What Are the Different Types of Financial Aid for Private School?

Finding financial aid for private school can takes some research. There are many different types of financial aid for private school, including tuition payment plans, scholarships, and school vouchers. Private loans may be available to qualifying students and their families, but should be carefully considered, since interest and extended repayments can drive the total cost far above the initial price of tuition.

Some families may be able to afford tuition, but not be able to pay a lump sum each semester. To combat this issue, some private schools allow the use of tuition payment plans. These plans break down tuition into monthly payments, and may sometimes extend the payment period to include time after the student graduates from the school. Setting up a tuition payment plan may be a good way to make private school tuition more affordable for some students.

Scholarships are an ideal form of financial aid for private school, because they do not need to be repaid. Available through schools and private foundations, scholarships may be awarded based on financial need or individual merit. Most private schools have a scholarship or financial aid office which may be the best resource for school-specific scholarship programs. Scholarship database websites are one of the easiest ways to find out about outside scholarships, which may be open to any type of student.

Though not available in all regions, school vouchers can be an excellent source of financial aid for private school. Vouchers are government-issued grants for financially needy or demographically underrepresented students to attend private school instead of public schools. In areas that offer vouchers, a certain amount may be available each year to qualifying students, meaning that competition for the program is often quite fierce. In addition to covering tuition, vouchers may sometimes pay for books, school fees, and even boarding. Families should contact local government education offices to find out if a voucher program is available in the area.

For families that cannot meet tuition requirements, another option to consider is a private loan. Unlike government educational loans, which are need-based, private loans are usually based on collateral and financial ability to make repayments. Some banks may offer interest discounts if the loan is intended for educational use, but terms in other issues are quite similar to those for any private loan. Since loans do need to be repaid, it is important to consider the payment plan and schedule carefully before agreeing to accept this type of financial aid for private school.