| Understanding Private School Financial Assistance Options |
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| Written by George B. Woznak | |
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For almost all families with children enrolled in pre-collegiate private school, paying the tuition bill takes careful planning and thoughtful navigation through the available financial options. Learning about the range of financial assistance options is one of the first tasks that should be undertaken in the exploration of private school education.
For parents who will seek financial assistance to cover the cost,of private school education for their children, learning about the range of options as early as possible in the private school exploration process is essential. and implementing the right set of options will require considerable amounts of homework and legwork. The following is a summary of the financing options generally available to families of private school students. A more detailed explanation of the options is available in a guide titled How to Get Financial Assistance for Private Elementary and Secondary School. There are four types or sources of financial assistance that should be investigated and evaluated: Financial Aid is a form of assistance that is provided by the schools themselves to offset a portion of the standard tuition expense. Financial aid is awarded based on the financial need of the applying family and does not need to be repaid to the school. Merit Scholarships are offered by some schools in recognition of a student’s achievement or talent in a particular area such as academic performance, participation in the arts, community involvement, or the anticipation that the student will excel in a particular area that will benefit the members of the school community. Merit scholarships are awarded without regard to the financial need of the applying family. Tuition Financing Options permit a family to spread tuition payments over a period of several months rather than requiring payment in one or two larger sums at the beginning of the school year and at mid-year intervals. Generally, there is a nominal administrative fee associated with this option. Tuition Loans are available from a variety of sources. Tuition loan programs are available with variety interest rates and repayment terms and generally require a favorable credit history. As parents begin their exploration of private school education for their children, they should inquire about the availability of the four sources of financial assistance. How to Get Financial Assistance for Private Elementary and Secondary School provides more specific information about tuition financing options, as well as a framework for making good financing choices. |
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