Loans for Private Schools: The ULTIMATE Guide
Parents want the best for their children. So, of course, you want to make sure your child gets the best education out there. For many parents, a private school education is clearly the best option, but also the most expensive one. Especially if you are a visa holder or immigrant.
The good news is, just because you can’t afford it, doesn’t mean it’s not an option. Below we take a look at loans for private schools and how this can make a private school education possible for your child.
How Much Does Private School Cost?
We’ve all heard private school can pretty much be too expensive for most families. But, what can you actually expect to pay for private education? The exact tuition fees may differ from school to school but typically, the national average for private school tuition is $10,671 per year (for the academic year 2018-2019).
A private elementary school can easily cost you around $9,631 per year. Private high schools will ask an average amount of $14,575 per year.
Benefits of Private Schools for Your Children
You might be wondering if the huge cost of a private school education is really worth it and whether it makes such a difference in your child’s education. Even though private schools can seem quite expensive, a private school education is still widely regarded as being a good value for the money. So, what exactly do private schools offer that public schools don’t? Here are just a few benefits of a private school education.
Smaller Class Sizes
Private schools have fewer children in their classes than public schools. At some private schools, classes are sometimes under 18 students per class! Lower age groups can also have two teachers per class.
All of this comes with one goal in mind. The ratio of children to teachers must be as low as possible so that there can be more one-on-one interaction with teachers. The result? Your child gets the extra attention they need to reach their full potential.
Private education is expensive for good reason. Private schools typically have the best facilities available. This includes international standard sports facilities like ice rinks, outdoor sports facilities, track and field, and the list goes on.
Private schools also have the infrastructure to host incredible productions and art-based activities. From drama to arts and crafts, children who enjoy cultural extracurricular activities will be taken care of.
Kids in private schools often receive tech tools like laptops and tablets to assist them in their studies. The school will also have a dedicated IT department to help children and teachers with their technology-based needs.
The teaching methods used in classes are automated by top-of-the-line technology such as interactive blackboards and other types of information-sharing technologies. This makes learning a lot more exciting and interactive for kids.
Your top dollar tuition fees will also be used to recruit the best teachers in the country. Your child will sit in on classes of some of the best teachers in the land. Every class, subject, and outdoor activity is lead by specialists who have proven their worth and knowledge.
School timetables are planned to give children access to the knowledge and guidance of various teachers and instructors including more than just the minimum required curriculum.
After graduating, your children will have access to nationwide alumni networks. This provides great networking opportunities for former students and graduates to connect with some of the most successful people in the world.
Annual alumni association events will host thousands of former students from across the globe. These events are major attractions where you will often see famous and knowledgeable speakers.
Evidently, there are quite a few major benefits in sending your child to a private school. The reality is, most parents still can’t afford to pay the cost that comes with this privilege. If you really want to send your kids to a private school but can’t afford it, we have good news for you.
You can take out loans for private schools with Stilt to help pay the above average school fees!
Getting a Personal Loan for Your Child’s Private School Education
Applying for a private school loan is really simple, even if you are not a U.S. citizen.
Stilt offers loan terms from 6 to 24 months and loan amounts ranging from $1,000 to $25,000. Here’s how it works.
With Stilt, you can apply online for private school loans. You don’t need to worry about the effect your application will have on your credit score, as Stilt does a soft credit check to determine your interest rate. Make sure to check Stilt’s eligibility criteria and get your paperwork in order. Provide all the relevant information and submit your application. The information you provide determines the loan offer you’ll receive.
You will receive feedback from Stilt within 24 hours of your application. If there are any last few details that need to be cleared up, you will receive a quick verification call. Once all the boxes are ticked, you will receive a promissory note with your loan offer. Sign and return the note if you decide to accept the loan.
Your loans for private school should reflect in your account within 2-3 business days of Stilt receiving your signed promissory note. The only thing left to do now is to repay your loan! You can set up an autopay repayment method online which automatically deducts your monthly repayment from your account. This will help keep your payments up to date so you don’t have to worry about any missed payments.
Getting loans for private schools from Stilt is that simple!
5 Alternate Ways to Fund Private School Tuition
Getting loans for private school is a sure way to help finance your child’s education. Here are some additional options to help out if a loan doesn’t cover everything.
A scholarship is where a government or private organization pays the whole or part of your child’s tuition without requiring you to pay them back. This is a great way to finance your child’s private school education, but scholarships usually have specific requirements your child will need to fulfill in order to qualify.
Here are a few scholarships you can apply for:
- A Better Chance: A Better Chance offers scholarships to children of color. This scholarship provides for private middle and high schools.
- Children’s Scholarship Fund: Children from low-income families are funded by this scholarship and given the opportunity to attend private schools.
- Jack Kent Cooke Foundation: Academically gifted children with financial need are helped by this scholarship to attend private schools.
School-Offered Financial Aid
Some schools will offer help to families who are in need. Don’t just assume you aren’t eligible for help. You might get more help than you thought you would. Make contact with the admissions department of your child’s school and inquire about any financial aid they may offer.
Some states offer a voucher to private school attendees. State education funds are allocated to school vouchers to offset the cost of private school. This helps make private schools more accessible to families who normally can’t afford them. You can go look on the website of the National Conference of State Legislatures to see if you are eligible.
Many schools offer payment plans that will help your cash flow. With payment plans, you don’t need to pay the full tuition fee at the start of the academic year. The payments are split up into monthly or quarterly payments. Make contact with your school to see if you can arrange such alternative methods of payment.
Coverdell Education Savings Account
People who earn less than $110,000 (or $220,00 for joint tax return filings) are eligible for Coverdell ESA savings accounts. With these accounts, you can save up to $2,000 per year for your child’s private education without the growth on your investment being taxed. The deposited amounts, therefore, grow with tax-free interest. This will apply as long as you don’t take out more than the cost of your child’s private tuition fees.
Get Your Child’s Education Started Today
Just because you are an immigrant or you can’t afford private school tuition, does not mean your children shouldn’t get the opportunities they deserve. Loans for private schools are an easy and accessible way to fund your child’s private education. You don’t even need to be a resident to qualify for a loan. So, apply for your loans for private schools today and improve your child’s life with a private education!