TYPES OF FINANCIAL AID


Types of Financia Aid

Generally, there are 2 types of Financial Aid: based on students ability or based on students economic condition.

Based on students ability:

When you are applying for this Aid the school examines the academic, artistic, and athletic student’s potential. Some schools don’t offer this kind of help so ask first in order to apply.

There are also others that consider more how the student can improve the school or factors like leadership potential, student’s achievements, diversity, etc. Below are a few major programs

Based on Economic Condition:

It looks at the student’s economic condition this is whether the student have the possibility to pay the fee. Although they don’t guarantee to cover the total amount there is a possibility that the school could do it.

This help is for students who have demonstrated a real necessity, families making less than $120,000 a year. The amount of aid varies from $500 to the full cost in many cases. Everything depends on the amount of true information the student present.

In order to apply for a Financial Aid student need to fill and send some forms:
  • Parents’ Financial Statement (PFS)

  • School and Student Service for Financial Aid (SSS)

  • Tax documents (The federal tax and The W-2)

  • They will also look at family characteristics. In this case, you should send a letter explaining your circumstances with relevant documentation that support your letter. They will look at this:
    • Property value (stocks, inheritance, trust funds, property, debt, etc)
    • If the student siblings are in the same school
    • Special Circumstances (divorce, death, health issues, etc.)
It’s important for students to have packages supplemented by loans, and there are several lenders that make loans to parents wishing to finance a boarding school education. The boarding school has a list of lenders they’ve previously worked with so ask them for it.