How Do I Afford Boarding School for my Child?

| October 14, 2010

When deciding whether or not to send a child to boarding school, most parents’ biggest concern is the cost of tuition.

Typically boarding schools cost in the range of $35,000 - $50,000 annually.  There are a number of options when looking to pay for boarding school for your child.

Paying out of pocket isn’t an option for many parents.  But if you are a parent who is able to write a check for boarding school tuition, ask the school for a discount.  It is not uncommon for schools to provide a small percentage discount for those who choose to pay for the entire school year.

Many parents rely on tuition payment plans to help them afford the cost of boarding school for their child.  Spreading tuition payments over the course of a year can help tremendously.

Loans are also an option when paying for boarding school.  Look into some specialized educational loan programs or simply consult with your tax advisor or financial planner prior to making a decision such as taking out a loan.

Lastly, financial aid from the school is a viable option for many boarding school attendees.  Financial aid can come in the form of both academic and athletic scholarships.  Schools provide varying financial aid based on their endowment, and the individual abilities of each child.

If you are a parent looking to send your child to a private school, don’t get discouraged by how much it costs.  Do your research, call the school's admissions office and make a decision that suits your budget.  With so many financial options available, there are certainly great opportunities for parents who are looking to afford a boarding school for their child.