As tuition rates across the country have continued to increase, institutions have continued to increase the available pools of fi nancial aid resources to ensure strong and diverse, new and continuing enrollments.
Understand this about private schools – they are more aff ordable than you might think.
And the pandemic only highlighted the challenges of access and aff ordability.
Just like colleges, private schools do have fi nancial aid resources. In fact, many schools have increased those resources through the pandemic and will continue to do so during times of economic uncertainty. These pools of dollars help build healthy enrollments and diversify the socio-economic population of that enrollment. In fact, the marketing and communication of the “aff ordability” message has become a top priority for private schools in the past 10 years.
HERE ARE THE TOP FIVE THINGS YOU NEED TO KNOW ABOUT AFFORDING A PRIVATE SCHOOL.
Resources typically exist for all types of students and students of all ages. While resources may be more limited for younger students, some type of funding or assistance is almost always available for new and returning students beginning in middle school through grade 12. Most schools have both need-based and merit-based assistance for those new students who qualify and for enrolled students as they move through grade levels with increasing tuition rates.
Some local communities as well as states have established fi nancial aid programs for qualifying students that are both need- and merit-based. Most schools also have payment options that allow families to distribute tuition and fee payments over the course of the school year. Recently, federal tax laws changed allowing families to make payments for private elementary, middle, and high schools directly from 529 plans, which were originally designed to pay only college tuition.
Knowing how and when to apply for all types of assistance is key. Most schools have deadlines for aid recipients that can come nearly a full year prior to enrollment. Family fi nancial information, including previous year taxes, will need to be presented to the school if you are applying for needbased assistance. Students will likely sit for standardized testing or write a well-tuned essay response if applying for merit-based awards.
Schools can’t help your family apply for aid if you aren’t upfront about needing it. Be willing to communicate your need for fi nancial aid early in the admission process, and don’t wait until your child is accepted to a school to do so. Schools have limited pools of aid dollars to distribute and awards are allocated concurrently with the admission process. Establish good, clear, and frequent communication with the school’s fi nancial aid department.
Aaron Kellenberger is the director of enrollment management at Cincinnati Country Day School. He has more than 30
of admission experience with both
and independent schools. With
in communications and educational administration, he is an active leader and presenter of school admission, retention, marketing, and financial aid topics. He also co-founded a regional, five-state “think tank” of admission professionals.
and benefi ts,