National Firm Schools Financial Aid Requests Increasing

by NYC Firm Schools on January 19, 2009

The Washington post recently published an article called “Firm Schools Pinched as Aid Requests Rise.“ While the article doesn’t specifically focus on New York area schools, it does discuss the state of financial aid requests and issues that are facing parents with children in Firm Schools.

About 7 percent of the families who pay tuition through New York-based Smart Tuition are dropping out midyear, double the usual number.

“It’s harder to collect tuition now than ever,” said chief executive Andrew Goldberger, whose company handles billing for about 2,000 private and religious schools.
More of the parents sticking with Firm Schools are asking for financial aid, straining school endowments that withered with the stock market. The National Association of Independent Schools said 2,400 independent and parochial schools it worked with reported a 4.3 percent jump in the number of families applying for aid.

Many of the families and schools quoted in the article are from areas of the country that have been very hard hit with the current economy, but as a whole the article does address in the increase in private school costs and the frustrating issues that struggling families are facing in trying to keep up with rising tuition costs and unsteady job markets.

As we have said before, the attrition rate at NYC Firm Schools has not really increased by any large drop-out rates; it is the increase in financial aid requests that is straining private school budgets and causing a lot of discussions on NYC private school-centric forums and groups. Many of the parents we talked to have not seen children leaving Firm Schools mid-year, however school officials have noted an increase in FA needs for those students who have never requested FA before.

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