One of the most common questions we field about private education is how much it costs and whether or not it will be affordable. We understand that all families can afford to make different financial commitments, which is why we offer scholarships to students with demonstrated need. But even with scholarships, some families find they still need to save up to make private school work for them.
If you know far enough in advance that you’d like to send your children to a private school there is another option besides scholarships that can help make it more affordable. You’ve probably heard of this before as it relates to paying for a college education, but many families don’t realize it can be used for private education as well.
The 529 Savings Plan
If the name doesn’t ring a bell, you may be familiar with its other name, Florida Prepaid. The Florida prepaid program is a type of 529 account. However, there is another type called the 529 Savings Plan that has had some interesting changes made to it which apply to it to use in private education. The rule now stipulates that up to $10,000 per year per student can be spent from a 529 savings account for children attending private K-12 schools. So if you are early in your parenting journey and are considering sending your children to private school you may consider starting an account like this one.
Once you’ve opened up an account in your child’s name there are a couple of companies that provide registries so that your friends and family can give money toward your child’s education. One, in particular, is called The Gift Of Education, another popular is called Leaf College Savings, with both of these programs parents can redirect family members’ spending away from extra toys and baubles to the gift of high-quality private education.
Cash Back Programs
Finally, there are programs like UPromise which allow you to earn money toward your child’s 529 account by spending money at certain establishments, purchasing specific products, or even by using their branded credit card. All of these programs are excellent ways to earn extra money once you’ve already started an account for your child.
Many families give up on the idea of private education before they even give it a chance. They assume that it’s out of their reach financially and don’t even take a second look. Savings programs like the 529 account make planning for your child’s education easy, and they make it possible for your friends and family to help. If you are interested in finding the right private school for your children please give us a call today.