We have received some emails from parents asking us what the general statistics were on Financial Aid for children attending private schools. The statistics are interesting and help give parents a better feel for the amount of financial assistance that is out there and what the averages are across the board. This is especially helpful when a parent receives an answer back on their Financial Aid application and they can tell if they are in the same ballpark as their expectations led them to believe.
According to a survey done in the past few school years, the results were as followed:
The Median Tuition for Private School educational Costs and the Financial Aids given:
Private school tuition costs:
Average median tuition for all grades at day schools: $15,158 (meaning that half the schools charge more and half charge less)
Need-based financial aid for Private Schools:
Total need-based financial aid awarded: $879.3 million
Percentage of day school students who received some need-based financial aid: 17.3 percent
Average need-based grant for day schools: $9,213
Percentage of students at boarding schools who received some need-based financial aid: 30.9 percent
Merit Awards and Grants:
Percent of enrolled students who receive merit-based aid: 4.6 percent
Average merit award: $3,460
Financial Aid Allotment Per School Budgets:
Amount of operating expenses allocated to need-based aid programs: 9.4 percent
Percentage of tuition revenue this represents: 10.9 percent
Remember that while most schools determine a specific percentage of their total operating revenue to allocate for need-based aid programs, the percentage varies based on school size, location, and school type.
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