The majority of New York City private schools award financial aid based on need. Parents fill out a single form on-line, provide documenting tax returns, and an algorithm determines how much the family is eligible for. The school can then decide if they wish to meet that figure, and send a package along with the child's acceptance letter. The amount, though usually final, can be negotiated under some circumstances, especially if pressing need can be demonstrated and - this the most important part - the school really, really wants that family. (Some examples, here.)
And while no school is interested in accepting a child who they don't feel would be intellectually up to the rigor of their curriculum, few scholarships are given out based on intelligence, alone.
For one thing, so many children in NYC score above the 99th percentile on multiple intelligence tests (see: What Qualifies a Child as Gifted in NYC Schools), that an IQ of 130+ is hardly enough to make them stand out. Furthermore, research has demonstrated that as long as a student fits somewhere in the 125-145 IQ spectrum, they are perfectly capable of completing most academic tasks.
However, a high IQ offers no evidence of a child's work-habits, determination, curiosity and that all important factor known as grit - the things that are much more correlated to success in school - and in life - than the volatile IQ of a four year old on a given day.
Those traits usually become familiar over time. It is much easier to identify academic talent and grit in a fifth grader than a five year old. Which is precisely why Brooklyn's newest private school, BASIS, has announced a Merit Scholarship for 6-8th graders for their inaugural year, September of 2014.
While full tuition is set at $23,500 a year (still nearly half the cost of many Manhattan $40,000 schools), merit scholarships could bring that down to anywhere between 25% and 95% off!
To be considered, students must assemble a portfolio that includes:
* Math/English teacher evaluations
* Report cards and transcripts for the last 2 years
* Character reference/Letter of Recommendation
There will also be an interview, and on-site in-depth math exam and a full-length essay.
The scholarship is then guaranteed for subsequent years as long as the child keeps up a B+ average.
Looking for more ways to monetize your gifted child? The Discover Your Passion grant is now accepting applications from NYC schoolchildren to help them pursue their education in a variety of elective fields from music to art to science and computer programming. Get the complete scoop, here: http://www.examiner.com/article/how-to-monetize-your-gifted-child-scholarship-edition