4 Things to Consider When Financing a Private School Education

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When it comes to financing a private school education for your children, the decision can sometimes be a rather costly one. However, there are a few things that parents can do to help make the financial pill a little easier to swallow.

Here are four things you should consider if you plan to finance a private school education for your child:

Understand the Financial Aid Process

Don’t wait until the last minute to familiarize yourself with the financial aid process. The more you know early on, the better, since you won’t be confronted with any unexpected surprises. Being prepared ahead of time is always a huge asset, especially when it comes to making such a huge financial decision.

Every private school has a service at hand, which usually involves a third-party company, to determine the level of financial aid that a student is eligible to receive. Parents will be required to submit a variety of income information, and keep in mind that your financial situation might change over time.

Make Use of Scholarships and Similar Opportunities

One thing many private schools offer is merit-based scholarships and similar opportunities. Once you’ve decided on a particular school, sit down and discuss finances with them and find out exactly what type of scholarships they might have available that your child could qualify for.

Most schools are able to offer an individualized plan and are willing to work with families to help find a solution that can best fit the student’s educational and financial needs.

Don’t Lose Track of Deadlines

When it comes to securing a scholarship opportunity, you should never lose track of deadlines for submitting things such as tuition assistance applications. Those deadlines can vary for each school, so this isn’t something you’ll want to be surprised by later on.

While you can sometimes apply later on, the opportunity presented is going to be much tighter than if you met the original deadline. This is because many schools have a set pool of money available for such opportunities, and once it is gone, it is gone.

It’s Ok to Receive Financial Aid

Some people might think attending a private school isn’t achievable thanks to their personal finances, but you should keep in mind that receiving financial aid is actually quite common. In fact, a third of students in some schools receive some form of financial aid.

Instead of looking at the annual cost of a given school as something unattainable, do your homework instead to find out what the school is able to offer you. You might be pleasantly surprised.