Reply to What kind of income receives financial aid?

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[quote=Anonymous][quote=Anonymous]I have a very naive question..How does financial aid work...do you get grants or loans?? Does it work the same way as college where mostly you get loans and are stuck paying it back for a long period of time with interest?[/quote]

Financial aid at private schools is a grant. You don't pay it back. The schools want economic diversity and they have endowments and a pool of money that is dedicated to financial aid, which allows those students whose parents couldn't afford to send them. Look on the school's web site under admissions and there is a good description. I think a lot of people are unaware of financial aid and just don't consider private school because they don't think they can afford it. Of course your child has to get into the school first and you have to fill out the FA paperwork and hope you get enough to swing it, but I think it is very worth the effort. Also, you have to "qualify" for the grant every year. It can be a little depressing being surrounded by many (not all) super rich families and you have to explain to your kids that most people don't go to Europe, Aspen whatever, but I think those are teachable moments and my kids don't really seem to care or notice too much.[/quote]

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