How to Afford the High Cost of a Private Education for your Child

Private prep schools in miami

A private school education offers smaller class sizes, better resources, and an overall higher quality of education. Yet, with these improvements comes a cost. The best day schools charge an annual tuition cost. Although the exact cost varies by state and school, the cost can be as much as a year of college tuition. Are the high costs of tuition keeping your child from the benefits of prep schools? These methods might help you afford to send your child to performing arts high schools.

Begin saving when they are born

Some parent begin saving for their child?s college education at a young age. You can use this same method to afford their private school education. Look at it as an investment, as a better academic education might qualify them for college scholarships. There are many educational savings accounts that offer you high return rates. If you begin saving as soon as they are born, you can grow your savings significantly by the time they are of school age. Just put a small portion of your paycheck away every two weeks. Even if it is not enough to cover the full cost of tuition, it can take some of the financial burden off your family at the time.

Create a gift account

Family members are likely always asking what to get your child for birthdays and holidays. Instead of gifting them a toy that they will play with for a couple of minutes and then never touch again, consider creating a gift account. Give the details of this gift account to your family and friends. Over time, you will grow the account to a good amount, which can significantly help with the cost of tuition rates. Inform your child that you are gifting them their dream of attending performing arts high schools, instead of the latest trend toy.

Look for scholarships

Many of the best performing arts high schools have a set amount of scholarships they offer every year. Private schools have nearly 1.5 times as much of their enrollment in large cities when compared to public schools. To encourage the advantages of a private school to these public school students, scholarships are given to those that cannot afford the tuition. Keep up with researching these scholarships and be diligent about applying for them. You could even qualify for an entire year of free tuition.

Ask about low income tuition rates

Some performing arts high schools, especially those that are located in large cities have discounted pricing for those with low income. If you can find a private school that bases its tuition rates on income, you could qualify for an affordable cost. Just make sure you keep up with the paperwork that is often required of these programs. Many of them require that you submit new tax documents and proof of income every year. You don?t want your child to disqualify for the best middle schools because you forgot to submit some paperwork.

Volunteer at the school

Similar to work study in a college environment, some schools will allow parents to volunteer, or work, at the school in exchange for tuition assistance. This is a great way to reduce the costs of a private school, while also still receiving the advantages of private schools. Offer to work in your area of expertise, such as the computer labs, school cafeteria, or even as a teacher?s assistant. You will also be closer to your child during the school day, which can help with their academic success.

Generally speaking, parents are satisfied with their child?s private school education. Parents of 82% of students in private schools reported being very satisfied with their child?s school. However, some parents struggle to make their child?s private school tuition payments. These alternate payment methods will give you the opportunity to give your child a high quality education, without struggling financially.

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