While everyone will agree that private school education is not inexpensive, it doesn't have to break your budget. Affording a quality education does take some planning, and most families employ several strategies to keep the cost within reach. In this planning it is important to realize that the family bears the primary responsibility for financing their child’s education to the extent that they are able.
Perhaps the best source of information lies within the Financial Aid Officer at the individual schools you are considering. They can explain the full range of financial options that they offer so that you can see how these options fit within your financial planning.
Among the most common of financial aid options are grants. Grants are based upon the financial needs of a family and do not need to be paid back. The money for these grants comes directly from the school’s budget and demonstrates the school’s commitment to having a diverse student population.
Another common option is a monthly payment plan. These plans are administered either by the schools themselves or by outside agencies approved by the school and allow families to spread out their tuition payments over a period of eight to ten months. In most cases, payments start before the school year begins.
Occasionally schools also offer low interest loan programs. Loan programs differ from payment plans in that they charge interest, require creditworthiness, and often includes fees beyond interest payments. Families utilizing this option should look carefully at both the short and long term impact of this type of plan.
Remember that financing a private school education requires some planning on your part and most families take advantage of at least one of the above options. No matter which of these options you decide to use, following deadlines for submitting the necessary forms is most important. Missing a deadline or not following directions might well diminish your chances of utilizing that particular financing option. And remember that the admission and/or financial aid officer are willing to help you with these options. They are interested is the same thing you are - providing a quality education for your child!