Financial Aid Research
In the Summer of 2024, 10Seven and Private School Village set out to
understand parents’ experiences navigating the PK-12 private school financial aid
process by conducting a mix methods study.
Specifically, the research focused on understanding:
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Parents ability to access the PK-12 private school system
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Their experiences of financial shame during and/or because of the financial aid process
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If the characteristics intrinsic to a parent’s identity played a role in who experiences financial shame throughout thefinancial aid process
Upon completing our research study, four themes emerged.
The benefits that come with a private education outweigh the challenges.
Parents reported repeatedly experiencing institutional forms of bias, racism, and discrimination throughout the year, often involving school leadership and other students, but overwhelmingly they feel there is still a clear benefit to private education because of academic rigor and unique learning opportunities for their students.
The most helpful assistance in completing the financial aid application comes from sources outside of the institutions themselves.
Parents found administrators to be least helpful and many parents reported receiving varying degrees of advice and assistance from third party organizations. Parents believed the most helpful assistance in completing the financial aid application came from other parents.
The lack of transparency surrounding the financial aid process and the compounding deadlines for tax filings and financial aid applications are major drivers of financial shame.
Many parents reported feelings of judgement and lack of clear communication during the financial aid process from school leadership. Nearly all parents reported stress and anxiety around gathering necessary information to completing applications. The lack of transparency and time crunch lead to feelings of shame that exacerbated existing financial trauma. This shame has even led some to not apply for aid at all, a key indicator of financial trauma.
The first time is the worst time.
Parents reported that completing the financial aid process took significantly longer with their first child and the shame they experienced is driven by the unknown and unfamiliar aspects. In later years when applying, shame is more rooted in wondering if they will get what they need this time around - some even think about giving up.
Source: McKenzie, C.B., Lynch, A., Killingstad, K. (2024). Evaluating Financial Shame Among Parents in the Private School Village Community. 10Seven and Private School Village.
Many parents are experiencing financial shame and it appears to be most severe amongst parents of color. We found that financial precarity and a parent’s highest level of completed education were not predictors of experiencing financial shame throughout the financial aid process. This means there were no significant differences in experiences of shame for parents associated with income or highest level of education completed. ​
While the financial shame parents experienced during the financial aid process spanned all socioeconomic backgrounds, it was more pronounced for certain parents when the data was broken down by race. Specifically, parents who identified as belonging to a racial group historically targeted by racism experienced financial shame more severely and for a longer period of time before, during, and after completing the financial aid process.
Financial Shame: The psychological effect of being told that you are to blame for the socioeconomic harm and/or circumstances that you experience (McKenzie, 2021).
of Black respondents agreed that their racial identity limits their students ability to fully participate in the private school system.
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We are making huge sacrifices for our kids to go to private school. We haven’t requested financial aid for fear it might impact the ability of our kids to get in.
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of Hispanic/Latinx respondents agreed that their financial situation influences how private school leadership value them.
Recommendations
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Partner with PSV to convene an annual gathering of private school financial aid officers so they can collectively benefit from professional development around implementing and managing aid programs and benefit from being in community across schools
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Consider the implications of having a timeline that requires applicants to expedite filing taxes and offer an alternative
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Offer virtual sessions for applicants on filing out applications -- help orient applicants to your process and address the most frequent issues/questions.
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Conduct an anonymous and confidential feedback survey following each financial aid period and have feedback not solely go to the person administering the program
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Share best practices and key learnings with others (see our "share your tip/lessons" feature below). Peer advice from applicants and/or suggestions from administrators are always helpful.
Additional Report Citation: This report incorporates methodologies and findings from Chloe B. McKenzie's research on financial trauma and financial shame. For clarity and accuracy, all concepts, frameworks, and conclusions directly attributable to McKenzie’s research are distinctly cited as “Source: McKenzie, C.B., Lynch, A., Killingstad, K. (2024). Evaluating Financial Shame Among Parents in the Private School Village Community. 10Seven and Private School Village,” and should not be conflated with any other research, recommendations, or conclusions referenced in this report.
Disclaimer: The “Recommendations” and “Share Your Your Financial Aid Process Tips/Lessons” sections of this report reflect aggregated qualitative data and suggestions provided independently by Private School Village. While Private School Village acknowledges 10Seven's contributions, 10Seven has no role in generating, validating, or endorsing these insights. These insights along with any resulting work or solutions derived from these insights should not be interpreted as part of 10Seven's research, methodologies, frameworks, or similar work.
Share Your Financial Aid Process Tips/Lessons
I heard through word of mouth that we could apply through the school district to get funds for my daughter. The school doesn’t even tell you, ‘this is a means of getting support from us.’
It’s a lot of information that I’ve never had to share before and it was uncomfortable.
Luckily the parent community is open and honest because we have all done the things to make sure our children are getting their needs met.
There is stress because you have to go through the process of doing your taxes early in order to qualify or have all the stuff that they need in time to get the awards out.