Financial Aid for Students Attending Boarding Schools
Posted on
Tue, May 18, 2010 @ 07:00 AM
by
Allison "AJ" Miller
Tagged with:
boarding schools, College Prep Schools, Education, Financial Aid, Junior Boarding, Military Schools
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With boarding school tuition rivaling that of private colleges, at just under $40,000 a year, many families need some financial assistance to afford it or help with tuition costs. And, in fact, an estimated 30% of all families with students attending a boarding school receive some sort of financial aid, with the average aid amount being around $17,000.Similar to colleges and other private schools, families apply for financial aid when their child applies for admission into a boarding school. In general, families making more than $120,000 in household income have a lower chance of qualifying for aid; those making less should qualify for some form of need-based financial aid.
Boarding schools offer two general types of aid: need based and merit based.
Families with lower incomes typically qualify for help from the school in the form of grants. Grants do not need to be repaid. However, because of the high cost of attendance, most families also need to apply for loans to cover the balance. Boarding schools generally have established relationships with banks and funding sources that will provide educational loans.
Some boarding schools with healthy endowments have a “need-blind” admission policy, which states that students will be admitted without regard to their ability to pay. The schools provide grant and loan packages – but mostly grants – to make it possible for any admitted student to afford the school. Some boarding schools have even committed to providing free tuition to families making less than a certain amount.
Merit-based financial aid consists of grants offered based on the desirability and past performance of an applicant, rather than their financial need. The grant, or scholarship, might be given for sports stars, geniuses or the musically gifted. Other scholarships may be directed to a student who meets certain criteria, such as home city or pedigree, rather than household income.
