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Editor's note: This story first appeared in our 2020 Private School Handbook.
Financing private education can be a daunting task, especially for parents who haven’t previously navigated the process. Experts at two local schools, Christian Brothers College High School and Ursuline Academy, offered these helpful tips.
1. Familiarize yourself with the financial aid process early.
Each private school uses a service, typically a third-party company, to assess the level of financial aid that each student is eligible to receive. CBC uses Tuition Aid Data Services; Ursuline Academy uses FACTS Grant & Aid Assessment. The systems require parents to submit a variety of income information, such as W-2 forms. Jim Brockman, CBC’s executive director of enrollment management, says parents can fill out these applications to estimate the cost prior to applying to the school of choice. A family’s financial situation may change over the course of a student's enrollment. (CBC and Ursuline, for instance, ask parents to fill out the tuition assistance application each year.) In doing so, each student’s level of need is reevaluated.
2. Keep track of deadlines.
Each school has a different deadline for submitting its tuition assistance application, notes Kim Vogt, director of advancement at Ursuline Academy. Although every Catholic high school notifies students of admission decisions on the same day, Vogt says deadlines for submitting tuition assistance applications vary. “We have a set pool of money, so we like to look at all our applicants together, including our current families’ needs, and then make decisions based on that pool of money,” Vogt explains. “Once that decision has been made, the opportunity is a little bit tighter for those families who apply after the deadline.”
3. Be aware of scholarships, and don’t rule out other options.
Many private schools offer merit-based scholarships. Schools may offer other opportunities. Once families review their favorite schools’ scholarship offerings, Vogt says they should further discuss the financial situation with each school. “Look at the schools’ websites, see what scholarships they offer and other information about financial aid,” Vogt says. “Most schools are able to come up with an individualized plan to try and work with a family.” There are avenues beyond scholarships that families can pursue as well. Formerly reserved for college education, 529 plans can now be used for private school tuition. Some families opt for loans, such as the Sallie Mae K-12 Family Education Loan.
4. Receiving financial aid is common.
For many prospective families, private education is merely a dream without financial assistance. Before writing it off as impossible, Vogt says, families should meet with schools and understand that aid is often awarded. At Ursuline, for instance, approximately a third of students receive some form of financial aid, and CBC awards financial aid to just under 40 percent of families. “If you’re on the fence and just pull up a website and see $16,000 or $20,000 or whatever dollar amount, you immediately go, ‘Oh, we can’t do that,’ and you just move on,” Vogt says. “Before you say you can’t do that, see what you can do, and then see if that school can meet you there.”
