<p>what would happen if one gets into a top boarding school without financial aid and finds out later that the family is not able to afford the cost? This scenario is quite plausible in the time of economic depression in the U.S. and around the world, and I am also a little bit concerned. </p>
<p>1)Is there going to be a chance to apply for financial aid as a returning student or even in the middle of the year?
2) Is there scholarship or grants, need-based or non, for eligible or outstanding kids?
3) Do they provide financial aid for international students who do not have US citizenship or permanent residentship?</p>
<p>I would appreciate your answers.
Thank you.</p>
<ol>
<li>If you are a current student at the school and have a sudden loss of income, the school will do the most they can to keep you in school. So say, you went to school in 9th grade, paid the fee, and in March one of your parents lost their job. The school will most likely give you scholarship $ for next (10th grade)year, based on other parent’s income (if any). They will then revisit the issue mid to late in the 10th grade to see if the parent got another job, and how likely the prospect is for another job. They will probably give you another scholarship again for the 11th grade. There have been cases where they feel that a parent isnt doing much to get a job after a year, and especially if other expenses are constant (vacations, second homes) and counsel you out. This is unlikely scenario, but has happened. At all times during the process they will want pretty tight documentation about the finances. If on the other hand you are a new student, who received admission in March, based on your persona as a full pay, and by the time it was time to sign the contract you say “oops I dont have funds”, then they wont fund you. Unless you can document that between admission date and contract date something catastrophic occurred in your family. However by that time all funds for next year have been allocated by the school, plus there is a wait list for FA kids, so pretty much chances are non-existent for a person to get $ for the year. Most schools award scholarships based on need.
2.They will say that ALL kids are eligible and outstanding but some who need $ will get scholarships. In reality of course most kids on scholarships have to compete a bit harder.</li>
<li>They do provide some aid to non-US citizens, but its much harder to get. You need to search this forum for threads on the topic.</li>
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<p>what would happen if one gets into a top boarding school without financial aid and finds out later that the family is not able to afford the cost? </p>
<p>You had better find out now in stead of later. Schools hate people who do not apply FA in order to get in and apply FA later. They think it is dishonest. As Mhmm said, unless big enough change in your financial situation, Schools will not grant FA. Each school has certain budget for FA, one it is allocated. It will be hard for them to get additional money.</p>
<p>It’s simply a matter of economic reality. Once the financial aid budget is allocated, it’s going to be hard for a school to come up with funds for a full pay family that realizes after being accepted that they can no longer afford the tuition.</p>