Many families who end up sending their children to private schools know fairly early on that private education is a priority for them. Perhaps they themselves were educated in a private school setting or they are looking for a school that shares their same values. Either way, for some of these families the cost of private school may sometimes feel like a hindrance to providing their children the level of education they want.
But there are some things you can start doing sooner rather than later to make private education a viable financial option for your family.
Decide Early On
First and foremost, before you even have children, or as they are still very young, decide whether or not you plan on sending them to private school. That might sound silly, but knowing that you want to spend extra money on your children’s education will factor in as you think about what house or car to buy or even how much you want to spend on your summer vacation.
Once you’ve set your mind to it, it’s time to start saving money for private education. One very popular way that parents choose to do this is by opening a traditional savings account. A traditional savings account is a very safe way to store up extra cash while also earning a little bit of interest each year. Though the average savings account only has a .06% APY (Annual Percentage Yield), you can sometimes find a higher interest rate by banking with a local bank or credit union.
The 529 Plan
The 529 was traditionally meant for college savings, however, when the newest tax plan was introduced in December 2017 the rules changed allowing the 529 plan to be used to pay for up to $10,000 per year for tuition expenses at private elementary or secondary schools. There is no minimum contribution required to start a 529 plan with Florida Prepaid which creates much more opportunity for families of varying income levels to invest in private education.
Scholarships And Financial Aid
Most private schools, St. Barnabas included, offer scholarships and other financial aid for students and their families who are not prepared to handle the cost of private school. If you find yourself in this position, be sure to do your research to find out what can of financial aid you may be eligible to receive.
If sending your child to private school is a priority for you there are a number of different ways you can prepare yourself financially for the additional costs. And the earlier you get started the better. If you’re interested in sending your children (or future children) to a private Christian school, give us a call today to discuss your financial aid options and take a tour of our campus.