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:
Updated   January 08, 2018 |
The New Tax Code's Implications For 529 Plans
Changes to the Tax Code in late 2017 included the addition of saving for K-12 private school education to 529 plans. We take a look at what this means for families thinking about private school for their children.

President Donald Trump signed An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 on Friday, December 22, 2017. While the Act has effects on a wide range of tax situations, for this article we shall examine the effects the Act will have on the tax-advantaged savings plan known as the 529 plan.

The United States Securities and Exchange Commission defines 529 Plans as follows:

"A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code."

The IRS offers a detailed explanation of 529 plans. The following video answers the question "What is a 529 plan?"

What the recently enacted changes to the tax code did to 529 plans is to add K-12 private schools. 529 plans now permit you to save for both college educations and K-12 private school educations.

An Overview

Now, just as is the case with private schools, perception often clouds reality. The popular press frequently refers to private schools as elitist and for rich kids. The same stigma will undoubtedly be leveled at the expansion of 529 plans to include K-12 private schools. But when you actually examine 529 plans as a whole and more specifically the 529 plan which operates in your state, you

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Updated   May 11, 2017 |
How To Improve Your SSAT Quantitative Score
The experts at Noodle Pros offer on improving quantitative scores on the commonly used private school standardized admissions test, the SSAT.

I asked the experts at Noodle Pros for suggestions as to how to improve quantitative scores on the commonly used private school standardized admissions test, the SSAT. Their answers follow. ...Rob

Four Noodle Pros give advice on how to improve your SSAT quantitative score: 

1. Be thorough.

Write out your math as thoroughly and as clearly as you can. Even when you can do much of the calculation in your head, it helps a lot to have your step-by-step thinking on paper in front of you. Many times when you get lost or stuck, you can look at what you have written and find your way out of a jam. You can also find and fix the errors in your thinking or your calculation more quickly and more accurately when you can see the work in front of you. Don't do all your math in your head! - Brendan Mernin, 27 Years Tutoring

2. Be confident.

Students do their best when they feel confident. The challenge in maintaining good morale is that the difficulty of the exam can cause students anxiety. Remember that, according to the SSAT website, the SSAT writers design the questions so that only 50 to 60 percent of the test-takers get the question right. Help your child maintain a realistic view of what is expected, and take on preparation in reasonable “chunks.” Start by mastering the questions on content your child already knows, gradually pursue new content or new applications of content, and remind your child

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Updated   May 07, 2016 |
Why Does Tuition Vary So Much?
How can you compare schools objectively when the costs seem to be so different from one school to the next? We look at some of the reasons why tuition varies so much.

Beginning the school search process is a lot of fun. Those beautiful photographs of tree-lined campuses and sports activities, the candid shots of classroom scenes portraying kind, patient teachers, the history of the school and its many accomplishments over the years as well as all those famous graduates - it is all very impressive. So, you make a list of schools which you want to examine in greater detail. At this point in your school search process,  the question which I posed in the title of this article begins to surface.

I can hear you wondering how you are going to compare schools objectively when the costs seem to be so different from one school to the next.  One boarding school charges $56,000 for tuition, room and board while another school in the same state lists its tuition, room and board as $28,000. Why, then, do some schools cost so much and some cost so little?

Boarding schools

Your costs for schools which charge the most for their services range from $45,000 to $65,000. These schools are residential schools or what we commonly call boarding schools. As well as charging for tuition and related expenses, these schools have to bill for room and board. You will notice that some schools offer two types of boarding arrangements. One is the customary seven-day a week boarding; the other is a five-day boarding scheme where the students reside at the school during the week and return home on the weekends. The five-day boarding scheme costs

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Updated   August 24, 2017 |
Vouchers aka Tax Credits and Scholarship Funds
Voucher programs have gained a lot of traction since 1989 when the first voucher program appeared in Milwaukee. We look at how things are playing out in 2015.

Vouchers have been a fact in American private school education since 1989 when the State of Wisconsin passed a voucher program which aimed to help students from low income families in Milwaukee. Since then 39 voucher programs have been set up. According to the American Federation for Children the following states now have some form of voucher program:

  • Alabama
  • Arizona
  • Florida
  • Georgia
  • Indiana
  • Iowa
  • Louisiana
  • Mississippi
  • New Hampshire
  • North Carolina
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Utah
  • Virginia
  • Wisconsin

Vouchers

What exactly are vouchers? The simplest definition is using public funds to pay for a private school education. Voucher programs take many forms and we will look at those later in this article.

How many students nationwide benefit from voucher programs? In 2014 approximately 308,000 students were recipients of some kind of tax dollars in voucher programs or variations thereof. That is 0.006% of the K-12 public school student population which was approximately 50 million at the beginning of the 2014 school year. The actual expenditure is in the millions of dollars which like the number of students in voucher programs is tiny. 

What is the future of voucher programs? As of 2015 voucher programs are state-sponsored, state-managed and state-funded programs. Some politicians, however, would like to see federal funds used for voucher programs nationwide. Why? Because their constituents are disatisfied with underperforming public schools.

What does the public education community think about vouchers? Needless to say, voucher programs in all their forms and variations are complete anathema to the teachers unions and the supporters of public education. Why? Because

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Updated   May 26, 2016 |
Making the Financial Aid Process Work for You
Do you need financial aid? Not sure? Confused by how financial aid works? Here are some answers.
Finding the right private school for your child is a major process in and of itself. It is time-consuming with lots of steps, deadlines and forms to fill out and submit. Then, of course, you have to deal with the issue of how to pay for that private school education once you have identified the right school. Against this backdrop let's you and I figure out how to make the financial aid process work for us.
 
Start early
 
The key to success with any major project is to begin early. Taming the financial aid part of getting your child into private school begins with knowing how much you can afford to pay. Have that number worked out and clear in your mind. The most effective way at figuring out what you can pay is to review your income and expenses. Determine what you can afford to pay monthly for your child's tuition. Project that also as an annual amount. Now bear in mind that this is a rough cut because what you are going to be doing very soon is completing the online documentation known as the Parents' Financial Statement or PFS provided by the School and Student Service (SSS) organization operated by the National Association of Independent Schools (NAIS). The PFS will require accurate financial information about your income, expenses and assets as well as information about any other children who are in tuition-charging schools, i.e., private school. Having that rough idea of how much financial aid you
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Recent Articles
January 16, 2018
Part of the private school selection process is financial aid. We point out five issues about which you should be aware.
January 16, 2018
We look at why tuition costs vary so widely from school to school.
January 08, 2018
Changes to the Tax Code in late 2017 included the addition of saving for K-12 private school education to 529 plans. We take a look at what this means for families thinking about private school for their children.
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.

Financing Basics

There are several ways to finance a private school education, learn more about your options here. We'll explore some of the most expensive schools, explain why tuition is rising and show you how it's all paid for.

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.