You’ve made the decision to send your child to a private school. You’ve selected the institutions that are the best fit, reviewed all of the facts and figures and made your choice. Now the challenge is paying for your child’s education.
While private school can be expensive, there are a number of ways to pay-tuition payment plans, need centered aid, merit based aid, scholarships and loans. It takes a little function but with some effort you can pay for the very best education for your child.
The early bird gets the worm should be the mantra of any family who would like to send their child to a private school. The sooner you start planning to handle the price of private school tuition the better away from you’ll be.
Determine what is the cost to deliver your child to the school of your selection.
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Besides tuition find out what fees and other expenses such as books and transportation will cost for the year.
Become familiar with your school’s billing cycle. Usually private schools bill twice a year — early summer and late drop with payment due in 30 days. Generally the invoices cover half the year’s tuition, room and board in addition fees. Some schools offer a five to 10 percent discount for a complete year payment, be sure to ask.
Since you know the costs, review your household spending budget to see how much money you can provide by saving or cutting expenses. For those who begin tuition planning very earlier, a Coverdell education savings plan, formerly the education IRA, might be an excellent option. Families may contribute up to $2, 000 a year to the accounts and then withdraw the money tax-free to cover qualifying education expenses at personal elementary and secondary school.
Next research and review all causes of funding and learn the financial aid deadline for your school, which usually is in February. Some schools give out aid on the first come, first serve basis, so being prepared can make a distinction.
Compile all the data and speak to your financial adviser and the school’s educational funding office to see which are your best options. Armed with the facts and figures plus some good advice you’ll be able to make the best choice for your family.
Tuition Payment Plans
Can’t pay a lump sum for expenses but your budget can handle smaller monthly payments? Then a tuition payment plan may work for you. The plans typically split the year’s tuition into 9 or 10 equal monthly payments and charge a flat yearly fee for that service. Payment plans are provided by outside services and sometimes with the schools themselves.
Private Student Loans
Several families decide to take out a private mortgage to help pay for private school. Families borrow money through their home equity account, bank or credit unions, educational loans, through the school or even from family members. Make sure to consult your own financial adviser and to search out all your loan options.
Need Based Help
Think you make too much money to obtain financial aid? Don’t be too sure, more than half the students in private schools are receiving some financial aid according the National Association of Independent Schools data.
Depending on their particular endowment, some private schools may offer a virtually free education if your family income is $75, 000 or even less. Even if you make more than that will, almost every private school offers some form of financial aid to families. You will need to file an application for aid and generally a standardized form such as the Parent’s Financial Statement from the School plus Student Services for Financial Aid. Make sure your know the deadlines. Financial aid may include work-study programs and discounts for families with more than on child attending exactly the same private school.
Don’t be too disappointed if your aid application is rejected or you don’t get as much at you will need. File an appeal with college spelling out exactly why you need the help. Make sure you have supporting data and many schools will be glad to discuss the situation with you.
Besides need based aid from the school itself, there are several national fundamentals that give aid to students based on need such as the Children’s Scholarship Account for elementary students and the Jack port Kent Cooke Foundation for those in grades eight and up.
Merit Centered Aid
In addition to need-based aid, several private schools offer scholarships depending on a student’s talents or achievements in academics, athletics, Arts, etc . Merit based aid varies at school to school. Students may have to take a test, submit a project or finish an application to qualify. Make sure to obtain all the details from the school about the plan including deadlines. Also find out when the merit scholarship is renewable.
Various other Scholarships
Last but not least look around you local community, the organizations you belong to as well as your employer to see if scholarships are around for your child’s private school education.