Afford an Independent School

An independent school education may be more affordable than you think. Most independent schools are committed to helping families find creative, manageable ways to pay for their child’s education. Among the options you can explore:

• Monthly tuition payment plans
• Need-based financial aid
• Contributions from grandparents or other family members 
• Tax-advantaged Coverdell education savings programs
• Sibling discounts
• Tuition loans
• Scholarships and merit awards

In 2024-2025, NAIS member schools awarded nearly $3.6 billion in need-based financial aid.

Before you decide that a particular independent school is out of reach for your family, talk to the financial aid office and read through this section to learn more about the financial aid options that may be available.

Every independent school has its own policies about who receives financial aid, what types of aid are awarded, and how much aid a particular family will receive. In most cases, the financial aid office cannot tell you if your family will qualify for financial aid until you submit an application that allows the school to evaluate your unique situation.

How schools determine eligibility for financial aid

To determine your eligibility for financial aid, you must submit an application form and financial statements. There is no income limit that automatically makes your family ineligible for financial aid. Financial aid officers take into account your income, assets, and expenses, including educational costs for other children. 

Bottom line: If you feel your family cannot afford to pay the full cost, regardless of your income, it’s worth the effort to submit a financial aid application.

When to apply

Every school has its own financial aid schedule, and the deadlines are different for schools with rolling admissions. In general, most financial aid applications are due in January or February. You will receive a financial aid decision shortly after your child is admitted to a particular school.

Types of financial aid available

• Grants are the most common type of financial aid offered by independent schools. They are awarded annually to students who demonstrate financial need, and students must re-apply each year. Grant money comes from the school’s budget and does not have to be paid back.
• Merit scholarships awarded by the school are rare and are usually reserved for students who have a special talent that the school is seeking, such as art, music, or academics. Generally, scholarships are based on financial need. They may be awarded once, annually, or as long as the student meets the scholarship criteria.
• Scholarships from outside organizations are also rare, and often awarded by local chapters of national groups like the Rotary Club. Ask the school for a list of organizations that have provided scholarships to their students in the past, and check the list in our Links of Interest. Each scholarship program will have its own eligibility rules, application, and deadlines.
• Tuition loans are personal loans provided by a private lender. You must apply directly to the lender, and your loan amount and interest rate will depend on the lender’s credit requirements. Some use loans to pay for expenses not covered by a grant. You can search for lenders who offer K-12 loans on the NAIS Find a Company Directory by selecting “Financial Aid Loan Programs” in the category field.
• Tuition Payment Plans allow you to make monthly payments rather than writing one or two large checks each year. Schools offer payment plans through a third-party financial services company, which charges a relatively small fee.
• Sibling discounts are designed to help families with more than one child enrolled in the same school. Many schools are shrinking these discounts, or phasing them out altogether. Even so, it’s worth asking if this situation applies to you.

Most families pay for tuition through a combination of these options. The school’s financial aid officer can help you create a financing plan that fits your family’s needs. Don’t hesitate to ask questions and explore all the options available to you.

And don’t believe the common myths about financial aid.

Myth: Only wealthy families can afford an independent school education.

Fact: Tuition can be expensive. But most schools offer financial aid to help the students they’ve admitted enroll, regardless of the families’ financial status.



Myth: If we tell the school our family needs financial aid, it will hurt our child’s chances of being admitted.

Fact: Most schools will not reject a qualified student just because of financial need. However, admission does not guarantee that you will receive financial aid. That depends on your eligibility and the funds the school has available.

Myth: All the schools our child applies to will offer the same financial aid package.

Fact: Financial aid packages vary significantly from school to school, depending on the school’s endowment, tuition costs, and aid philosophy.

Myth: The deadlines for admission and financial aid are the same.

Fact: Often these deadlines are not the same. Check with each school, and be sure to keep track of what you must do when. Also, do not wait to begin the financial aid process until after you receive an admission decision.

Myth: The financial aid application process is complicated.

Fact: You do have to provide a lot of information, but financial aid offices are working hard to make it easier. You may only have to fill out one form to apply for aid at several schools.

Myth: It’s too intimidating to talk to the school about our private financial matters.

Fact: You have to be willing to discuss your situation in order for the school to determine your financial need. Financial aid officers want to help you afford an independent school education for your child. Let them do their job. 

Schools consider many factors in determining how much they believe your family can contribute toward educational expenses. They look at your income and expenses, assets and debts, taxes paid, household size, and number of children enrolled in any program that charges tuition.

