Did You Know There Are Private School Payment Options?
Parents now realize that private schools are extremely cost effective. When the rate of college graduates who were former private school students is compared to public school graduates, it is noted that Orlando private school students are more likely to attend and graduate with undergraduate and graduate degrees. Also, with the philosophy that students should be critical thinkers rather than note memorizers, graduates from private schools are better adapted to work in higher paying positions than their public school counterparts.
Keeping this in mind, the initial cost of attending private school is merely a stepping stone to a brighter, more affluent future. Many options are available to meet the financial obligations associated with private school.
- Sibling Discount: The most straightforward is the sibling discount: families with more than one child can simply ask if a second, third, or fourth child will receive a family discount. Typically the answer is positive. With only one child, a discount becomes more paper oriented.
- Tax-Free Accounts: Tax-free Coverdell savings accounts address many of the financial issues associated with private school education. A Coverdell savings account allows parents to set aside up to $2000 a year per child in a tax-free account. Along with a Coverdell account, many schools schedule payments to be due monthly, quarterly, at the beginning or end of the semester, or another set time rather than a lump sum payment once a year. These tuition payment plans give more flexibility in payments and families are able to budget throughout the year for tuition fees.
- Scholarships: Many families are eligible for local, regional, or national scholarships. Many of these scholarships are available through the school while others can be found via the Internet. While speaking with a financial aid associate at the private school of your choice, ask about scholarships, student loans, voucher programs, or other aid-based programs your child may be eligible to receive.
There are options out there to help you pay for your child’s Orlando private school education. For more information about the financials of private school, please contact one of our representatives at Lake Forrest Preparatory School at 407-331-5144 . We welcome your call.