Myths Busted: Paying for Private School
The much-anticipated phone call has arrived – your child has been accepted to attend the Orlando private school of your choice! After the initial ebullient feeling, realization creeps in: how are you going to pay the fees for the outstanding private school education your child will receive? To reduce the amount of stress and reservations concerning paying private school fees, the top three myths and their answers have been compiled and debunked.
I can’t afford my child’s private school education and no aid is available! The most perpetuated myth regarding paying for Orlando private school education concerns lack of financial aid. Surprisingly, approximately 20-30% of private school students receive financial aid for their education. This financial aid may cover a portion or the entire amount of tuition, uniforms, books, or other expenses pertaining to private school education.
Why pay so much for a liberal arts education? Private school education is traditionally designed liberal arts, and this second myth concerns whether the investment in a liberal arts education will prove worthwhile monetarily. Recent studies show that the advantages of a private education continue far beyond schooling years. For example, while 21% of students who attended public schools graduate with a post-secondary degree, a staggering 50% of Orlando private school students earn advanced degrees.
Tax-free accounts won’t save me money for my childs private education. The third and final myth on this list concerns tax-free savings accounts for private education. While many believe it is impossible to partake in tax-free savings accounts for their children’s private education, the Coverdell Education Savings account is available as a savings account for private school fees. Please see www.irs.giv/uac/Coverdell-Education-Savings-Accounts for more details.
Knowing the answers to these often-quoted myths will alleviate much of the stress and pressure in paying for your child’s Orlando private school education. For more information pertaining to financial planning for education, Lake Forrest Preparatory School will be happy to assist with financial aid and/or savings options. Please visit our website at http://www.lakeforrestprep.com/. We look forward to assisting you.