NAIS Research: 2024 Report on How Parents Pay School Costs

By Brenna Foley, Mark Mitchell, and Amada Torres, NAIS

Executive Summary

NAIS Research: 2024 Report on How Parents Pay School CostsThe 2023 How Parents Pay School Costs Survey highlights the crucial role of financial aid in allowing families to enroll their children in private schools. Without this support, only 10% of parents who applied for financial aid for the 2023–2024 academic year would still be very or extremely likely to send their children to private school.

While the 2023 results largely align with those from 2018, reflecting a high degree of stability, there are some notable changes. Tuition and financial aid amounts have both increased, but the proportion of tuition covered by aid remains unchanged. Also, while two-thirds of parents were very or extremely satisfied with the amount of financial aid they received, a shift in parental sentiment is observed. More parents now feel stressed (55%, up from 47% in 2018) about paying for private school, while fewer feel satisfied with doing what is best for their children (down from 54% to 44%).

Satisfaction with various aspects of the financial aid process has slightly declined, with lower ratings for instructions and explanations, required documentation, and the type and amount of information requested. These concerns are echoed in parents’ suggestions for improvement, including simplifying the application process, aligning tax information deadlines with application deadlines, and increasing transparency in financial aid decision-making.

As in 2018, nine out of ten parents cited financial aid as the primary funding source for their children’s education, while 70% reported contributing from their regular personal income. The household adjustments families are making to afford private school—such as reducing discretionary spending and delaying major purchases—remain almost identical to those in 2018. Additionally, the percentage of parents who borrowed money for tuition has not changed, with only 12% doing so. Among those who borrowed, 64% took loans from a financial institution, and 60% borrowed less than $10,000. Cost remains a significant barrier for parents whose children where not enrolled in private schools in 2023–2024, with 88% of them citing lack of financial aid as key reasons for not enrolling their children. Moreover, insufficient financial aid and high tuition costs were the most common factors driving this decision, highlighting the ongoing importance of financial aid in private school enrollment decisions.

Developing an affordability strategy with the parent experience in mind will help schools better align families’ expectations with their overall enrollment and retention goals.

Background and Methodology

In 2023, in partnership with Insightlink Communications, the National Association of Independent Schools conducted the periodic survey “How Parents Pay School Costs” to better understand the methods families use to pay tuition, the importance of financial aid in their enrollment decisions, and their emotional state when paying tuition. The study helps schools understand how independent school parents respond to affordability issues so they can develop pricing and financial assistance strategies that are responsive to these parents.

The survey was administered in 2006, 2013, 2018, and 2023. In 2023, participants were randomly selected from a list of parents who had completed the Parents’ Financial Statement from the Community Brands’ School and Student Services (SSS) program in 2022-2023 and were seeking financial aid for the 2023–2024 school year. A total of 1,961 parents participated in the survey.

Totals may not equal 100% due to rounding.

This report was written by Brenna Foley, research analyst; Mark Mitchell, vice president for access and affordability; and Amada Torres, vice president for studies, insights, and research.

Downloadable Content

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This report is a must-read for independent school leaders to learn more about the methods families use to pay tuition, the importance of financial aid in their enrollment decisions, and their emotional state when paying tuition. You'll get actionable insights on developing an affordability strategy that better aligns families’ expectations with your school's overall enrollment and retention goals.

Dive deep into trends and analysis based on survey responses from nearly 2,000 independent school parents across the country. This comprehensive look at how parents respond to affordability issues will help your school develop pricing and financial assistance strategies that are responsive to these needs.  

Don’t miss out on this opportunity to stay ahead of the curve about the evolving landscape of independent school affordability, enrollment, tuition, and financial aid.

For free access to this report, along with many other resources for independent school leaders, schools can join NAIS today. Contact our membership team if you have any questions about how NAIS membership can benefit your school.

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