8 Facts About Private School Financial Aid, Scholarships, & Tuition

Thinking about private school but wondering how families afford it? You’re not alone. At Aspen Academy, we’ve designed our tuition and financial aid model to be straightforward, family-focused, and rooted in values.

Here are 8 facts that will help you plan—whether your child is entering Kindergarten or Middle School.

1. Private School Financial Aid Is Real—and Available at Aspen Academy

Many families assume financial aid for private school is out of reach. At Aspen Academy, we’ve built a program that supports a wide range of incomes. Families can receive up to 50% of tuition covered through our need-based private school financial aid program. On average, our private school tuition is 49% lower than the average of the independent schools in the Denver area. As a result, Aspen Academy typically has a more economically diverse community than most private schools.

You don’t need to be in financial distress—just thoughtful about your resources and your child’s future.

Learn more about tuition and financial aid

2. Tuition Aid for Private Schools: How Aspen Structures It

Aspen offers tuition aid for private schools through a trusted platform called FAST. We use it to evaluate each family’s full financial picture—including income, expenses, dependents, and special circumstances. FAST uses cost of living indices for the Denver Market and pre-set threshold for expenses that are allowable to factor into financial aid award recommendations.

Every application is confidential and reviewed with care. Aid is awarded on an annual basis and does not roll over automatically.

3. Financial Aid for Elementary Private Schools Begins at Kindergarten

We often hear the question: "Is there financial aid for elementary private schools?" At Aspen, the answer is yes—starting at Kindergarten. Preschool-PreK families don’t qualify for aid but may be able to claim part of their tuition as part of the Colorado Child Care Contribution Credit tax deduction.

4. Understanding Private School Financial Aid Income Limits

We don’t publish strict income thresholds, but it’s helpful to know the range. Most families who qualify for tuition assistance earn under $200,000 annually.

If you’re wondering about private school financial aid income limits, know that we also weigh your full financial context, not just your salary.

5. You Can Combine Aspen Aid with Outside Scholarships

We encourage families to combine our tuition aid for private schools with external scholarships. Great options include:

• ACE Scholarships Colorado
• Employer tuition assistance programs
• Church and community grants

This is especially helpful if your need goes beyond Aspen’s 50% cap. Check out our article on 7 Ways to Pay for Private School Tuition for more suggestions on creative ways to supplement financial aid for private school.

6. Can You Use a 529 Plan for Private School Tuition in Colorado?

This one’s tricky. At the federal level, yes—you can use up to $10,000 per year from a 529 plan for private K–12 tuition.

But Colorado does not fully align with this rule. If you use a 529 plan for Aspen tuition, you could lose state tax deductions or face recapture of past deductions. Always talk to your tax advisor first. There are numerous tax strategies available to support parents in paying private school tuition.

7. How Do I Complete This Financial Aid Application for Private Schools

Aspen’s financial aid application for private schools is done through FAST. It’s secure, online, and easy to follow.

You’ll need documents like tax returns, W-2s, and any relevant expense statements. You can also include a personal note if your family is experiencing unique circumstances. We encourage families to include a letter explaining their circumstances because sometimes numbers don’t give a true picture of needed tuition aid for private schools (e.g. a family still recovering from a recent job loss; unexpected medical expenses, etc.).

8. Scholarships for Private School: How Many Can You Apply For?

You can apply for Aspen's need-based aid and as many private school scholarships as you’re eligible for. There’s no limit.

We do not offer merit-based awards, so there’s no minimum GPA required—but strong community values and mission fit are always important.

Final Thought: Financial Aid Doesn’t Limit Access—It Unlocks It

Financial aid isn’t just for one type of family—it’s for any family seeking meaningful educational investment. At Aspen Academy, we’ll help you navigate your options clearly and confidently. For families interested in financial aid for private school, we suggest a call with admissions before applying. Often they can share more information that will support you throughout the application process.

Visit our Tuition & Financial Aid Page to learn more or start your application.