Financing Overview

Families who live outside the United States and who are not American citizens or Permanent Residents have to deal with a couple of additional steps when thinking of sending their children to an American boarding school. In 2021 the pandemic has made boarding school admissions very difficult, largely because travel is so problematic. Once travel restrictions have been lifted or made less onerous, then we can review the steps involved in getting your child admitted to an American boarding school.

The Cost

Tuition at boarding school ranges from $20,000 to over $75,000. And this does not include sundries such as music lessons, trips, sports equipment, use of the equestrian facilities, and so on. There are a host of ‘extras’ that also must be factored into the cost of a boarding school education. Textbook and academic material fees, sports fees, clothing, uniforms, transportation to and from school, application fees – the list seems endless. Most schools will provide a breakdown of the ‘extras’ for you upon request. Costs vary greatly from school to school for several reasons. Sound management and healthy endowments are two major reasons why some schools seem to be able to offer more for less.

The other point to remember is that American boarding schools receive no state funding, although they must comply with all the state laws and local regulations which affect their daily operation. Retrofitting older buildings with new technologies, maintaining extensive physical plants, coping with soaring health and liability insurance, legal, and energy

Financing a boarding school education can be very confusing for many parents. You wonder whether you make too much to be eligible. Is there a specific time when you apply? Here are some facts most of us didn't know about private school financial aid.

1. You have to apply for it.

Applying for financial aid at most private schools is a separate process from applying for admission. You also need to make sure that you apply early. This is particularly important if the school has no specific admissions deadline or rolling admissions. Each school has allocated a specific pool of funds for financial aid. Once it is spoken for, there generally are no more funds in that academic year.

This video explains how to apply for financial aid.

2. You may be eligible for free tuition if your family income is below a certain amount.

Exeter, Andover, Groton, St. Paul's, and Deerfield, to name just a few schools, all have financial aid programs that offer tuition-free education to admitted students whose income is below a certain threshold. The threshold varies but is in the $60-75k range. Why are these highly competitive schools offering free education to children from families with incomes below $75,000? They want to make their excellent educations available to a broader constituency.

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