You’ve made the decision to send your child to a personal school. You’ve selected the universities that are the best fit, reviewed all of the facts and figures and produced 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 based aid, merit based aid, scholarship grants 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 wants to send their child to a private school. The sooner you start planning to handle the cost of private school tuition the better away you’ll be.
Determine what is the cost to send your child to the school of your option. 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 fall with payment due in 30 days. Usually the invoices cover half the year’s tuition, room and board in addition fees. Some schools offer a 5 to 10 percent discount for a complete year payment, be sure to ask.
Since you know the costs, review your household budget to see how much money you can provide by saving or cutting expenses. For individuals who begin tuition planning very earlier, a Coverdell education savings program, 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 purchase qualifying education expenses at private elementary and secondary school.
Next research and review all options for funding and learn the financial aid deadline for your school, which usually is in February. Some schools give out aid on a 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 financial aid office to see which are your best choices. Armed with the facts and figures plus some good advice you’ll be able to make the best choice for the family.
Tuition Payment Plans
Can not pay a lump sum for college tuition 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 the service. Payment plans are provided by outside services and sometimes with the schools themselves.
Private Student Loans
A few families decide to take out a private loan to help pay for private school. Households borrow money through their home collateral account, bank or credit unions, educational loans, through the school or from family members. Make sure to consult your 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, over half the students in personal schools are receiving some financial aid according the National Association associated with Independent Schools data.
Depending on their endowment, some private schools can offer a virtually free education if your household income is $75, 000 or even less. Even if you make more than that, almost every private school offers some form of financial aid to families. You will need to file an application for aid and usually 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 households with more than on child attending the same private school.
Don’t be too discouraged if your aid application is turned down or you don’t get as much at you require. File an appeal with school 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 Finance for elementary students and the Jack Kent Cooke Foundation for those in grades eight and up.
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Merit Centered Aid
In addition to need-based aid, a lot of private schools offer scholarships based on a student’s talents or achievements in academics, athletics, Arts, and so forth Merit based aid varies from practice to school. Students may have to take a test, submit a project or full an application to qualify. Make sure to get all the details from the school about the plan including deadlines. Also find out when the merit scholarship is renewable.
Last but not least look around you community, the organizations you belong to as well as your employer to see if scholarships are available for your child’s private school education.