to reach out to the financial aid officers with your questions—they really do want to help!

Give Yourself Grace

While most schools use a third party financial aid service company to assess and determine a family’s expected contribution, the schools themselves administer their financial aid process. Each school will direct you to the website of the company that they use, so you may need to complete multiple financial statements as part of your application process. Set aside time, be patient and give yourself grace that completing these forms and each school’s process may not happen in one evening. 

It’s also important not to take decisions personally either. The amount of aid you might receive from school to school will likely vary. This is based on how much financial aid each school has to award, and the quality of the competition for that aid, dollar for dollar.   

Make a Plan

Remember that you don’t have to pay tuition outright! Many families become overwhelmed by the tuition price tag expected but don’t let that discourage you. Remember that you do have options. Finding a payment plan that works for you can make private school much more affordable for your family’s budget. 

Don’t forget to ask the school’s admissions team about scholarships awarded by the school as well as where they recommend you look for outside scholarships that can benefit your student. Local Chamber of Commerces are a great resource for scholarship opportunities within your student’s community. Also, ask at your local high school’s guidance office if they have a list of scholarships students can apply to. And did you know that you can now use up to $10,000 per year from 529 Savings Plans for private elementary or secondary school tuition expenses?

Private schools are a financial expense but they are also a wonderful investment in your child too! For many families, the decision is never an easy one, but doing the hard work of assessing all your options is always worth it! If you’re contemplating the investment of a private school for your child we can help! Use our contact form to get started: link to form.