How to Finance Private School Tuition for Your Child
Your child’s education is an investment in his future, from the first day of kindergarten to the day he graduates from college. If you decide you prefer to send your child to a private school, you will have additional expenses to add to your family’s budget. Various financing options exist that can make it easier to afford private school tuition 2.
Speak with your child’s private school to inquire about financial aid available directly through the school. Many private institutions offer financial aid to students, including merit scholarships and financial awards based on need, according to the Park Tudor website. Follow application guidelines to submit paperwork by deadlines to ensure that you receive the award in a timely fashion.
Inquire about multiple student discounts with the private school if you have more than one student that will attend. You might receive a discount with having more than one child attending the school.
Contact your state’s education department to find out about available private school tuition vouchers or financial assistance available for families with students in private schools, advises the Grant Space website 12. Visit the U.S. Department of Education website for contact information and website addresses of state Departments of Education.
Explore scholarship programs available that might help you fund your child’s private school tuition. The Children’s Scholarship Fund offers tuition assistance for children in grades K through 8. The Jack Kent Cooke Foundation offers scholarship assistance for children in grades 8 through 12.
Research the possibility of securing a family education loan through a lender, such as Sallie Mae. Check into the details of the financing to ensure that it offers the terms you need, including flexible repayment plan, competitive interest and fees.
Explore assistance through extended family if you have parents or grandparents who have the financial ability to provide financial assistance that will help you afford private school tuition.
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