Despite what you may have heard, there is no specific income cutoff for financial aid, and no school will expect you to sell your home to pay your child’s tuition. Home equity is factored into the evaluation, but it is not a major consideration.

Even a calculation of your family’s expected contribution is just an estimate. NAIS encourages schools to adjust the contribution to reflect family circumstances and the local cost of living.

The following sample aid calculations will give you a sense of how schools determine family contributions.

Remember, just because your family is eligible for financial aid does not guarantee that the school has enough financial aid available for your family. Talk to the admissions or financial aid office about your specific circumstances.

If you do not qualify for financial aid, there are other financing options, including tuition loan programs, payment plans, and home-equity loans/lines of credit. The financial aid office can help you find ways to make an independent school education affordable.

You’ll find a lot of information about financial aid on the school’s website. If you still have questions, don’t hesitate to call and ask.

• What are the deadlines for admission and financial aid? These deadlines are often different, so be sure you know when to submit each.
• What is the school’s approach to financial aid? Most schools believe that families are responsible for financing their children’s education to the extent they are able. Under NAIS’s Principles of Good Practice, financial aid is meant to help students who cannot afford independent school tuition without it. Financial aid funding is limited, and many families apply. Consider all possible sources to cover school costs, and apply for financial aid only if you truly cannot meet all the costs on your own.
• How many students receive financial aid, and what is the average grant? The answer will be different at each school.
• Does the school require a minimum contribution from families? Some schools will provide full financial aid. Others expect every family to pay something.
• Are there costs in addition to tuition? Additional costs may include fees, books, supplies, uniforms, trips, transportation, clubs, and sports.
• What types of financial aid does the school offer? In addition to grants, ask about loan programs, tuition payment plans, and merit scholarships.
• What additional information will you need to submit? Some schools require a copy of your income tax return. 
• What if we own a business or a farm? You may need to provide additional information to support your financial aid application.
• What if the parents are divorced? Ask how separation or divorce affects your financial aid eligibility.
• What about next year? Many schools require families to reapply for aid every year.

Don’t hesitate to be honest with financial aid counselors. It’s their job to help you, and their decisions rely on the information you provide. If you don’t get all the financial aid you need, ask them to help you find other ways to afford your child’s educational expenses.

Start early. Most schools' websites and admissions materials will offer you a step-by-step guide to their financial aid process. Look especially for the deadlines.

If you don’t know the timeline, ask. It’s especially important to understand the difference between the deadlines for admission applications and financial aid applications.

Don’t hesitate to be honest with financial aid staff members. Feel free to call financial aid directors, develop a relationship, and be open about the information the schools need to make good decisions.

Ask questions that will give you a sense of what to expect. For example, ask what percentage of students receive financial aid, what is the school’s average grant, and what options exist if you don’t get the aid you need?

Make good use of the time after you turn in your financial aid applications and before you hear back from the school. Check with the financial aid office to make sure all your materials have arrived and your situation is clear. Also continue to research other sources of money in case you don’t receive the full amount to meet your financial need. You can look into everything from loans to other friends or family members who might be willing to help out.

What is financial aid? Monetary assistance that schools provide to reduce educational costs to families. Most financial aid takes the form of grants that do not need to be paid back.

Where does financial aid come from? Most is provided directly from the school and distributed on the basis of financial need.

What does “financial need” mean? Need is the difference between educational expenses — especially tuition and fees — and your family’s ability to pay those expenses.

How do schools determine financial need? They ask you to fill out financial statements that give them a picture of how much you can afford to contribute toward education. After calculating the difference between your resources and their tuition and fees, they weigh the resulting financial need against their available financial aid funds and their policies.

What is the income level at which a family is no longer eligible for aid? There is no specific income limit. If you feel you cannot pay all the costs yourself, it’s worth the effort to ask whether aid is available.

What is the timeline usually like? Be sure to ask each school for its unique deadlines. For schools that do not have rolling admissions, here are some approximate dates that many schools tend to follow:

• September or October in the year before you want to start in the new school: Begin your school search.
• November or December: Begin the financial aid application process.
• January or early February: Your admission applications are due.
• January or February: Your financial aid applications are due.
• Late February or early March: Schools send out admission decisions.
• March or April: Schools send out financial aid decisions.

Again: Contact individual schools for exact deadlines. Each school’s deadlines may be different!