From smaller classrooms to athletic programs, private schools appeal to kids and parents from all different backgrounds and income levels. However, many parents assume private schooling comes with a premium price tag few can afford. That’s not always the case.
There are financial tips and tricks parents can use to reduce tuition costs to make private schooling an affordable option for their kids. Here are a few strategies you can use to reduce private school costs.
Look into financial aid
According to the Pew Research Center, a college graduate typically earns 38% more than a high school graduate, and students who attend private schools generally have higher rates of acceptance into college. Fortunately, just like college, many private schools offer a form of financial aid to families who need it.
Even if you’re unsure if you’d qualify for financial aid, it’s worth applying for assistance. You may be pleasantly surprised to find that you qualify, and some schools offer financial assistance to families in the middle of a short-term financial setback.
Apply for scholarships
Scholarships are another way to receive financial aid. Scholarships may be funded by the school or by private donors. You may either need to apply for these scholarships or your child may need to compete against other students by writing an essay.
In some states such as Arizona and Pennsylvania, individuals and corporations can allocate a portion of their owed state taxes to private nonprofit scholarship-granting organizations that issue scholarships for families in financial need. However, income earned through entities such as sole proprietorships, LLCs, and partnerships are entitled to a 20% deduction before income tax rates are applied.
Consider what’s covered in tuition
One way that parents automatically save money when they opt for private schooling for their kids is in school supply savings. Oftentimes, private schools include the cost of supplies into the tuition. That means you don’t need to spend any more money on textbooks, notebooks, pens, or technology your kids might need.
Buy uniforms from general stores
Many private schools require uniforms. But you don’t need to shell out hundreds of dollars to afford them. In fact, many general stores such as Walmart and Target sell school uniforms so you can put your child’s uniform together without breaking the bank. If the private school has specialized uniforms, you may be able to attend a uniform swap where parents exchange old uniforms that no longer fit their kids.
Ask about sibling discounts
Some private schools offer sibling discounts for families looking to enroll multiple children into one school, which is another great way to cut down on annual tuition costs. However, not all private schools offer sibling discounts so it’s best to ask with your child’s school admission office.
Private school education isn’t exclusive to wealthy families. Families on a budget can afford them, too, by navigating the right financial programs and following the tips above.
