According to a survey by EdChoice, over 72% of millennials would rather send their children to private schools. These educational institutions often offer smaller classes, specialized and imaginative instruction, and a more extensive range of academic subjects. However, the catch is that private schooling can cost a significant amount. On average, private elementary schools charge $9,263 per year, while private high schools require $14,017 per year.
A few years back, enrolling my son in a private school would have been a firm ‘no’ due to the high expenditure. My husband and I thought it would hinder our other financial aspirations. Surprisingly, this year, we managed to enroll our son in a local private school despite our tight budget. Given his love for it, we intend to keep him enrolled. If you’re also considering private schools for your children, here are some tips to make it affordable.
OPT FOR A MORE AFFORDABLE PRIVATE SCHOOL:
Not all private schools cost the same. They differ due to factors like religion and grade pricing among others. We found a school that doesn’t charge anywhere near $10,000 per year for our second grader. While tuition is not cheap at $7,600 for K-3 grades, new families get a discount of $1000 in the first year. Therefore, by comparing tuition costs amongst various private schools, you could find one that suits your budget.
APPLY FOR GRANTS:
While going for a less expensive private school is a prudent choice, it’s still costlier than public schools. Therefore, seeking grants might be a good option. There are different types of grants available like FACTS Grant & Aid Assessment, National Association of Independent Schools’ School & Student Services (SSS), and Financial Aid and Student Tuition (FAST) among others. You can apply for multiple children and this process requires information about your family size, income, assets, and debts. Despite the uncertainty of obtaining a grant, it’s worth exploring for financial relief.
WORK-STUDY PROGRAMS:
As a prerequisite to some grants, the school might require you to fulfill work-study hours. These tasks can range from concession stand duty, paper grading, classroom cleaning, or volunteering at the cafeteria or library. If such opportunities are not available, you could propose one sharing your skills in exchange for tuition reductions.
SCHOLARSHIPS:
School-specific or city/state-specific scholarships may also be helpful. Organizations like the Children’s Scholarship Fund offer awards for students across 23 cities. The average amount is $1,700, with families expected to contribute at least 25% of the tuition.
EMPLOYMENT AT SCHOOL:
Private schools, not funded by the state, often hire parents for school tasks. For instance, I was hired as an after-school care worker, which allowed me to earn extra money to contribute to my son’s tuition. This could be an effective option if you have schedule flexibility or are seeking employment while being a stay-at-home parent.
BUDGET ADJUSTMENT:
Last but not least, you might need to cut down on some expenses to accommodate your children’s private schooling costs. But, be sure that these cutbacks don’t deprive you of other vital amenities. This method works best if you have two sources of income as it will be necessary to allocate a considerable amount to the tuition fees. Calculate your tuition payments, find out ways to reduce some of your expenses, and supplement with side income.
However, be mindful not to let private schooling hamper your other financial goals. It’s highly suggested to utilize your resources wisely while maintaining budget discipline.
Have you ever considered private schooling for your kids? Why or why not?
