As many parents and potential students are scheduling their NYC Private School tours and requesting mountains of brochures and applications for private schools, many family’s thoughts turn to the necessity of applying for Financial Aid. The time to request financial aid applications is still a month away, but now is the perfect time to gain a better understanding of the process.
Financial Aid Process
There are many families who don’t realize that financial aid must be applied for and requested. It isn’t something that is just handed out on the assumption that you’ll need it, but rather aid that is given after careful consideration of your family’s financial state and the school’s ability to accommodate it.
The good news is that many private schools use a common financial aid form and this greatly reduces the need to fill out the same information again and again for each individual school. Essentially, for most schools, you will have to fill out the Parents’ Financial Statement, or PFS. This can be done online at www.nais.org/financialaid/sss. If you cannot fill out the online version, you can also complete a paper version of this application upon request of the materials. They are available from school admissions offices where your child is applying to.
These funds for Financial Aid do not need to be paid back as they are not a loan. For this reason, schools a lot FA funds based on their financial aid budget.
Understanding the Financial Aid process and the application process, before it is due, will help you better navigate the roads necessary to fund your child’s NYC Private School education.
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