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Financial Aid at Boarding Schools
Many parents and students have the misconception that only the independently wealthy in our society can afford to send their children to boarding schools for higher education. While this may be true for some of the most expensive and prestigious private boarding schools in the country, you may not be aware that there are many opportunities for normal children from middle class or even impoverished families to attend boarding schools as well. It is important for parents to think about the quality of education that their child will be receiving as well as the way that the investment will pay off for the child in the future.
Did you know that the average cost per year for boarding schools in America can exceed $35,000? This can rival the cost of many colleges and universities. In some circles, people treat the words financial aid as if they are an admission that you can’t provide for your family. This is simply not the case. Many boarding schools have bountiful opportunities for alleviating the enormous burden that tuition places upon their students’ families. If you are considering boarding schools for your child, but think that the cost makes it impossible, you should look closer!
Unlike student loans, financial aid is a gift given by the government or respective boarding school to help cover the cost of books, room and board, and other school related expenses. Also, it’s always a good idea to research the size and availability of your boarding school’s endowment. This nest egg of money is usually directly correlated to the amount of financial aid that a school is prepared to offer its students. Research your boarding school’s endowment and always apply to boarding schools as far in advance as possible. This often helps the student get first consideration for school financial aid.
While most people are familiar with financial aid that is need based, meaning the amount of financial aid offered is directly related to the amount of money that your family makes in a year, and the percentage that you can spend on tuition, there is also another kind of financial aid. Merit based financial aid is give by boarding schools who want to honor their academic, athletic, artistic, or philanthropic successes. If your child has consistently performed at the top of their class, or led the football or other sports teams to victories, they may be eligible for merit based financial aid.
