You’re considering placing your child in a private school. You don’t need us to tell you how great of a decision this is. Private schools offer many benefits to our children including smaller classroom sizes, more focused lessons, and many more.
Although you know just how important it is to place your child in a private school, there may be some hesitation due to the cost of such an excellent education. You might be wondering just how you can afford your child’s tuition, and we’re here to help. Below are 8 tips on how to pay for private school that anyone can benefit from!
NOTE: This is a guest post. The tips provided don’t necessarily all apply to Pear Tree Elementary, as we are not government funded and are located in BC where tax laws may differ from other provinces.
Many private schools offer scholarships. The first thing you’ll want to do is speak with the school about applying for certain scholarships. You’ll want to ask around to see what types of scholarships you can apply for and qualify for.
The amount of aid that you’re granted depends on several factors including your family income and the size of the school’s endowment. To learn more, start out by asking the school that you want to enroll your child in.
They should be able to point you in the right direction. You can then consider asking community religious and civic groups about what scholarships they provide.
Many private schools also offer tuition payment plans. If the school itself doesn’t offer a plan, then the school might work with an outside provider that does. Payment plans give you the opportunity to make monthly payments on the cost of tuition throughout the year.
This is a great option for those who cannot afford to make a one-time full payment for tuition costs. Ask the school what types of payment plans they offer. You can also consider asking the school if they accept parent volunteer hours as a form of payment.
Do your research and see if there are voucher programs available to you. Many of these vouchers are put in place to help students with special needs benefit from private school education. Just be sure to do your research and find a voucher program that best suits you and your child.
Although they might not be the most attractive forms of payment, taking out a loan is a great option if need be. Loans can be taken out in several ways. A personal loan is one form, but speaking with your child’s school should also be your very first step.
Some private schools offer loans through a contract with a loan program. These are specialized educational loan programs. That means that this type of loan is specially designed for educational purposes only.
Some schools might offer a loan advisor to help you decide how much to take out and to explain the loan process to you. Otherwise, consult with your financial advisor before making a final decision.
Before your children reach the school age, it’s ideal that you begin working towards saving for not only their private school tuition but for their uniform and transportation costs as well. A tax-free savings account is a great place to start piling up your savings. Here, you can start adding in the funds that you believe your child will need while attending private school.
Also, keep in mind that if you want your child to partake in any extracurricular activities, there will be an extra cost. Know how much the tuition and costs for all the other add ons is and start saving ahead of time. This is the best way to avoid financial stress.
Some companies offer corporate-sponsored scholarships for education. To see if the company that you work for offers these scholarships, contact the human resource department. Many of these scholarships are intended for post-secondary schools, but not all of them.
There are some that cover K-12 private schooling. The only way to find out is to speak with your job. It doesn’t hurt to ask!
Some private schools offer discounts to families with multiple children attending the school. If you have more than one child that you want to enroll in a private school, then it’s a good idea to inquire about sibling discounts. These discounts vary depending on the school that your children attend, but it’s normally the case that a 10 percent discount is taken off the tuition cost after the third child.
However, always speak with your child’s school specifically to determine exact information.
Our last tip for paying for private school for your child is to discover what type of government support is available. Single parents and immigrants are the two main reasons to look into what help the government has to offer. For example, the Ontario Child Benefit program for low-income families and the Newcomer Settlement Program are both worth looking into.
You might qualify for more than what you believe you will, so it’s always a good idea to check out what resources are available to you and go from there.
Your child deserves the best education available to them. Don’t let the stress of finances hold your child back from receiving the education that he or she deserves. Follow these 8 simple tips on how to pay for private school and let your mind be at ease.
With these 8 tips, it’s possible. Once you’ve sorted everything out, make sure to apply to our amazing school today!