How to Afford Private School

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Attending private school can be affordable if you plan well, save money, and take advantage of tuition assistance and scholarship programs.

Step 1: Save money
Save as much money as possible by cutting out all extras and taking advantage of discounts. Create a budget and stick to it.

Step 2: Open savings account
Open a savings account and deposit money every week or month that is earmarked specifically for private school costs.

Tip
Family members and close friends may wish to contribute. Don't be afraid to accept gifts from them.

Step 3: Defer paycheck savings
Defer savings from your paycheck. Parents of minors can put up to $2,000 annually into an account, enjoy tax-deferred earnings, and make tax-free withdrawals for qualified expenses, like tuition.

Step 4: Contact school financial aid officer
Contact each school's financial aid officer to learn what they offer and identify other sources for assistance.

Tip
Shop around for the school that best meets your own financial plan. Ask for a special consideration review if you have other children in school.

Step 5: Complete financial aid applications online
Complete the financial aid application for each school to determine eligibility. Most are available online.

Step 6: Apply for scholarships
Apply for as many scholarships and grants as you can.

Did You Know?
The four most expensive private schools in the U.S. for day students – Middlesex School, Concord Academy, Hotchkiss School, and Lawrenceville School – all charged more than $34,000 a year in 2009.