Some families of color want a better education for their children and are dissatisfied with the state of public education. It is for these reasons that they’re considering private schools. The problem for low-income families is that it’s a struggle to afford a private school education. However, not all hope is lost because there are strategies to help you do this. Here is how to afford private school on a budget.
1. Create a 529 Savings Account
The 529 savings plan is generally for college savings but did you know you can also put aside money for private K-12 schools? While your child is still a baby, open a 529 savings account for his private school education. Two types of 529 plans exist. The education savings plan works like an investment account and your contributions to the account will earn interest over time. The second type of 529 plan is the prepaid tuition plan. It lets you lock in current private school tuition rates at the school you choose.
529 savings plans are sponsored by your state and you can choose a plan from any state, not just your state. After you choose your 529 plan, you’ll then open the account and deposit the money. Finally, invest the money you deposited into the account.
2. Ask The School About Financial Aid
Many private schools offer financial aid packages so inquire about them when you contact the schools. Compare the financial aid packages to determine which one best offers the coverage you need for your child. You should also apply for financial aid assistance a few months before your child enrolls because these packages come on a first-come first-served basis.
3. Take Out A Loan
This is my least favorite option because I don’t want you to go into excess debt to pay for private school. But when you don’t have many other alternatives and you’re trying to figure out how to afford private school, you may need to take out loans.
4. Consider State Voucher Programs
Some states offer voucher programs for families who need financial assistance with private school education. Every voucher program has its own requirements so you should research your state’s program requirements for clarity.
5. Reach Out to Relatives
Another way to afford private school is to reach out to your parents or other relatives for help with paying for the tuition. Your extended family cares about your child’s education and they may be willing to take out a loan to cover his educational costs. Some relatives may donate cash gifts as assistance to the child.
6. Get on a Tuition Payment Plan
Some private schools offer a tuition payment plan to help you afford the costs. The most common type of tuition payment plan is the monthly plan. You’ll pay a certain amount each month until the tuition is paid in full. You can also pay a quarterly fee or biannually depending on the school.
7. Cut Out Unnecessary Expenses
To make room for the things that matter the most to you, you’ll need to slash unnecessary expenses that are not aligned with your priorities. Maybe you’ll need to eliminate your favorite subscriptions, cable TV, vacations, and dining out so you’ll have more money for savings. Create a barebones budget where you focus your money mainly on the essentials and your savings.
8. Save All Surpluses
Save half of every tax refund you receive to put these funds toward your child’s private education. If you’re receiving an inheritance or a settlement from a lawsuit, put some of the money in your savings account. Use some of your side hustle profits for savings. This speeds up the savings journey throughout the year.
9. Increase Your Income
Even if you use most of the strategies mentioned above, it doesn’t hurt to increase your income since it will boost your savings. Some side hustles you can do are babysitting, freelance writing, virtual assistant, and pet walking or pet sitting. Talk to your supervisor about negotiating for a higher salary. Research the average salary for your position and take inventory of how you helped the company reach its goals.
10. Don’t Choose The Most Expensive School
Just like college, there are expensive and inexpensive private K-12 schools. You don’t have to choose the most expensive private school in your city. Research different affordable private schools and request brochures from each of them. One private school may not have all the social clubs and sports teams you desire, but it may have a solid academic reputation.
11. Negotiate The Tuition Cost
What you may not know is that you can negotiate tuition costs with the school. Be honest about your current financial situation but also be willing to be flexible about how much you can pay each month. Another idea is to discuss any specific academic achievements or success in arts activities such as music, dance, or sports. This may work for schools that want to attract students who are skilled in these areas.
12. Use Your Investment Income
If you accumulated significant investment income over the past few years, use some of these funds to pay for private school. If you’re on a monthly payment plan, you can use your investments as the primary way to fund your child’s education.
13. Agree to Work There in Exchange for Discounted Tuition
This is another creative way to afford private school. Maybe you can be a substitute teacher when a regular teacher is out for a few days. Other jobs you can do include managing the school’s website, organizing fundraisers, serving food in the cafeteria, and tutoring students after school.
Private schools are costly but once you know how to afford private school with these strategies, you can give your child a quality and affordable private school education.
