Financial Aid
Understanding Financial Aid Decisions
Financial aid can be confusing. Depending on your school list it might mean submitting different applications (Clarity or SSS) to schools with different philosophies of how financial aid is used (access or affordability). There is not a one-size-fits-all process. One school’s financial aid offer could be quite different from another based on criteria they choose to add or omit from their calculations. For example, a family making $X dollars in New York or California, states with high costs of living, is very different than a family making the same amount in a state with a low cost of living. A family’s support of elder grandparents may not show on tax documents but definitely needs to be taken into consideration in the household budget.
The best thing you can do is to be open about your financial situation. The better schools understand your story, the more equitable they can be in their decisions. They have an obligation to distribute aid dollars in a meaningful and fair way.
The first rule of applying for financial aid is breathe. The second rule…breathe! Rest assured…there are very good, well-minded people at these schools who are making very difficult decisions.
Some things to consider:
Financial aid is limited: there is more demand than there is supply. With tuitions at US boarding schools hitting $70,000+, more and more families are requesting aid. As well, at a typical school, financial aid budgets increase at the same amount as tuition increases but this does not mean aid is “keeping pace”. With each percentage of tuition increase, more families request aid.
Household vs Family: schools consider the financial situation of all parents/guardians for the applicant. This could include: biological parents, stepparents, adoptive parents, and legal guardians. In keeping with fairness, it is important for schools to consider all sources of possible support. Applications for financial aid will not be complete until information is collected for all adults involved in the applicant’s life. That said, there are always unique family circumstances to be considered. in addition to the sections of the application requesting this additional information, you should always email the financial aid office with information you feel is pertinent to your situation.
Appealing an aid package: schools do their best with the resources they have. If you find that the aid offered is not feasible for your family it is absolutely in your best interest to let the school(s) understand your concern. Assume they have done their best to provide their best offer - that said, their best may not be good enough. If you appeal your aid, you will need to show why the current offer is not sufficient. This may require providing additional information they currently do not have in the application. Be prepared to share!
I do believe the true spirit of financial aid, at its core, is fairness and equity. It is meant to ensure that students from families from all means have access to incredible education. It allows schools to build classes and classrooms with diverse thought.
