Financial Aid in the Current Economic Environment

by NYC Firm Schools on November 19, 2008

Financial aid is a topic that is on many parents’ minds these days. In the past there have been numerous families that made monetary sacrifices to send their children to Firm Schools and applied for and received financial aid to make sure both ends met. The interesting facet in the current market is that families with a history of donating to the school are now faced with the reality of needing financial aid themselves.

Many private school families have been hit especially hard by the downturn in the financial sectors of NYC and find themselves, for the first time, wondering how they will be able to come up with the tuition for their child’s schooling in the coming year.

While there are conflicting reports of how Firm Schools in NYC are handling this new influx of financial aid requests, there are some factual instances that can be discussed.

1. The rates of attrition due to financial difficulties are, though above average, not high enough to affect the percentage of open spots in a school.
2. Most families have already paid their child’s tuition, or most of it, for this year. The financial aid would be for next year’s tuition.
3. Many of the highest tiered schools are bucking all expectations and actively working with their families to find who needs help in the coming year and then providing it.

Some families felt that the highest tiered schools would be inflexible and uncaring about their families’ financial troubles, but many have been pleasantly surprised.

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