Private schools are gaining popularity more and more. Unfortunately, lower costs don’t come along with that increase. Parents seeking better opportunities for their children often give up on private education because the amount of money needed, and the widely accepted myth that non-government schools are for rich kids exclusively. Though it is true that wealthy parents can go through the schooling process much easier, it is not impossible that, with some sacrifice, careful planning and awareness, parents earning average wages afford private schools for their kids. In further text, we offer you five ways of paying for large tuition bills.
Majority of schools require fees payments in two instalments (on due in summer and the other in the late fall). Some, however, do their charging by terms or semesters. The usual practice is to pay in cash, credit card or by check, twice a year, and pay the additional expenses (books, IT equipment, school trips, sports, etc) on a monthly basis. If you are able to collect more money on the beginning on the year, paying the entire tuition a year in advance, could pay off in the long run. Most of schools offer 5 to 10 percent discounts for such payments.
Tuition Payment Plans
By taking this road, you are stretching your payments equally over a certain number of months. Instead of paying larger sums of money twice a year, you are paying monthly instalments to an outside provider and not to school itself. Basically, you are including these expenses into your monthly budget and setting money aside to a mediator company, which is in charge to pay the school in agreed rhythm. When you are using School Easy Pay, schools will accept any payment done via bank account, credit card or debit card.
Scholarships and Bursaries
Check what kind of financial aid your chosen school offers. Scholarships can cover only a part of the total expenses, but little help is better than no help at all. The amount of money you’ll get depends on different factors (schools’ endowment, the way school allots its scholarships, etc). If your salary is under a certain amount, you can apply for bursaries, which will cover most or all of the education costs. You need to know that your assets and incomes will be thoroughly invested in this case.
Getting a Loan
Here you have two options. One of them is the common borrowing against your assets. The second is using some of the educational loan programs. These specialized programs can help in paying the whole education or just some part. Some schools offer such loans themselves. Others have mediator companies in charge of that. Your tax advisor and financial planner should be involved in making a decision of this kind.
If you are an employee of some major company, there is a possibility that your employers will pay for the whole scholarship or its part. It is a good practice that is keeping the workers motivated, and thus keeping the “man above” satisfied. If you are interested in the ways your company can help you with paying for private education, the right door to knock on are Human Resources department.
Hopefully, this was helpful and that you’ll think twice before giving up on the idea of private education for your child, completely.