Financial aid at higher income levels?

one1ofeach – I would love to read that post if you have a link for it.
And yes I do realize that FA has a lower acceptance rate. The part I’m not sure about is whether it’s just applying for FA or if it’s the qualifying that puts one in a different bucket. (In other words, if you don’t qualify for FA according to your income, do you go into the non-FA bucket or are you still in the FA bucket?)

If you apply but don’t “need” it, it could, potentially, leave a bad taste in the school’s mouth. I think if you discuss this upfront with the school, you are less likely to have this problem.

We applied, two schools didn’t think we needed it, and each called to see if we could consider being full pay. If we said “yes,” they would admit our son. If we said “no,” they wanted to know if we preferred them to send our son a rejection or a waitlist. So, it depends on the school.

The fact is that there are fewer spots at all schools for FA students and only so many dollars to go around. Most schools discussed here hover between a 60/40 to 70/30 split between FP/FA, so definitely harder to be in the FA pool. If you do need FA, there is no getting around that, so what does it matter what the consequences are for requesting it? If you don’t need it, there are more spots potentially available for your student. The dilemma occurs when you are pretty sure you can’t be FP without draconian measures. That decision is a tough one.

1 Like

@Calliemomofgirls I’m sorry I have little chance of finding that thread - I did not have an account last year, just read, no comments. I believe the poster was @CaliMex who is a huge advocate for casting a wider net than you think you need to, especially if you need financial aid to make BS work. She did not have hard numbers (as in she isn’t an admissions official) but she did a breakdown that was fairly logical and really highlighted the need for lots of applications for FA students.

Yes, at most boarding schools, needing FA will reduce the likelihood of admission by at least a few percentage points. They don’t mention this in their marketing materials, but you might see it referenced in fundraising documents.

However, boarding school financial aid policies are VERY different from college FA. There is a lot more variability between schools, for starters. (None of our FA offers matched the EFC we saw online, BTW, or matched each other.) Boarding schools are also much more likely to take into account whether the cost of living is much higher where you live (colleges generally don’t care). They also consider the cost of educating others in the family (private school AND college) whereas colleges don’t.

I would NOT hesitate to apply for FA just because you make more than $300K if you truly cannot afford tuition. But I would write a separate essay outlining all of your additional expenses, including grad school loans, that make it impossible to pay full tuition.

And I would apply to at least 10 schools and not just the most famous or best-endowed schools where it might be harder to stand out.

Andover is the only need-blind boarding school that I’m aware of. All of the others are need-aware, or need sensitive. Even those with massive endowments (like Exeter, Deerfield, etc).

If you are worried that boarding school tuition will strain your budget, then also consider the hidden costs: travel, clothes, laptop, supplies, laundry, books. This can add an extra $2-$3K per year.

Also have an honest discussion with your child about this. You don’t want them falling in love with a school, and then in the end you can’t afford it.