Financial aid for private school - $100k+ salary?

[Anonymous]

I've been looking into private schools and found that some list 50% of their students receive financial aid. This seemed like a very high number to me, seeing as how most people (myself included) assume private school is for rich kids and/or at least upper middle class kids. Growing up I knew my family couldn't afford private school, and if I got financial aid, I'm not sure private school is the best place for a poor kid to be (with peer pressure of clothes, designer purses for girls, etc). Anyway,...

My point here is that after researching this financial aid bit, it seems most schools are giving financial aid to families making between $120-300k/year). These families aren't paying 100% out of pocket, they pay around half. There were many reasons listed but it seems that when the economy went to shit and people didn't have as much liquid assets/disposable income, schools had to respond by offering financial
Aid to keep enrollment up.

Have you heard of this? What are your thoughts? My husband and I are in tht $ bracket (low end) and I never thought financial
Aid was even a possibility.

DD is African American. Does this have any impact on cost - since I'd imagine diversity is encouraged? I'm not going to play the black card but it would be a nice bonus. *No flames please*

Please fill me in as we come from poor backgrounds so all of these things are new to me. Thanks for your help!

[Anonymous]

Anonymous wrote:I've been looking into private schools and found that some list 50% of their students receive financial aid. This seemed like a very high number to me, seeing as how most people (myself included) assume private school is for rich kids and/or at least upper middle class kids. Growing up I knew my family couldn't afford private school, and if I got financial aid, I'm not sure private school is the best place for a poor kid to be (with peer pressure of clothes, designer purses for girls, etc). Anyway,...

My point here is that after researching this financial aid bit, it seems most schools are giving financial aid to families making between $120-300k/year). These families aren't paying 100% out of pocket, they pay around half. There were many reasons listed but it seems that when the economy went to shit and people didn't have as much liquid assets/disposable income, schools had to respond by offering financial
Aid to keep enrollment up.

Have you heard of this? What are your thoughts? My husband and I are in tht $ bracket (low end) and I never thought financial
Aid was even a possibility.

DD is African American. Does this have any impact on cost - since I'd imagine diversity is encouraged? I'm not going to play the black card but it would be a nice bonus. *No flames please*

Please fill me in as we come from poor backgrounds so all of these things are new to me. Thanks for your help!

It depends on a lot more than income.
Do you own a home?
Cars?
Have a savings account or investments?

Private schools have been struggling, and many are more likely to deny admission to a family needing significant aid than they are to award aid to someone making $100k+.

[Anonymous]

We own our cars and rent right now - at $1900/month we should just buy already. Married.

I don't need big aid, it would just be nice. Even 20% would help. Really I would pay the full tuition if need be but if they give aid I figure, might as well try. It would certainly make it easier for us.

I appreciate your help.

[Anonymous]

They look at all your assets (the paperwork is pretty complex). We were making just over $100k when we applied, and the assistance that was offered was teeny tiny (not worth it). This wasn't for a big three school...just a private with tuition near $20k. We ended up doing public.

[Anonymous]

Depends on how badly they need to fill the diversity angle. There are many qualified diversity children who cannot afford private schooling. Perhaps your DD has something special that they do not. Otherwise, the money is most likely going to the best qualified diversity person; private schools are struggling for revenue and diversity does not appear to be *more* important than their own financial considerations.

[Anonymous]

If a school has 50% of students on aid, then most of the awards are going to be modest. It doesn't hurt to apply, but I would just be realistic about your expectations.

[Anonymous]

Ok good to know. This info is all helpful.

[Anonymous]

We got 50% at over 100,000 HHI.

[Anonymous]

Anonymous wrote:We got 50% at over 100,000 HHI.

Awesome!

[Anonymous]

Anonymous wrote:
My point here is that after researching this financial aid bit, it seems most schools are giving financial aid to families making between $120-300k/year).

Your research really revealed that someone with 300K is getting financial aid? Where?!

[Anonymous]

I don't think many people making $300k are getting FA, OP. Maybe a few, families with 8 kids and a kid with health issues or something. We didn't get FA with a HHI of $140 and 1 kid.

And it isn't true that the school will reject your kid if they can't offer you aid, as 15:36 says. The process doesn't work like that in most schools. In most schools the admissions decisions and the FA decisions are made separately.

