Financial Aid for Private Schools in NYC: What You Need to Know
Private school in NYC is expensive. The good news: not only does financial aid at independent schools exist, but it is also accessible to about 25 to 30 percent of families at most schools you will be applying to. In this article, we’ve outlined the essential information you need to know about private school financial aid in order to hep you make an informed decision about your child’s educational future.
Guest post written by Linda Talton, founder of School First
Private school in NYC is expensive. The good news: not only does financial aid at independent schools exist, but it is also accessible to about 25 to 30 percent of families at most schools you will be applying to.
The decision to apply for aid will be different for each family. For many, this will be a no-brainer, as there is simply no way they can afford the amount of tuition schools are asking to cover the academic year and expenses. But for other families, particularly those who only qualify for partial assistance, this decision may take some further thought and consideration. Will this investment in my child's education cause some financial discomfort? Possibly. But we may be able to swing it anyway.
Either way, it is important to know that each school has a different bottom line or amount of money that they allot for financial aid each year; some have large endowments, while others do not. These factors will have an impact on a school's level of generosity when it comes to the amount of aid that they can provide, if in fact a family qualifies.
In this article, we’ve outlined the essential information you need to know about financial aid for private schools in NYC in order for you to make an informed decision about your child’s educational future.
How much does private school cost in NY?
Private schools in NYC cost between $55,0000 and $65,000 per year, approximately. Kindergarten can often be at the lower end of the spectrum, but not always. Some schools have 3’s and 4’s programs that tend to cost approximately $30,000 to $45,000, which can be a good entry point for some families.
How much is private high school in NYC?
Private high school in NYC costs approximately 55k - 65k per year.
How much is private middle school in NYC?
Private middle school in NYC generally costs the same as high school, so approximately 55k - 65k per year.
How much is Catholic school in NYC?
Catholic schools in NYC are generally more affordable than other private schools, and can cost anywhere between 9k to 25k per year. However, independent Catholic schools like the Marymount School of New York or the Loyola School will cost the same as other private schools.
How do I get financial aid for private school in NYC?
Information regarding financial aid can be found on each school's website, usually in the admission section. To receive financial aid, you must submit an application. These applications usually open mid-October. It is important to keep in mind that questions regarding financial aid (or what some schools might call “tuition assistance”) are welcomed by the admission office, so do not hesitate to reach out and establish a relationship with them. When you fill out the applications, you should have your W2’s or 1099's on hand in order to complete the form. Also consider any and all household and family expenses, as this will have an impact on the amount of aid that you may qualify for.
How do you qualify for financial aid?
Families may or may not qualify for financial aid based on their income, assets and outgoing expenses. There are families that simply have too high of an income to qualify for tuition assistance, but many families will qualify, especially in a city like New York with such a high cost of living.
Is sending your kid to private school worth the financial burden?
Sending you kid to private school can absolutley be worth the financial investment. However, this depends on your financial situation and whether or not you have access to other high quality, lower-cost options. Private schools have the independence to create and deliver unique curriculum and educational experiences for their students that other schools simply can't. The small class sizes allows them to fine-tune instruction, to address the needs of individual learners, and to really get to know their students and families. Private schools are more than just schools; they are also communities. There is a real partnership formed between school and family, which enhances the learning experience for students. Private school can be well worth the financial investment, but this is a decision that each family has to make for themselves.
Can you use private school tuition as a tax deduction?
Unfortunately, private school tuition cannot be used as a tax deduction.
Conclusion
Financial aid can be a game changer for many families when it comes to the educational trajectory of their children. But most importantly, it is vital to the cultural health of a school community. Many studies have shown that the representation of multiple voices in a classroom adds to the richness of the academic experience for all students.
If you need help navigating the private school admissions process, consider working with me at School First. I spent my career working in private school admssions offices, and then started School First because I have faith that these schools can offer the kind of education that allows students to truly reach their full potential. At School First, we know the process and we know what schools are looking for when building their community. We will help you share your child’s story, and together, determine the best school to help your child succeed and thrive.
