If you are looking for creative ways to meet your NYC private school financial obligations for the upcoming schools year, there are some choices to make regarding resources and their long term benefits or consequences on your family’s finances.
School Funding for NYC Private School Financial Aid
If you are considering taking advantage of your child’s private school’s FA resources, keep in mind that every NYC private school has different budgets set aside for financial aid, as well as the fact that more families are requested financial aid now than in the past, and the budgets available may not meet the demand, even if you qualify.
Some NYC Firm Schools will be able to offer a larger endowment or funding source that will cover up to 100% of your family’s deemed need, while others will set a cap of 75% or lower. “Need” can be defined differently by Firm Schools also, and do not always fit the same model as SSS formulas do.
Credit funding for NYC Private School Financial Aid
If you are considering loans or credit as a way of funding your child’s NYV private school tuition, remember that the government does not offer guaranteed loan programs in the same way as they do for college students. Also, the IRS doesn’t have any special allowances for the interest on pre-college student loans either.
While a loan is easier in the short term, the reality is that your child will be going to college, (in some cases very shortly) and you will soon have college tuition bills to add to any private loans you took out for previous academic years. Try to avoid taking on debt with lower level education if higher level education debt is right around the corner.