Understanding Financial Aid
One of the major issues most families consider when thinking of sending their child to boarding school is the cost.
- Though it may seem daunting, the boarding school financial aid process isn’t as complex as you might think.
- Understanding the system will pay off in the long term.
Recently, boarding schools began reshaping their financial aid policies to allow more talented, middle-class students to attend their schools.
- Today, a large percentage of students at boarding schools receive some form of financial aid from grants; in some cases, that number is as high as 40%.
- Each school’s aid policy is different, and officers are your best bet for accurate information.
- Contacting them will give you a better understanding of the steps you will need to take, but below are some basic tips that will apply to all schools.
What is financial aid?
Financial aid is funding intended to help students cover the cost of attending private schools (tuition, board, fees, etc.).
- Aid does not have to be repaid, unlike loans.
- Generally, a school's endowment correlates directly with the amount of financial aid that can be offered.
- Each year, a percentage of the budget is set aside for financial aid.
- Thus, it’s very easy for a boarding school to run out of financial aid.
Tip: sending in all the required documents as soon as possible increases your student's chances
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