Financing

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