Published
March 14, 2013
One of the first questions parents have about sending their child to a boarding school is how to pay for it. Since I am not Boston Kennedy but rather a poor Scots Canadian, I remember well confronting that reality when we were investigating schools for our eldest daughter. This hub is designed as a guide to the financial side of things as you explore boarding schools.
How Do They Pay for It? examines the answers to a question one of my young employees asked me when he discovered that many boarding schools cost way more than what he made in a year.
Borrowing to Pay for Private School looks at that option in detail. One thing which I have learned over the years is to learn about the various options you have. Try to understand them as best you can. Then sit down with a professional adviser and have her explain which ones best suit your particular circumstances. You are unique. What works for one family might not be the best option for you. A qualified professional adviser such as an accountant, a financial adviser, a tax attorney or your trusted family attorney will see advantages and disadvantages in each option and point those out to you. Money well spent.
How Much Do Schools Cost? attempts to illustrate how schools can cost nothing all the way up to over $100,000 a year. (That high end school happens to be in Switzerland and most likely will not...
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Published
February 10, 2013
Most private schools offer a variety of payment options. Hopefully one or more of these options will suit your needs.
| Payment Type |
N-PK
|
PK-8
|
9-12/PG
|
| One Payment |
Y
|
Y
|
Y
|
| Two Payments |
Y
|
Y
|
Y
|
| Tuition Payment Plans |
|
Y
|
Y
|
| Loans |
Y
|
Y
|
Y
|
| Financial Aid |
Y
|
Y
|
Y
|
| Work Study |
|
|
Y
|
| Scholarships |
|
|
Y
|
| Vouchers |
|
Y
|
Y
|
| Sibling Discounts |
Y
|
Y
|
Y
|
| Free Schools |
Y
|
Y
|
Y
|
| Miscellaneous Fees |
Y
|
Y
|
Y
|
One Payment
What this means is that you write a check for the entire year’s tuition. Some schools will give you a cash discount when you pay cash up front.
Two Payments
When you pay using two payments, most schools expect one payment in June or July (or some time well before school begins) and the second payment in December. The split varies from school to school. Some schools split the years fees 50/50. Others 60/40. For example, if your child’s tuition and fees total $50,000 and the school wants 50% in July and 50% in December you would write two checks for $25,000 each. If the school bills 60% of the tuition in July, you would pay $30,000 then and $20,000 in December. Each school determines how its tuition payments work. Be sure to review payment options carefully when...
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Published
January 15, 2012
I remember wondering years ago how we were going to pay for our daughters' private school educations. And that was back in the days when boarding school cost $11,000 a year. Still it was a sizable outlay. Because paying for boarding school involves so much money, let's look at the options available to you.
You can pay for boarding school...
By check
Fees at most schools are payable in advance. Half a year's tuition and other fees are due on August 1; the second half of the year's tuition together with other fees is due on December 1. These dates vary from school to school but most expect payment around these times.
Other fees? Yes, you need to include expenses such as book fees, trips, club fees, meal plans and sundries in those half-yearly checks. Most schools will send you a monthly bill for any expenses incurred in between those payments.
By tuition payment plan
Tuition payment plans allow you to spread the payments over up to 10 months by using the services of a tuition payment plan firm. There's a list of these in the Resources section at the end of this article. In effect the tuition payment plan company pays the schools in August and December but collects from you monthly. This type of fee payment arrangement helps many people budget their boarding school expenses on a monthly basis as opposed to writing two large checks
twice a year.
With financial aid
Financial is money which the school awards you. For example, say the tuition is...
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Published
April 15, 2008
One of the major issues most families consider when thinking of sending their child to boarding school is the cost. Though it may seem daunting, the boarding school financial aid process isn’t as complex as you might think, and understanding the system will pay off in the long term.
Recently, boarding schools began reshaping their financial aid policies to allow more talented, middle-class students to attend their schools. Today, a large percentage of students at boarding schools receive some form of financial aid from grants, and in some cases that number is as high as 40%. Each school’s aid policy is different, and officers are your best bet for accurate information. Contacting them will give you a better understanding of the steps you will need to take, but below are some basic tips that will apply to all schools.
What is financial aid?
Financial aid is funding intended to help students cover the cost of attending private schools (tuition, board, fees, etc.). Aid does not have to be repayed (unlike loans).
Generally, the endowment of a school correlates directly into the amount of financial aid that can be offered. Each year, a percentage of the budget is set aside for financial aid. Thus, it’s very easy for a boarding school to run out of financial aid.
Tip: sending in all the required documents as soon as possible increases the chances that your student gets an affordable package.
What types of financial aid are there?
Aid generally comes in two forms: merit based or need based.
Merit-based aid (synonymous in most schools with grants) examines...
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Published
April 13, 2013
Here then are a dozen boarding schools which charge approximately $20,000 per year or less for tuition, room and board.
An Overview of Paying for Boarding School
This hub is designed as a guide to the financial side of things as you explore boarding schools.
Financing Options at a Glance
You can pay for private school several different ways.
More articles:
Why Boarding School,
Choosing a School,
Admissions,
School Life,
Financing
An Overview of Paying for Boarding School
How To Pay for Boarding School
International Student's Guide to Boarding Schools
Boarding Schools in a Minute
5 Reasons to Choose a Junior Boarding School
10 Facts About Boarding Schools
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