Financing

One of parents' first questions about sending their children to boarding school is how to pay for it. Boarding schools charge from $25,000 to $65,000 a year. That is a lot of money for most of us. Since I am not Boston Kennedy but rather a poor Scots-Canadian, I remember well confronting that reality when we were investigating schools for our daughters. With that experience very much in mind, I have created this hub as a guide to the financial side of things as you explore boarding schools.

How Do They Pay for It? examines the answers to a question one of my young employees asked me when he discovered that many boarding schools cost significantly more than what he made in a year. He didn't realize that most private schools offer financial aid.

Financial Aid 101 explains how financial aid in private schools works. Private schools give families millions of dollars annually to help them afford a private school education. Families with incomes in the $150,000-$250,000 range can be eligible for financial assistance depending on their financial situation.

Paying for Private School introduces you to the several payment options available to you. The important concept to understand here is that if you need financial assistance to send your child to boarding school, ask about it at every school on your shortlist. Always ask.

Making the Financial Aid Process Work for You walks you through the financial

Boarding School Financing Options At A Glance

As you begin to think about sending your child to private school, determine how you are going to pay for her education.

• That is probably already at the top of your list of questions.
• As you can see from the table below, most private schools offer a variety of payment options.
• Hopefully, one or more of these options will suit your needs.

Canva generated this picture of an invoice.

Copy and paste this table into your worksheet that you have set up to keep the boarding school search process organized. It will remind you to ask specific questions about financing your child's education.

One Payment

This means that you will write one check for the entire year’s tuition.

• Some schools will give you a cash discount when you pay the entire bill upfront.
• Paying tuition in one payment usually takes care of everything except the sundries.
• Sundries are charged for riding lessons, elective courses, athletic activities, music lessons, and so on.
• Most schools will bill you monthly for those charges.

Two Payments

When you pay using two payments, most schools expect one

How To Pay For Boarding School

I remember wondering years ago how we were going to pay for our daughters' private school educations.

• It was a major expense then. Back then, in the 90s, boarding school cost $11,000 a year.
• It is still a major expense today.

Because paying for boarding school involves a major part of our income, let's look at the available options. You can pay for boarding school in several ways.

1. By check

Fees at most schools are payable in advance.

• You will receive an invoice with your acceptance letter.
• Half a year's tuition and other fees are due in the summer, usually in July or early August. The second half of the year's tuition, together with other fees, is due in December.
• Payment dates vary from school to school, but most expect payment around these times of the year.

If you have your child's boarding school expenses allocated already or have sufficient income to cover two substantial payments a year, then paying by check might make sense for you.

1. Effectively, you are paying cash for your child's education.
2. Should you expect a cash discount? It never hurts to ask.

Don't forget to budget for the other fees besides tuition.

• Your tuition invoices will not include items such as tuition insurance, fees for supplies used in special courses, textbooks, and supplies as well as your child's athletic equipment.
• Boarding your daughter's horse

Understanding Financial Aid

One of the major issues most families consider when thinking of sending their child to boarding school is the cost.

• Though it may seem daunting, the boarding school financial aid process isn’t as complex as you might think.
• Understanding the system will pay off in the long term.

Recently, boarding schools began reshaping their financial aid policies to allow more talented, middle-class students to attend their schools.

• Today, a large percentage of students at boarding schools receive some form of financial aid from grants; in some cases, that number is as high as 40%.
• Each school’s aid policy is different, and officers are your best bet for accurate information.
• Contacting them will give you a better understanding of the steps you will need to take, but below are some basic tips that will apply to all schools.

What is financial aid?

Financial aid is funding intended to help students cover the cost of attending private schools (tuition, board, fees, etc.).

• Aid does not have to be repaid, unlike loans.
• Generally, a school's endowment correlates directly with the amount of financial aid that can be offered.
• Each year, a percentage of the budget is set aside for financial aid.
• Thus, it’s very easy for a boarding school to run out of financial aid.

Tip: sending in all the required documents as soon as possible increases your student's chances