How To Afford an Independent School

About a 5 minute read – 

We know, we know independent school tuition is expensive. However, for many, an independent school education is seen as an investment, especially when a family finds a school that really matches up with what makes their child tick. 

Unfortunately, not all schools are created equal and many students get lost in the crowd, don’t have access to opportunities, or are relegated to fitting into a box they weren’t meant to fit into. While we all want great schools for all students, options in independent schooling exist to provide the education a child needs… when they need it.

10+ Ways to Afford Independent School Tuition

1 | Apply for Financial Aid

Don’t let initial sticker shock scare you away. Financial aid is available on some level at most independent schools. The truth is, one of the ways that independent schools are indeed independent, is that they do not receive public funding. That being said, many have financial aid funds and endowments that help provide financial aid to qualifying families. These grants offer proof to the positive and long-lasting effects of an independent school education, as much of the funding is provided through donations from alumni, former families, and others connected to the school.

Many schools partner with companies like School & Students Services (SSS) or FAST Aid to calculate financial need by a neutral third party – similar to the process used in the Free Application For Student Aid (FAFSA) for federal college financial aid.

2 | Scholarships or Discounts

You might not have seen this coming, but some schools offer scholarships or even discounts. Scholarships may be merit-based or have a connection to a particular event or anniversary celebration. Further, some may be available for the first year attendance or for returning years. Discounts may be given as an incentive for families to commit to signing their child up earlier in the year or re-enrolling by a certain date. Either way, be sure to ask your school if they offer either one. 

3 | Payment Plans

Whether or not you’ve qualified for financial aid or another tuition reduction method, an additional way to help your family budget is to request a payment plan. Some schools offer payment plans that help spread the cost of tuition out over the entire school year.

4 | Sibling Discounts

You found a school that your family loves but you have more than one child to consider? This could actually work to your advantage as many schools offer sibling discounts when more than one child from the same family attends at the same time. Sibling discounts can also help compound other cost savings which makes it a win, win for many families.

5 | Use a 529 Savings Plan To Pay for Independent School Tuition

Sure, you may have set up a 529 plan with the expectation of using it for college expenses. But when considering what is best for your child, a strong foundational education may be worth more than a specialized college degree. It’s also good to remember that for many students, a great secondary education can actually lead to cost savings in college through earned scholarships!

529 plans offer tax-free earnings growth and tax-free withdrawals when the funds are used to pay for qualified educational expenses. Since 2017, in addition to college, families can also take tax-free withdrawals to pay up to $10,000 during each calendar year of K-12 tuition at an independent school. Get in contact with your tax advisor for more detailed information.

6 | Get a Low-Interest Educational Loan

When you find the right independent school for your child, you know it – but sometimes the money still doesn’t stretch as far as you need it to. To help bridge the gap, many families take out loans to pay for tuition.

Educational Loan Companies like Your Tuition Solution or Sallie Mae provide low-interest loans to qualifying families to pay for independent K-12 schools. Doing a little research can help you find the best rates and terms that work for your family. 

7 | Reach out to Grandparents, Extended Family Members, Friends, and Communities

It may seem daunting, awkward, or even downright scary, but grandparents and extended family members are often great people to ask to help with independent school tuition. How many times has an aunt or uncle asked what your child would like for a birthday gift? How often has a grandparent brought your child to a performance, activity, or on a vacation? Consider suggesting to a family member that they show their love for your child by giving them the lasting gift of an education that’s best for them. You could even offer to bring grandparents or others on a tour of your chosen school to let them see the greatness they would be supporting.

Families who are members of community organizations and church groups often find support by their members hosting fundraising events, as well.

8 | Private Scholarships

Although not abundant, outside private scholarships may help add to your purse too. This one may take a bit of work on your child’s part, but if your family is committed to an independent school education it is worth it.  Consider local philanthropic organizations such as Rotary or search online for scholarship opportunities.

9 | Look into Medical Expense Deductions on Your Tax Return – 

If your child has been diagnosed with learning and/or attention issues (with the official required documentation), then you may be eligible to receive a medical tax credit on your income taxes. Although no child should be put in a box, this is one of those times where an official diagnosis can prove helpful. As taxes get complicated fast, it’s best to consult a qualified tax professional to determine what expenses you may be able to claim. If you qualify, you may be able to use your tuition and other school expenses as a medical tax credit. This can also work for grandparents too!

10 | IRA & 401(k) Retirement Plans – You have a plan and now the plan may need to change – having children does that to families!  When trying to do what is best for a child by providing the education they need, families often reshuffle finances to make things work. Parents and grandparents can consider checking with their tax advisor to see whether they qualify to withdraw from their retirement plan to pay for private school tuition. 

Other places to look – 

Assistance Through Parent’s Employer
Payroll Withholding Allowances
Business Income
Real Estate Assets
Investments (Stocks, Bonds, GIC, Etc.)

Deciding you want or need an independent school for your child is a big deal, finding your child’s best fit school is even bigger, but thinking about paying for it all can make even the most dedicated families want to close the book completely. Don’t despair, there are lots of solutions out there, they just require a little digging and a bit of time. Consider posting a photo of your child on your computer monitor to help you remember why it’s worth it – You’re doing it for them!

We strive to make The Leelanau School affordable to any family who feels that it is the right fit for their child. Learn more about our Financial Aid options. We partner with School & Students Services (SSS) and Your Tuition Solution to assist in funding. 

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