Financial Aid:
BASIC INFORMATION YOU SHOULD KNOW
E
very private school has its own policies about who receives financial aid, what types of aid are awarded, and how much aid a particular family will receive. In most cases, the financial aid office cannot tell you if your family will qualify for financial aid until you submit an application that allows the school to evaluate your unique situation.
a list of organizations that have provided scholarships to their students in the past, and check the list on parents.nais.org. Each scholarship program will have its own eligibility rules, application, and deadlines. Tuition loans are personal loans provided by a private lender. You must apply directly to the lender, and your loan amount and interest rate will depend on the lender’s credit requirements. Some sion shortly after your child is use loans to pay for expenses not HOW SCHOOLS DETERMINE admitted to a particular school. covered by a grant. ELIGIBILITY FOR FINANCIAL AID Tuition Payment Plans allow To determine your eligibility for TYPES OF FINANCIAL AID you to make monthly payments financial aid, you must submit an AVAILABLE rather than writing one or two Grants are the most common application form and financial large checks each year. Schools type of financial aid offered statements. There is no income offer payment plans through a by private schools. They are limit that automatically makes third-party financial services awarded annually to students your family ineligible for financompany, which charges a relawho demonstrate financial need, cial aid. Financial aid officers tively small fee. and students must re-apply each take into account your income, Sibling discounts are designed year. Grant money comes from assets, and expenses, includto help families with more than the school’s budget and does not ing educational costs for other one child enrolled in the same have to be paid back. children. school. Many schools are shrinkMerit scholarships awarded Bottom line: If you feel your ing these discounts, or phasing by the school are rare and are family cannot afford to pay the them out altogether. Even so, it’s usually reserved for students full cost, regardless of your inworth asking if this situation apcome, it’s worth the effort to sub- who have a special talent that plies to you. the school is seeking, such as mit a financial aid application. Most families pay for tuition art, music, or academics. GenerWHEN TO APPLY through a combination of these ally, scholarships are based on options. The school’s financial Every school has its own financial need. They may be aid officer can help you create financial aid schedule, and awarded once, annually, or as a financing plan that fits your the deadlines are different for long as the student meets the family’s needs. Don’t hesitate to schools with rolling admissions. scholarship criteria. ask questions and explore all the In general, most financial aid apScholarships from outside options available to you. plications are due in January or organizations are also rare, and February. Check with your school often awarded by local chapters Reprinted with the permission from of choice for the deadline. You of national groups like the National Association of Independent will receive a financial aid deciRotary Club. Ask the school for Schools, nais.org. 34
Parents Press | November 2020
