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If you are a parent of a student who is interested in attending private school, one of the thoughts potentially racing through your mind is how in the world am I going to manage the cost of private school. There’s no getting around the fact that private school costs money, but that doesn’t mean it’s not attainable for you.
With the right information and planning, many parents and families may be surprised to find that they actually can afford private school. If you’ve been poring through articles about how to afford private school in Washington in an effort to find a fool-proof plan, you’ve come to the right place.
In this article, we’ll share details around a variety of options for paying for private school. It’s our hope that when you come to the end of this article, you can let out a sigh of relief and start making plans for your child’s private school future.
Being able to afford private school doesn’t necessarily mean your bank account has to have the exact annual tuition amount in it at this moment. Instead, we will help you explore options and see what approach works best for your unique situation. That may mean getting on a payment plan, applying for financial aid, seeking tax breaks through education savings plans and accounts, or getting a personal loan. Dig deeper into these ways to pay for private school below.
Sending your child to private school is an investment. But, who says you have to invest in one lump sum? In most cases, you may have more flexible options through school-specific payment plans. Many schools, including Kings’ Schools, a private Christian College Prep School, give parents the option to pay private school tuition in monthly installments or semi-annual payments.
The amount of the payments may vary, depending on the price of each school’s tuition. But, you’ll know exactly how much you need to set aside each month to pay the private school bill. In some cases, monthly installments may even be less expensive than your car payment.
Financial aid isn’t just for college. Many private schools offer financial aid, too, for families in need. So what exactly determines someone’s financial need? In most cases, that’s up to each individual school. Because there is no federal K-12 financial aid application, most schools have their own financial aid application processes and criteria. Or, a private school may leverage an external financial aid application, such as the FACTS Grant & Aid Assessment (FACTS) that King’s Schools uses to assess financial need.
As a general rule of thumb, you’ll want to have your mortgage or rent information, bank statements, and tax documents like the 1099 and 1040s on hand when applying for financial aid. The exciting thing about financial aid for private schools is it usually comes in the form of a grant from the school’s budget and does not have to be paid back. Once you find a private school you’re interested in enrolling your child in, check out their website to see if they offer financial aid. Then, apply. You never know what you may qualify for. It just might be exactly what you need.
Some states offer special tax credits for private K-12 school expenses. Unfortunately, Washington is not one of the eight states that currently offer a tax relief program for private school families. But, there are other ways to get some tax breaks for paying for private school. One such option involves opening a Coverdell Education Savings Account (ESAs) or a 529 Education Savings Plan.
Both of these are tax-advantaged accounts in different ways. With the Coverdell ESA, any earnings, or interest, from your contributions won’t be taxed if they’re used on qualifying education expenses –– such as paying for private school. Earnings from a 529 Education Savings Plan won’t be taxed at the federal level either. These plans can be great ways to effectively save money for your child’s private school education and earn tax-free interest on those savings. That means, you can have more money to put toward that tuition. If your child has special education needs, a physician’s referral may be able to help you get a tuition tax break, too.
Many parents plan to take out loans to help fund their child’s college education. But, loans are also an option when it comes to how to pay for private school for K-12. This would mean taking out a personal loan from a private lender, such as your bank or credit union. The loan amount you’re eligible for will depend on the lender’s specific credit and income requirements, as will the specific interest rate. Though you will have to pay the loan back, this route may be worth considering if you need support for a shorter period of time, but have a plan for how you can pay the loan back.
King’s Schools is one of the premier Christian private schools for K-12 in Washington state. If you’re interested in sending your child to a Christ-centered school that will help them grow academically, socially, and spiritually, you may want to consider King’s Schools in Shoreline, Washington, just north of Seattle.
When it comes to ways to pay for private school, King’s Schools has multiple options, including monthly and semi-annual payment installment plans, and financial aid. Don’t let concerns about how to pay for private school keep you from exploring all of your options. Learn more about King’s Schools today.