Nervous about FA - Please help.

[Anonymous]

One of the questions pertains to current childcare. If we pay close to 25,000 this year for our DD but seek FA, will schools expect us to pay the same next year? So we do not get any assistance now. We have applied to 7 independent schools and cannot pay full tuition and fees. With the online app, you have to include an estimated family contribution.

Questions
1). Can we put what we can afford? 15,000
2) Will this hurt our chances since it's a lot less than what we pay currently?
3). These are new schools for us and DD. Does that matter?
4). Income has not changed.
5). Paying 25k is an extreme struggle--barely making it. Will they see this?

Thanks for any help or answers. We hope to get the applications completed by tomorrow.

[Anonymous]

Put what you feel you can afford. There's no real way to game it. The schools will use their formulas to determine what they feel your family can pay.

[Anonymous]

Anonymous wrote:One of the questions pertains to current childcare. If we pay close to 25,000 this year for our DD but seek FA, will schools expect us to pay the same next year? So we do not get any assistance now. We have applied to 7 independent schools and cannot pay full tuition and fees. With the online app, you have to include an estimated family contribution.

Questions
1). Can we put what we can afford? 15,000
2) Will this hurt our chances since it's a lot less than what we pay currently?
3). These are new schools for us and DD. Does that matter?
4). Income has not changed.
5). Paying 25k is an extreme struggle--barely making it. Will they see this?

Thanks for any help or answers. We hope to get the applications completed by tomorrow.

Don't apply to basis McLean! They're for profit and no aid!!!

[Anonymous]

You can also on some applications do a supplemental parental statement and state that there.

[Anonymous]

Thanks.

A parent letter can be added. I'll work on that now.

[Anonymous]

Anonymous wrote:Thanks.

A parent letter can be added. I'll work on that now.

Yes, do this. Just describe the hardship/circumstances/debt you've gone into etc. to pull of the $25,000 daycare payments for the past few years and why you believe that $15,000 is the max you can afford going forward.

[Anonymous]

What school?

[Anonymous]

Do not be surprised if you don't get much FA. I know several families with multiple kids, special needs kids (and added expenses), low salaries, etc., who were offered well under $10K in financial aid. The schools are not very generous with FA, in my opinion, unless you truly need -- i.e., can pay nothing.

[Anonymous]

Anonymous wrote:Do not be surprised if you don't get much FA. I know several families with multiple kids, special needs kids (and added expenses), low salaries, etc., who were offered well under $10K in financial aid. The schools are not very generous with FA, in my opinion, unless you truly need -- i.e., can pay nothing.

+1

[Anonymous]

Why is there such a gap then? Why encourage families to apply?

[Anonymous]

Anonymous wrote:Do not be surprised if you don't get much FA. I know several families with multiple kids, special needs kids (and added expenses), low salaries, etc., who were offered well under $10K in financial aid. The schools are not very generous with FA, in my opinion, unless you truly need -- i.e., can pay nothing.

Not in my experience. I could pay next to nothing as could my son's friend's family and we were offered nothing but were admitted. IMO, smaller awards are given to multiple families rather than larger awards to few families. Why give $25K to one student when a school can give $5K to 5 students?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do not be surprised if you don't get much FA. I know several families with multiple kids, special needs kids (and added expenses), low salaries, etc., who were offered well under $10K in financial aid. The schools are not very generous with FA, in my opinion, unless you truly need -- i.e., can pay nothing.

Not in my experience. I could pay next to nothing as could my son's friend's family and we were offered nothing but were admitted. IMO, smaller awards are given to multiple families rather than larger awards to few families. Why give $25K to one student when a school can give $5K to 5 students?

I think this is accurate. If you need more than 50-60% FA they have to REALLY want you -- they just can't afford to have very many students who need so much, particularly if the student is young and they're therefore committing to 13 years of aid.

I think 60% is kind of the sweet spot.

[Anonymous]

We were brave enough to call and ask before applying at 3 schools. The responses we got were more encouraging than I see here. OP, call and ask. We were told that if a family qualifies, as much as 80% may be provided. Apply and see which schools accept your child and offer aid.

[Anonymous]

Anonymous wrote:Why is there such a gap then? Why encourage families to apply?

So they can show demand for the school. Increases perception of prestige / desirability of many more are applying for each slot.

[Anonymous]

Every school has a different philosophy on FA. PPs are speculating based on their experiences but it depends on the school, OP.