xferring between GLADCHEMS & Financial Aid

ExieMITAlum
Wed, 11 Apr 2012 16:55:55 +0000

I would think it was understood that ability to pay for years of private school is an uncertain thing.



Actually - no. This is a case of learning the “rules” which is why this board serves as such a good resource for new parents testing the water. We’ve spoken about this for several years when parents are tempted to take this step.



People would need hundreds of thousands of dollars sitting in a bank account to know that private school costs are completely covered.



The majority of families at these schools do have access to that amount of funding (assets, loans, etc.) which is why the percentage of full-pays is twice that of FA students.

If you don’t ask for FA it is assumed you don’t need it - for any of the remaining years. When parents think they can’t swing the full load, then I suggest they divide what assets they can spend by the number of years (say $50,000 by 4) and put on their PFS that you can afford to pay $12,500 for the first year - with the assumption they can pay the same amount each subsequent year.

HOWEVER if you do that - your child goes into a more restricted application pool and may or may not be offered a spot. So the schools do consider it dishonest if you apply without need for FA (and therefore don’t fill out the PFS form so that it is transparent what the financial condition of the family is) then expect the funds to magically appear the next year. That’s the part that will be considered lack of “candor.” FA candidates - even those on partial scholarships, have to fill out extensive forms showing everything from income, to cars driven, to debt load and retirement income, and even vacations taken and the net value of them. Full pay students do not. So the school has the right to assume you’re going to be able to pay the whole amount for every year and took your child on that basis.

Schools DO ask parents who were full pay one year and need aid the second year to fill out a PFS and their deadline is a month or so earlier than those who return on existing FA packages. But the chances of being accepted are very low. The letters to parents make it clear that those families who didn’t need aid, but suddenly request it, have to show a significant event to justify consideration (significant drop in income, job loss, etc.). Otherwise what you’ll find is that your child is readmitted for the next year without aid. And you’ll have to decide to find the funds, or withdraw the child.

Note on the CC boards how many parents applied for FA (and truly don’t have the funds) and their children subsequently received acceptance packets while the parent received the “bad news” that the acceptance comes without funding - which for most family is the same as a “no.” Or how many students were put on waitlists because of the FA needs.

So unfortunately, not asking for aid will be viewed as trying to game the system - getting the child in under more favorable conditions, only to turn around and ask for resources that will have to be allocated from the pot reserved for the next incoming class (not likely).



I’ve seen the decision to not request financial aid described as being “not forthcoming”. This strikes me as a little harsh.



It is what it is, because, in the past, some parents took that calculated risk hoping for a favorable outcome and the schools know it. And many MANY families are fleeing their bad districts hoping someone else will pick up the tab for it.



I would think it was understood that ability to pay for years of private school is an uncertain thing. Doesn’t every parent have the idea in the back of their mind that they might, someday, need to tap FA as the perfect price discrimination of higher education suppliers slowly impoverishes families fleeing public schools?



Advance research would have verified that - yes - this is in fact the case. Going to a BS is a privilege and the schools as private entities are not obligated to take or fund everyone who wants to go.

One thing to consider, is that the “scholarship” you would be requesting would come from funds provided by other alumni, donors and parents who contribute on top of their current tuition bills. There just isn’t enough money to go around. And it’s not their job to subsidize your child. If you have the $50,000 to spend the first year, the assumption is that you will have it to spend each additional year. Or that if you don’t, you don’t go.

I agree with ChoatieMom - you should contact the school now and explain what happened. But there is a chance you’ll knock your child into a less competitive pool - or you’ll hear that you’re on the hook for $200,000 without a significant life changing event to dictate otherwise (paying full freight the first year is not considered life changing).

You made an understandable mistake. It’s a hard process to navigate. Better to find out your options now, then enroll your child and have to tell them the next year they can’t go back if the funds don’t appear.