There are a number of financial aid options available for families who cannot afford the fees associated with private education. Scholarships, grants, and loans are all possible sources of funding, and each has its own eligibility requirements and application process.
Need-based scholarships are awarded to students based on their financial need, as determined by information provided in the Free Application for Federal Student Aid (FAFSA). Grants are also awarded based on need, but do not need to be repaid. Loans must be repaid, but may offer lower interest rates or deferment options for those who qualify.
Some schools also offer merit-based scholarships, which do not require repayment and are awarded based on a student’s academic achievement or other merits like leadership or community service. Each school has its own criteria for awarding merit scholarships, so it’s important to research the options at your child’s potential schools.
In addition to institutional aid, there are also a number of private organizations that offer scholarships specifically for families struggling to pay for private education. These can be found through online search engines or by contacting your local Chamber of Commerce or Community Foundation.
No matter what your family’s financial situation is, there are options available to help make private education more affordable. By doing your research and exploring all of your possibilities, you can find the best solution for your family.