Teaching Your Kids Great Lessons

If you want to send your child to private school, do not be dissuaded from the idea solely based on price. Here are three possible ways that your family can save money on private school tuition.

Apply For Merit Based Scholarships

Most private schools offer various merit-based scholarships to the students who attend their school or who want to attend their school. These merit-based scholarships are usually based on things such as strong grades, leadership inside and outside of school, and a dedication to community service.

In order for your child to get a merit-based scholarship, they need to have stellar academic performance. You can assist your child with developing strong study and learning skills to help them achieve the types of grades they would need to get a merit-based scholarship.

You can also foster your child's interests and help them find ways to give back to their communities. Your child's dedication to community service could help them pay for school.

Apply For Need-Based Aid

Similar to colleges, most private schools have a system set up for need-based assistance. You don't have to be at or below the poverty line to quality for need-based aid from most private schools. Many middle-class families also qualify for some degree of financial aid. Many private schools use a system called School and Student Services or SSS. This system takes into consideration your overall income and expenses to determine how much tuition your family can afford to pay. Many schools offer need-based assistance for the gap between what the SSS system says your family can afford to pay and the actual cost of tuition at their school. This is something that you will have to apply for on a yearly basis, just like financial aid for college.

Reduce Expenses

The third way that you can afford to pay for private school is by reducing expenses. If your family goes on a big vacation every year, cut out the vacation and apply that money to your child's tuition instead. Take vacations that are closer to home and less expensive.

Cut back on monthly expenses. Pay for one streaming service for your entertainment needs instead of paying for multiple streaming services and cable. Make more meals at home instead of going out. Switch to a budget cell phone provider. These little monthly changes could be enough to allow you to make monthly payments on your child's tuition.

Private school does not have to be out of reach for your child. Apply for merit-based and need-based assistance to meet most of your child's tuition needs, and cut back on large expenses as well as repeat monthly expenses to cover the rest of your child's tuition needs.