My daughter will be going to a very good catholic school next year.  It costs $800.00 a month, I am going to apply for financial aid.  I am a divorced mother who gets no child support and never will.  I have about $3,000.00 in my emergency fund.  I have no debt,. except for my mortgage.  I make $46,000.00 a year.  My house needs new gutters.  I was just wondering when I file for financial aid will all of my emergency fund be gone?  Should I get my gutters now before I apply for the aid?    I am very grateful for the school and the assistance they will give me, I am just afraid after she attends the school I will no longer be able to afford the gutters and I dont want my house to fall apart.    Any advice will be appreciated.

 What kind of financial aid form do you receive?  I have used TADS- Tuition Assistance Data Service, and one other company, look over the questions now and see what information they ask for.  I would hate for you to delete ememrgency saving to get more aid, it seems counter-productive.  They don't need you to be destitite to get help, just need assistance.  They will balance your app with the others, and give a percentage of the need, I would assume.  

Hi Tracy,

Thanks for your reply, I am not wanting to delete my savings.  I just want to get my gutters fixed which will be half of my savings.  I was going to wait until summer to get the work done but I am afraid if they take all of my savings, I wont be able to get the work done.  I have no idea what kind of assistance I will be getting, I go to a meeting next week.  I have to fill out a  Private School Aid Service application if that tells you anything.  This is all very new to me, I know I am going to be living very frugally for alot of years.

It looks like the Private School Aid Service is very similar to the the one we fill out.  I think it's a very fair process.  We had three in Lutheran, one in charter this year, along with one in college and two in part time daycare.  Next year one in Lutheran, one in public, two in charter, along with one in college and two in part time child care.  Whew.   

Tracy,

This is the question I want to know.  I should have made it simpler in my first post then going through the whole story.   Let's say the school says I should pay 5,000.00, does the school say we want the 3,000.00 in your savings and then pay 200.00 a month, or does the school say you should pay $5,000.00 and you decide how you are going to pay that amount to us within the 10 month period.  Thank you for your help.

The school will give you a financial assistance letter, such as $3,000 off the $8,000 tuition, leaving $5,000 to pay.  Most schools have options of paying monthly, $500 for 10 months, quaterly, $1,250, or the whole amount.  If you pay the whole amount, they put it in a hold-back type account to use to pay the bills, such as payroll, rent, utilities every month.  I hope that helps.  They will not take your savings.  They will expect you to pay what the complicated matrix the private school need company says you can afford.  It is a fair system, for the most part.  I've heard a few parents complaining, but they are planning trips to Disney as they complain, so I think it's probably fair.  Keep in mind the teachers are not making much, compared to public schools.  Your tuition dollars work very hard.  

Hi Tracy,

Thank you so much for your help.  It is nice to know that I have options and I am so grateful for this school and any help I will be given.  I just like to have a little in savings, in case something breaks down.  Thanks again you made me feel alot better.