Principal Janine Devenport said applying for the review had been a big task but the school and board of trustees had decided it was worthwhile.
"It was a big task, but that's pretty standard," she said. "I'm not that hopeful but it's just something you have to do. When we find out the result of it we'll move on and get on with the job."
The school currently asked parents to make a $25 donation per child, per term. Ms Devenport said some families would find it difficult to pay any more in donations.
"At some point we may need to put the donation up but we would carefully weigh it up. You never get 100 per cent of parents pay so if we put it up, we may get even less people paying.
"We may be able to manage the funding loss by doing some fundraising or we may have to reduce some of what we offer. Programmes for children are the ones that will go first."
Mauriceville School principal Rebecca Stevens has previously indicated she would seek a review of its decile rise from 4 to 5, as the ranking was based on the farming community surrounding the school and not the students' community.
She was confident a review would return a decile 4 ranking, which was more equitable.
The Times-Age was not able to obtain the name of the third school.
Eight hundred schools nationwide were moved to a lower decile rating, 784 schools moved to a higher decile rating, and 822 schools' decile ratings did not change.
Schools could request a review if they believed the new decile did not accurately reflect the socio-economic circumstances of students.
As of April 29, 154 schools had lodged review applications with the Ministry of Education.
The ministry would not release the names of the schools but said schools would know the outcome by the end of May when the decile rating of all schools will be updated on the ministry website.
"We have worked with schools to support them in preparing their applications and no school will lose funding as a result of requesting a review," ministry spokeswoman Lisa Rodgers said.
Education Minister Hekia Parata has previously said the decile funding system was well-intentioned but also complicated and "really clumsy".
"There are some significantly disadvantaged kids and families in deciles seven, eight, nine and 10 schools, but overall the average masks that," she said. The decile system, also described by Ms Parata as a "blunt instrument", has been readdressed as part of a wider review of school funding.
Schools whose funding was cut after moving to a higher decile would have an 18-month transition period and additional funding to assist them, Ms Parata said.
"There are many factors that make a good school good and it's important to remember that decile funding only accounts for about 12 per cent of overall funding for schools."
NZME.
