Financing

As you begin to think about sending your child to private school, how you are going to pay for her education is probably going to be at the top of your list of questions. As you can see from the table below, most private schools offer a variety of payment options. Hopefully, one or more of these options will suit your needs. Copy and paste this table into your worksheet that you have set up to keep the private school search process organized. That will remind you to ask specific questions about financing your child's education.

One Payment

What this means is that you write one check for the entire year’s tuition. Some schools will give you a cash discount when you pay the entire bill upfront. Paying tuition in one payment usually takes care of everything except the sundries. Sundries are charged for riding lessons, elective courses, athletic activities, music lessons, and so on. Most schools will bill you monthly for those charges.

Two Payments

When you pay using two payments, be aware that most schools expect one payment in June or July or at some time well before school begins and the second payment in December. The split varies from

I remember wondering years ago how we were going to pay for our daughters' private school educations. It was a major expense then. It is still a major expense today. Back then in the 90s boarding school cost $11,000 a year. Because paying for boarding school involves a major part of our income, let's look at the available options. You can pay for boarding school in several ways.

By check

Fees at most schools are payable in advance. You will receive an invoice with your acceptance letter. Half a year's tuition and other fees are due in the summer, usually in July or early August. The second half of the year's tuition together with other fees is due in December. Payment dates vary from school to school but most expect payment around these times of the year. If you have your child's boarding school expenses allocated already or have sufficient income to cover two substantial payments a year, then paying by check might make sense for you. Effectively you are paying cash for your child's education. Should you expect a cash discount? It never hurts to ask.

In this video, Peter Baron explains how asking for financial aid works.

Don't forget to budget for the other fees besides tuition. Your tuition invoices will not include items such as tuition insurance, fees for supplies used in special courses, textbooks, and supplies as well as your child's

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; 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 repaid (unlike loans).

Generally, a school's endowment correlates directly with 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 your student's chances of getting an affordable package.

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