Month: November 2018

Paying For Private School

Many parents want to send their children to private school but lack the means to accomplish it.  The stereotype attached to these schools is in many situations rightly deserved, but we are here to help give you some information to reduce the costs or possibly even cover them completely.  Depending on the school, the benefits of graduating from a private school can be enormous ranging from preferred treatment for admissions into a college of choice to long lasting professional connections.  These connections can prove invaluable in the future when it comes to finding a job or getting a deal done.

Scholarships and Grants

Most schools will offer at least some merit based scholarships dependent on financial situation.  Often many scholarships and/or grants are available exclusively to lower income homes that have no means to pay for private school tuition.  This tuition can be upwards of six figures for a 4 year high school or middle school which is well out of the range of the average United States household.  Secular private schools will have the added advantage of being eligible for government grants.  These government grants can be tricky to find and apply for but they provide great value for low income homes and open up possibilities they never thought possible.  Along with public scholarship and grant options there are a lot of private organizations and charities that offer scholarships to specific demographics of individuals.  This option is available in conjunction with paying out of pocket or with financing.

Financing

 

There are a couple of options covering the financing of tuition that we will talk about here.  The first is if you own a home you may be able to acquire a home equity line of credit to help pay for private school tuition.  This is a much more economical route than doing something like paying for the costs with credit cards as the interest rates will be much higher on a credit card than it will be with a home equity line of credit.  The downside to using this type of line of credit is that the debt is secured by the home and if you fail to repay the debt then your home can be foreclosed on.  If you have bad credit we can recommend a company that specializes in credit repair that can help you improve your score and put you in a better position to negotiate better financing terms.  With a decent credit report a lot of schools will offer payment plans so you can pay year round even if the school is only in session 9 months out of the year.