EDUCATION MATTERS—SANFORD SCHOOL'S PRIVATE SCHOOL BLOG

How Can You Afford a Private School Education?

The big question for many families considering private school is - how can we afford a private school education? There are two ways private schools typically offer tuition assistance. The most common is need-based financial aid where families complete a financial aid application that is separate from the application for admission. The school then evaluates the application to determine how much the family can afford to pay toward tuition. Financial aid awards are given as grants and do not have to be repaid. Often, financial aid awards are renewable until the student graduates from the school.

A common misconception with need-based financial aid is that a family must have an extremely low income in order to qualify. After the 2008 recession, the number of students receiving financial aid at private schools increased nationwide. This remains true today. More families are applying for financial aid who may not have applied before. Schools are awarding financial aid to more students whose families have a higher annual income, but, in many cases, the size of the awards needed is not as large because families can afford a larger percentage of the tuition.

Merit-based scholarships are another way private schools are able to help your family with the high cost of tuition. Not all schools have scholarship programs, so this is an important question to ask.

When considering the cost of a private school, it is important to have a candid conversation about tuition up front. The questions provided in this free guide may help steer your conversation with financial aid professionals.

Jaime L. Morgan '02 is the Associate Head of School for Advancement at Sanford School, a preschool-Grade 12 College Preparatory School in Hockessin, Delaware.

 See Also: Taking the Fear Out of Private School, Investing in Private School Yields Big Rewards and Learn About Financial Aid & Affordability Options for Private Schools.