OP, if you can afford it, but just think 20% off would be nice...well, of course. But that isn't really what FA is intended for. Our school basically says they want you to pay till it hurts, and they'll give you FA if not giving you FA meant your kid couldn't go. Not that you'd choose to go elsewhere because you'd like to keep a little discretionary income, but that your kid would not be able to go. I hear that in reality it doesn't always work like that, and some people do game the system, but frankly I choose not to.

[Anonymous]

Anonymous wrote:I don't think many people making $300k are getting FA, OP. Maybe a few, families with 8 kids and a kid with health issues or something. We didn't get FA with a HHI of $140 and 1 kid.

And it isn't true that the school will reject your kid if they can't offer you aid, as 15:36 says. The process doesn't work like that in most schools. In most schools the admissions decisions and the FA decisions are made separately.

OP, if you can afford it, but just think 20% off would be nice...well, of course. But that isn't really what FA is intended for. Our school basically says they want you to pay till it hurts, and they'll give you FA if not giving you FA meant your kid couldn't go. Not that you'd choose to go elsewhere because you'd like to keep a little discretionary income, but that your kid would not be able to go. I hear that in reality it doesn't always work like that, and some people do game the system, but frankly I choose not to.

In theory...but some applications actually ask if a family intends to apply for financial aid, and other schools have the financial process begin with the admissions office. I can't imagine that the thought doesn't cross their minds when they are making decision, especially if it came down to a decision between a family that could pay full freight and contribute to the annual fund, and one that needed significant aid and was unable to contribute to the fund.

Some schools have the paperwork sent to and processed by an outside agency entirely, and those are the ones I would assume have truely need-blind admissions.

[Anonymous]

Some schools have the paperwork sent to and processed by an outside agency entirely, and those are the ones I would assume have truely need-blind admissions.

Most schools are going to have the FA applicant send paperwork to an outside agency to crunch the numbers and spit out a "family contribution" figure. In other words, "the family can contribue x dollars" based on their financials.

That information is then used to inform the school's FA decision process. Some schools may have a two-track system to keep the FA decisionmakers separate from the admissions decisionmakers, but not all, particularly smaller schools. Also, don't undersestimate that sometimes the FA package is negotiable and may be influenced by any number of factors, including the desire of the school to bring in a diversity applicant. Of course, some view this as a "bad" outcome, while others view this as a natural consequence of a school attempting to live up to its mission of providing independent education to a wide range of children from varied socioeconomic backgrounds.

[Anonymous]

I make 110k. Single parent. No one else contributing b I receive about 30% financial aid.

[Anonymous]

Anonymous wrote:I've been looking into private schools and found that some list 50% of their students receive financial aid. This seemed like a very high number to me, seeing as how most people (myself included) assume private school is for rich kids and/or at least upper middle class kids. Growing up I knew my family couldn't afford private school, and if I got financial aid, I'm not sure private school is the best place for a poor kid to be (with peer pressure of clothes, designer purses for girls, etc). Anyway,...

My point here is that after researching this financial aid bit, it seems most schools are giving financial aid to families making between $120-300k/year). These families aren't paying 100% out of pocket, they pay around half. There were many reasons listed but it seems that when the economy went to shit and people didn't have as much liquid assets/disposable income, schools had to respond by offering financial
Aid to keep enrollment up.

Have you heard of this? What are your thoughts? My husband and I are in tht $ bracket (low end) and I never thought financial
Aid was even a possibility.

DD is African American. Does this have any impact on cost - since I'd imagine diversity is encouraged? I'm not going to play the black card but it would be a nice bonus. *No flames please*

Please fill me in as we come from poor backgrounds so all of these things are new to me. Thanks for your help!

Saying that the "Black card" is a nice bonus just goes to show how little you know about the entire independent school admissions and financial aid process. If you only knew how many families with a "Black card" in their pocket can pay full tuition (for multiple children), you wouldn't have that sense of diversity entitlement. It's actually sickening that you are seeking a 20% discount just "because it would be nice." You do realize that financial aid grants come from very generous donations to the school and that there isn't some magic pot from which grants are awarded to families with a "Black card."