<p>Parents, I really enjoy the parent part of this site, so thanks for being great. I am trying to get a sense of the timing for payment and commitment as to tuition for BS. I would assume it varies by school and would be interested in different flavors. My d's current private school is as follows: $3000 deposit in March, non refundable. If don't withdraw by 5/15, you're on the hook for 50% (regardless of attendance), and by 7/15 on hook for 100%. 1st big bill payment of 60% is due on 7/15, and other 40% in January. 10 monthly also available.</p>
<p>Kent requires $4,350 (10% of tuition, room, board) with the enrollment agreement, 50% of the total cost by June 30 and the remaining 40% by Nov 30. I am about to submit the whole amount. If we back out before June 30, we forfeit only the initial $4,350. I estimate that the total cost for four years, including incidentals, will be $220,000! And that is after-tax dollars! When we were growing up, who would have imagined this???</p>
<p>You betcha!</p>
<p>Erlanger, most schools follow something like the 10%, 50%, 40% formula that you allude to above. 10% due with the agreement in the summer, 50% just before school begins and 40% in late fall or early winter. They all also offer installment plans for a small additional fee. Finally, if the full amount is paid when the first 50% is due, then insurance may be waived.</p>
<p>Insurance waived meaning the refund insurance is free?</p>
<p>Most schools require you to purchase the tuition insurance unless you pay in full before school begins. In that case, you do not have to buy it unless you want to buy it.</p>
<p>For Andover, it’s like Sarum says (not like Burb Parent’s example): if you pay in full in July, then the tuition insurance is free (and you are insured).</p>
<p>Is 10% due with the agreement standard? lemonade1, same with Andover? I vaguely remember someone attending Andover said he was paying less than that for the deposit (can’t remember how much it was though).</p>
<p>At Hotchkiss, a student/parent pays $2500 on April 10 when signing and sending the enollment contract; half of the remaining tuition for the coming school year on July 1; and the remaining half in November, if I recall correctly.</p>
<p>Deposit of $1500 by 4/1 (returning) or 4/10 (new students)</p>
<p>then three options:</p>
<p>a-Full pay by August 1; can pay by cash-back credit card, no required insurance</p>
<p>b-two payments: August 1 65% of tuition-65% of FA + about $4000 in fees, then balance (35% of tuition-35%of FA) before 12/1. +2.5% insurance fee mandatory</p>
<p>c - monthly payments through an outside vendor</p>
<p>from the SPS website:
Tuition must be paid in full by August 1 or in two installments due August 1 and December 1. </p>
<p>A 10-month payment plan is available through Academic Management Services. There is a $55 fee, but no interest charges are associated with this service. Tuition refund insurance is required for all families who do not pay in full by August 1.</p>
<p>The tuition refund insurance cost is 1.5% of tuition. Interesting to note that the insurance cost varies by school. Wonder if the premium difference is due to different retention rates at schools.</p>
<p>For St. Mark’s, the $1,500 deposit is credited to the student’s expense account. After that,</p>
<p>Payment Plans Tuiton may be paid in full by June 15th or in two equal payments not later than June 15th and December 15th. Tuition refund insurance is recommended for all familes and required if tuition is not paid in full by July 1st. A monthly payment plan is available through Tuition Management Systems (formerly Key Education Resources). There is a $55 application fee but no interest charges associated with this plan.</p>
<p>At SPS, parents of returning students have to send in a contract by mid-April, but there is no money due until August. The tution insurance rate does vary by school based on the insurer’s experience with that school.</p>
<p>Kent is offering a monthly payment option (which we are taking advantage of) through Tuition Management Systems. There is no fee other then the initial set up. It looks like many of the schools are listed.</p>
<p>Well, within the week, many parents of kids attending BS’s must write a big check. I wish this big fat check was the only check I had to write this year for my son’s BS. No such luck. It will be, of course, only one of two biggies.</p>
<p>I wonder what effect this horrible economy will have on parents when it comes time to write this check this week. I fear that it will have some impact. I hope, however, that it will have no effect because I believe that the most important things a parent can give a child, other than life itself, are education and wisdom. I know that my son’s BS will give him a great education, if he will take full advantage of it. I hope, but I’m not sure, that it will give him wisdom too. Only time will tell.</p>
<p>Our family is also about to send one of two big checks–double what we were paying for a lovely and nurturing, local private school-- in the hopes of giving D more. For us, the dollars are real and scary, but I dare say, I think struggling FP parents are the minority. We’ll see how it feels when my D gets to BS, but I think there are many, many parents who can provide the tuition without a hiccup. I believe this because, for all we feared about the economic impact on BS, the facts show that the applications were steady, the yields were high, and the WL movement very low. Top BSs did as well or better than ever this year, which means to me, many parents don’t have to think twice about the tuition, regardless of a 20-30% hit on savings, and the threat or loss of real jobs all over this country. One thing we know our kids will get at BS: a complete shield from the realities of the horrible economy and what many struggle to do to make ends meet.</p>
<p>Maybe.
Still, I believe the new requests for FA for returning students in the Fall of 2010 will be at an all time high.
The requests for additional FA for returning students for Fall 2009 will be very high as well.
The families who have asked for and are not to receive 2009 FA after being accepted as FP will be high.
As a result waiting lists for many schools will be abnormally active well into August.
Any BS employees or Trustees care to comment or tell me I am way off?</p>
<p>Sarum,
In theory I think you are right but from what I have seen and heard schools must have had insight into this. BS’s seemed to have over enrolled thinking they would not have so many acceptances. S got into great schools and waitlisted at 2. Got letters from both waitlisted schools stating they were not taking any off the waitlist. I even heard this from someone on the board at a HADES school he was waitlisted on before the letters came out.</p>
<p>Sarum- from what I hear, the top schools are overenrolled, maybe on purpose in case there is attrition. Commons rooms are being turned into dorm rooms. They are pretty good at the enrollment management thing. There are other schools still taking applications, or kids off the waitlist. Some desirable smaller boarding schools in Connecticut (know of at least one) are also completely full.</p>
<p>hockeymomofthree, I tend to think, that based upon what I have read on CC and my son’s experience this year in which he was accepted or waitlisted at 8 of the 9 schools to which he applied, you are right about the BS’s reaction to these tough economic times: they over enrolled and stuffed their pockets with WL kids in order to protect themselves against the vicious whips and cranks of the markets. Looks like a good number of the top prep schools may have over shot their marks and now have too many kids coming to school this fall.</p>
<p>Still, parents have to write big checks this next week or so. If a fair number fail to send schools these checks, Sarum could be right: the anticipated ranks of kids planning to enroll at BS’s in September could wilt and fall thoughout this long hot summer. Stay tuned.</p>