Sending your child to private school can open a world of opportunity. But private education can be expensive, with tuition ranging from $10,000 to $50,000 a year. Unlike college tuition, you won’t be able to finance private K-12 schools with a traditional student loan. This doesn’t mean you’re out of options. You can still finance your child’s education with other types of loans.
There are a number of ways you can finance private K-12 education, and many of these can be combined to help ease the strain on your budget when tuition payment comes around. Here are our top methods of financing your child’s private school costs:
Personal loans are a popular way to finance private K-12 tuition. Because personal loans rarely outline ways you must use the money, you can fund anything from tuition to uniforms.
Many lenders offer both secured and unsecured options, and with good to excellent credit, you may have access to low rates and loans up to $100,000 to cover your child’s education.
In response to increasing private school tuition, Sallie Mae has begun offering specialized K-12 education loans. These loans have low interest rates, much like personal loans, but Sallie Mae and other online lenders are often willing to finance up to 100% of tuition costs.
You’ll have to shop around, though. Interest rates can be fixed or variable and you may need to shell out for a few miscellaneous fees. Payments typically start immediately after your child’s school receives funds.
You won’t be able to pay for your child’s full tuition costs with a credit card, but it can be helpful if you need to purchase books or want to invest in an additional uniform. Many have lower interest rates than you’d find with a loan. There are even cards that don’t charge interest if you qualify for an intro rate. This period can last 15 months or more.
Keep the following points in mind when applying for any type of loan to finance your child’s private education:
The average cost of tuition nationwide is roughly $9,000 a year for elementary school and $13,500 a year for high school, but the exact cost will vary by school and by state.
However, your expenses won’t end there. You’ll also need to budget for common costs that can quickly add up, including:
If you’ve decided that a personal loan is the right choice to finance your child’s private school tuition, make the process easier by comparing lenders and prepping the documents you’ll need before you apply.
In general, you’ll also need good or excellent credit in order to qualify for large loan amounts at low rates.
Before applying for a loan, maximize cost savings on your child’s private education by looking into other financing options.
Private schools are a worthwhile investment, but they can be quite expensive. If you’re unable to cover the full amount of tuition and related expenses on your own, you do have options that can help ease the strain on your budget.
To learn more about personal loans, read our guide on your options and how to apply so you can make an informed decision about how to finance your child’s K-12 private education.
Only if you apply for a secured personal loan. But many private lenders offer unsecured personal loans of up to $50,000 or more to use toward just about any large expense — including private school tuition.
No. Qualified tuition plans — the 529 plan among them — are tax-advantaged savings plans designed for college or university costs.
It largely depends on the lender and your overall creditworthiness. Online lenders offer personal loans that range from $1,000 to $50,000 or more. You can typically borrow up to 100% of your child’s private school costs from kindergarten through high school if it’s within the provider’s maximum lending limit.
Personal loans for self-employed workers may require a little more documentation than traditional borrowers need.
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If you need cash for an emergency or to last you until payday, a $1,500 short-term loan could help — but with potential drawbacks.
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