| 2TORIAL |
| Learn2 |
Choose a Private School for Your Child
(continued)
|
|
Step 5:
Apply for financial aid (optional)
There are several support systems in place to help families pay for a private education.
Need-based financial aid. Many schools offer financial aid to prospective students in the form of grants, which means the money doesn't need to be paid back and is applied directly to tuition. To determine your ability to pay for tuition, most schools use the Parents' Financial Statement (PFS) from the School and Student Service for Financial Aid (SSS). The school you're applying to can supply you with the proper application forms. You only need to fill out one PFS, as you can request on the form that your financial information be released to each prospective school.
The aid a school provides can help considerably, though it may not fulfill all of your needs. Don't worry--you have more options.
Merit awards. Some schools offer merit scholarships based on demonstrated talent in academics, the arts, or athletics.
Sibling discounts. Certain schools offer sibling discounts for families that have more than one child attending.
Tuition payment plans. Independent schools often work with a tuition payment plan company. These companies let you pay tuition on a monthly plan that's interest free. Payment options include billing statements, automatic bank drafts, or automatic credit card charges. There's usually an enrollment fee between $40 to $55 (U.S.), or a yearly fee for less. These fees may or may not include life, unemployment, or disability insurance. Check the schools where you're applying to see which tuition payment plan companies they work with.
Tuition loan programs. These programs can make tuition payments more affordable by spreading them out over a longer period of time than a tuition payment plan allows. They can charge an application fee of $40 to $45 (U.S.) and a guarantee fee of a certain percentage rate, but they offer up to a ten-year repayment term. There's usually no prepayment penalty. Some providers only work with certain schools, so be sure to check with your school's financial aid office first.
Financial aid departments also operate on a deadline system, so make sure your applications are submitted in plenty of time to receive access to all possible funds.
|
Previous Step
|
|
MORE TUTORIALS |
|
|
|
| OTHER 2TORIALS AND LEARNLETS |
 2torials:
|
 Learnlets:
|
|
|
|
|
|
|
