How to get financial assistance for private school tuition

by Maureen Boland 

They argue that the foundation of your child's education is established in the early years. This is when she's not only learning the basics of reading, writing, and arithmetic but also discovering a love of learning. "The early years are so important," says Eve Stabinsky-Ackert, an early childhood educator and former preschool and kindergarten teacher from Monroe, Conn. "This is when your child can gain the intellectual, emotional, and social confidence that will carry her through her entire life. These are also the years when a child can get lost in the system. And remember — if you're concerned about getting your child into a top college, then sending her to a private school may help give her an advantage, especially if she's not a straight-A student. Teachers in a private school are more likely to have the time to recognize and nurture your child's personal skills and talents."

Nationally, the average tuition for a private school is $3,116. (Public schools spend an average of $6,500 per pupil, roughly twice the amount.) However, many of the top private schools can cost as much as $10,000 to $15,000 a year and may be out of reach of most families. But don't make the mistake of thinking that only rich kids can afford a top private school. "Some schools offer financial aid to nearly half their students," says Selby McPhee of the National Association of Independent Schools.
 

The different types of financial assistance

Scholarships. Many schools offer money to promising low-income students. Ask for a list of available scholarships. (Local community organizations and religious groups sometimes offer aid for private elementary schools, but the amount is usually minimal.)

Financial aid. This is a "need-based" type of aid — and it doesn't have to be repaid.

Loan programs. This option helps you borrow money to pay all or part of your child's tuition. Some schools offer loans directly; some are affiliated with outside agencies through which you can apply for a loan. You can ask your bank for loan information.

Payment plans. According to this option, offered by many schools, you pay your child's tuition in monthly installments as you would a mortgage (you may also have to pay a nominal signup fee).

Where to start looking

The schools. Always start with the schools themselves. They will be your best source of information on scholarships, student loans, and other types of financial assistance. Many schools provide their own scholarships and should also be able to provide you with a list of outside sources.

Academic Management Services provides interest-free monthly payment plans and loans to parents who send their children to participating private schools. Visit their Web site or call (800) 635-0120, or write to Academic Management Services, 50 Vision Boulevard, East Providence, RI 02914.

F.A.C.T.S. Tuition Management offers tuition payment plans through specific participating schools. Call them at (800) 624-7092, or write them at P.O. Box 67037, Lincoln, NE 68506.

Smart Tuition Management Services allows participating private schools to apply for a tuition payment plan on your behalf. You pay a modest monthly fee as you would a mortgage. For more information visit their Web site, call them at (800) 762-7808, or write them at 95 Wall Street, Ste. 2300, NY, NY 10005.

The Education Resources Institute (TERI) offers ten-year loans to parents with good credit and to students enrolled in participating schools only. For more information visit their Web site, call them at (800) 255-8374, or write them at 330 Stuart Street, Suite 500, Boston, MA 02116.

Educaid allows parents to borrow money to pay for private school tuition. For more details, visit their Web site, email them at customer_service@educaid.com,or call (800) 338-2243.

The Center for Education Reform has information about scholarships for private schools, with charts listing your options and contact information on their Web site.

finaid.org has a list of sources for loans and other types of financial help specifically to fund private school tuition.

privateschool.about.com offers extensive information on private school funding, from loans to scholarships.

EStudentLoan.com offers all kinds of information about financial aid and student loan sources.