Paying For It

Private school can be a big investment. Learn more about tuition costs, extra fees and the funding options available. We'll cover financial aid, scholarships, and outside financing. Explore some of the most expensive schools and learn where your child can attend free.

View the most popular articles in Paying For It:

Borrowing to Pay for Private School

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Borrowing to Pay for Private School
Borrowing money to pay for your child's private school is one of several options you have.

Whether you are a parent looking to send your child to a private K-12 school or your child is currently enrolled in one, you are probably exploring your options for how to pay for tuition and the other costs associated with a K-12 school. The following information will guide you as you consider the many loan program options available to help you pay for your child's private education.

Tuition Planning

Advanced planning is your best option for financing a private school education. The first step in planning for education financing is to contact the admissions or business office at your child's current or prospective school. The financial aid officers at the school can help you learn about available financing options. Waiting until the last minute is never a good idea regarding financial matters. By starting your research early, you give yourself time to plan to pay for this major expense on the best terms possible.

Today a large number of private school students receive financial aid. Many schools offer financial aid through merit awards and need-based scholarships. Based on eligibility, these awards can help make private school education more affordable. Financial aid grants may cover a significant portion of your child's tuition, depending on the school and eligibility. Knowing what a potential award might be helps you plan your borrowing.

About Private School Student Loans

In addition to scholarships and grants, there is another valuable resource to help you pay for your child's education, particularly when grants and

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Scholarships

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Scholarships
Scholarships for private school students are rather limited. Most support students in their area. Here are some organizations which offer funding.

The number of organizations offering scholarships for private school students is limited. In addition to the list of organizations below you should also check to see if your state has and Scholarship Funding Organizations. Apptoximately 14 states have SFOs. Most admissions officers will be able to advise you about scholarships available in your area.

Charter Schools and Vouchers

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Charter Schools and Vouchers
Are charter schools private schools? What do vouchers have to do with private schools? Some answers here.

Charter Schools
Is a charter school a private school? No. It is a public K-12 school. It receives public funding but operates without some of the arcane regulations most public schools must abide by. Read 10 Things To Know About Charter Schools. Charter schools can be found in most major urban areas. Some of them are well-run and funded adequately. Others have been a financial disaster. Charter schools tend to be small and have small class sizes.


Vouchers
The idea behind vouchers is to give lower income families an alternative to poorly performing public schools. Vouchers are a lightning rod in educational circles. Teachers unions universally despise them. Politicians avoid them. In places where voucher programs have taken hold, such as in Milwaukee and Cleveland, the response has been positive. The points of contention have to do with the use of public funds to pay parochial school fees and the diversion of public funds from public schools.

What vouchers are really all about is an attempt to provide some kind of school choice for parents with children in poorly performing public schools.

Fees and Financial Aid For Overseas Parents

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Fees and Financial Aid For Overseas Parents
A brief look at fees and financial aid for overseas students.

Tuition at private schools ranges from $5,000 a year for primary grades in a parochial schools to over $60,000 a year for boarding school. Like the wide range of private schools available, the costs vary greatly for several reasons. Sound management and healthy endowments are two major reasons some schools seem to be able to offer more for less.

Remember: American private schools receive no state funding, yet they must comply with all the laws and regulations which affect their daily operation. Retrofitting older buildings with new technologies, maintaining extensive physical plants, coping with soaring health and liability insurance, legal, and energy costs are just a few of the factors which come into play in determining tuition fees. While private schools are theoretically exempt from property taxes, most of them make substantial contributions to their local towns and cities to help offset the cost of maintaining police and fire protection. The overhead at a private school is enormous and complex with all the attendant impact on fees.

There are a host of ‘extras’ which also must be factored into the cost of an American private school education. Text book and academic material fees, sports fees, clothing, uniforms, transportation to and from school, application fees – the list seems endless. Most schools will provide a breakdown of the ‘extras’ for you upon request.

Financial Aid

Financial aid for expats is generally not available. The assumption is that your company will pay for your child’s education as part of your

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Will The School Give Me A Refund If My Child Withdraws Early?

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Will The School Give Me A Refund If My Child Withdraws Early?
What happens if my child suddenly takes sick before the end of the school year? What if he is expelled? Answers here.

You have just paid $45,000 for a year's tuition and fees at St. Sedgewick's. You are all set, right? Not exactly. What happens if your child suddenly takes sick before the end of the school year? What if circumstances beyond your control force you to withdraw her from school in March? What if he is expelled? In brief, you are obligated for the entire year's tuition and fees regardless of whether your child completes the year or not.

What Are My Options?

The only remedy you have is to sign up for the school's refund plan. It typically acts like insurance in the event that your child withdraws before end of year. The insurance plan will pay for the unused/remaining portion of your child's time at the school. You contracted to pay for an entire year when you signed the contract with the school at the time she was accepted. You do not want to be out of pocket. Neither does the school. This is why tuition refund insurance is an important part of your planning for a private school education. Tuition refund policies are in place at every private school regardless of whether it is day or boarding, large or small, elementary/nursery school or high school.

St. Mary's policy is the sort of thing you can expect at most schools:

"To minimize the loss to a family due to early departure or change in boarding status, Saint Mary’s School has established a Refund Plan. Under ordinary

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Paying For It

FINANCIAL AID
Paying for private school can be expensive and financial aid can be a huge help. Here we'll cover the financial aid options, how eligibility is determined and how it can affect the admissions process.
The Parents' Financial Statement (PFS)
The Parents' Financial Statement (PFS)
Financial Aid 101
Financial Aid 101
School Choice: Vouchers, Scholarships And More
School Choice: Vouchers, Scholarships And More
FREE SCHOOLS AND SCHOLARSHIPS
Don't let the cost of private school deter you, many schools offer scholarships. Explore scholarships, how they are funded and get a list of schools your child may be able to attend tuition free.
Free Schools
Free Schools
Scholarship Funding Organizations
Scholarship Funding Organizations