3 Ways to Cover the Costs of Your Child’s Private School Education

Some parents rule out sending their children to private school because they believe it is too expensive. What they might not realize is that there are ways to make private school more affordable so that their children can get the quality education they deserve. If you are considering private school for your child, here are some ways to ensure you can afford the tuition and other related expenses.  

Check for a Voucher Program

Some states offer vouchers to parents who want to send their children to private school but cannot afford the tuition. The requirements for the voucher program varies by state. For instance, some states could be only available to households that are considered low-income. The requirements also outline which schools the vouchers cover.  

To determine if the voucher program is an option in your state, you can contact the administration office for your school district. You can receive information on the qualifications and how to apply.  

Apply for a Scholarship

Many private schools offer various scholarship opportunities to students. Some of the scholarships are based on merit. Your child's academic performance, and possibly extracurricular activities, will be evaluated to determine if a scholarship is awarded.  

Other scholarships are based on need. A need-based scholarship is typically based on your household's annual income vs. the tuition and expenses. The threshold to qualify can vary by school, so contact the private school you are considering to determine if you meet the income requirements.  

Ask the Family for Help

If you have fully exhausted your resources and still cannot meet the cost of tuition, consider asking family for help. Who you ask is important though. Your child's grandparents can help cover the costs of tuition by writing a check directly to the school. In exchange for doing so, they do not have to face any gift taxes that normally come with making monetary gifts beyond a certain amount. 

The amount the grandparents contribute to your child's education is not considered part of the tax-free allowance made available by the Internal Revenue Service. Therefore, the grandparents can still give a monetary gift to the children, if desired.  

Many private schools have financial counselors on staff. You can work with the counselor to determine if there are other avenues for financing your child's education that you have not considered. Some programs are specific to the schools, so it is possible additional help is available to help cover your child's educational expenses. For more information about paying for private school, contact resources such as International School of MN.