Financial assistance is not just for college students, as many parents are finding this out when searching for ways to pay for their child’s private school tuition. If you are searching for financial aid for private schools, there are a variety of options available to you and your family.
In today’s economy, it can feel like a battle just to pay for public school supplies, and this is the number one reason why so many parents do not even consider sending their child to private school.
The cost of private education is rising, and parents are trying to find new ways to pay for this growing cost.
What Is Financial Aid For Private Schools?
Financial aid can vary for each family. It is usually based on the family’s needs and their annual or monthly income. Financial aid is money given by another source. This will not be included in your family’s monthly income or personal savings.
Options for financial aid may include:
- Loans
- Payment plans
- Scholarships
- Grants
Does Financial Aid Have To Be Paid Back?
No, in most cases. Financial assistance is usually the money you get off the tuition bill by the school, and it does not need to be repaid.
How Does Financial Aid at Private Schools Work?
Financial aid for private schools is going to vary from one school to the next. However, as a general guide, you will need to submit a financial assistance application with supporting documentation. The school will give you guidelines to follow, and just be sure to follow each of the guidelines to a tee. Otherwise, you may have a lot of back and forth when the staff are trying to process your application.
Financial Aid For Private Schools Process:
- Fill out the application – usually takes 30 to 45 minutes.
- Apply with supporting documentation – follow up in a few days to make sure staff members received all your documents to help avoid prolonged application processing.
- Staff will let you know if they need more information.
The type of financial aid that you will receive for your child will be based on several factors, but income is the biggest qualifying factor.
The application will ask about:
- Assets
- Income
- Expenses
- Debts
When Should A Parent Apply For Financial Assistance?
The short answer is during open enrollment. The private school will have the deadlines listed on its website, and contact the administration if you have any questions.
Who Can Qualify For Financial Aid?
Many parents who are seeking financial aid for private schools are pleasantly surprised once they apply and qualify for assistance. Even if you feel like your family may be over-income, schools will encourage you to fill out a financial aid application. According to statistics, 27% of students attending private schools receive some type of financial aid.
Determining factors may include:
- Income
- Expenses
- Assets
- Liabilities
- Family size
- Number of students attending private school
So, if you have two children attending a private school, this may increase your odds of getting financial assistance for both. These are all things you should keep in mind when determining whether to send your child to a private school.
How To Apply For Financial Aid?
Start your financial aid for private schools search by navigating to the school’s website. You want to fill out your application and explore all other options for your family. Scholarships and grants are money you may be eligible for, and your family will not have to pay back.
What About Scholarships?
Scholarships are a great way to help pay for your child’s private school tuition. Scholarships are great because it is money that you will not have to pay back. There will be a process, and you may be required to send additional supporting documentation.
Scholarships may be offered to children with high academic potential, children who have a special need, or even for athletic achievements.
What Do Schools Consider an Asset?
Assets for a household may include:
- Cash
- Savings
- Home equity
- Real estate
- Stocks/bonds
- Securities
- Vehicles
- Retirement funds
Will Monthly Expenses Matter?
While the total household income will be the main determining factor when exploring financial aid for private schools, you may be asked about your expenses, such as utilities. It all depends on the school and its specific guidelines.
Does the Number of Children Enrolled Affect Financial Aid?
Yes, for those who have more than one child attending a private school, there is a greater need for financial assistance. This will be factored in as well.
What Factors Are Used to Determine Financial Aid Eligibility
A school will use several factors to assess financial assistance, including:
- Income
- Assets
- Debts
- Expenses
- Family size
- Number of enrolled children
While total household income holds the most weight. Private school tuition assistance is available, and parents need to explore every avenue to help them pay for the growing cost in today’s economy. Always apply even if you think your family is over income.
