5 Ways to Pay for Your Child’s Private School Education
It’s no secret that the U.S. educational system leaves a lot to be desired. The media has covered in detail how far behind many other industrialized nations we are when it comes to standardized test scores. American students are notably lagging when it comes to science, math, technology and engineering scores, and the fact that the best jobs in these fields are now going to foreigners proves that out. It seems like serious overkill to worry about this when your kid is still in preschool. But the best schools fill up quickly, and getting them into quality private school programs that can help set them on a great track in life is no easy task. It can feel like a job interview for a five-year-old! And that’s to say nothing of the expenses. Quality private schools can run you at least five figures a year, and many programs are far more than that. There are also things your child can learn in boarding school. The right school is worth it, but where do you come up with the cash? Here are five ways to pay for your child’s private school education.
First of all, explore any payment plan options the school might provide. You don’t want money to get in the way of education, and spreading tuition payments out across the year could be one way to get it done. Some schools set up programs with banking institutions, so you’ll have consistent payments and very low interest rates. The program will cost a bit more overall, but you’ll be able to afford the best for your child. And that’s what matters in the end.
Another great option is a scholarship. This is something you can get from some sources but start by looking for opportunities with the school itself. The process always begins by filling out a financial aid application, and any other forms they might require. Every private school has an endowment program funded by benefactors and previous graduates. Funds are given out based on need or by talent. The options will depend on your child’s age and the school you have in mind. But scholarships could make all the difference.
If scholarships alone aren’t enough to fill in the gaps, you might consider taking out loans. It may sound crazy, loans for private school before your child is anywhere near a college. But it could pay off further down the line. If your child excels in the private school, he may end up getting into an Ivy League college and earning a full scholarship. If you believe in your child’s education and are willing to support him come hell or high water, a loan could be worth it. You might have to borrow against your home or other assets, and that’s a nerve-wracking path to walk. So make sure you talk to your financial planner in advance of taking this option.
It might be surprising to learn that your boss could end up helping you pay your child’s tuition. This will only be an option if you’re a longstanding employee for a large corporation. But many of them have some tuition program for their employees’ dependents. There will have to be extenuating circumstances, such as a foreign posting that require you to move your child to another school. But some corporations also fund scholarship programs. Just check with your human resources representative to find out if this is a possibility.
Finally, don’t be afraid to launch a fundraiser in support of your child. This is something you should only attempt if you have the time and energy to commit, and a dedicated community of family, friends, and associates to lean on. You can host parties and events to generate ‘sponsors’ for your child. You could also use crowdfunding platforms like Kickstarter to raise money online by offering rewards for various benefit levels. It takes a lot of work and creativity, but some of the top online MBA graduates in the country made their way to this method. And your child will love the attention!