Sending a child to private school can be expensive, but many parents believe it is well worth the investment. In the long run, children with private school educations in grades pre-kindergarten through high school have a higher percentage of college attendance and graduation than those receiving public school educations. Some parents simply think that a non-public education is too expensive to undertake, so they abandon the idea. However, private educational loans are available to help parents invest in their children’s future by giving them an academic advantage now that will pay off for the future. These loans can be used to supplement other funding or to pay for it all. Some students may be able to earn scholarships or grants for partial tuition.
Why Private Schooling?
According to the Council for American Private Education, 11 percent of all US students in pre-kindergarten through 12th grade attend privately funded schools. Approximately 20 percent are in non-sectarian schools; the rest are in educational institutions with a religious affiliation. A Schools and Staffing Survey (SASS) of teachers by the National Center for Education Statistics (NCES) indicates that teachers believe that students in private schools have a higher respect for teachers, are more prepared to learn and have a lower tardiness and absenteeism rate. The NCES also reports that these students are more likely than their publicly schooled counterparts to earn a bachelor’s degree or higher by their mid-twenties.
How It Works
Certain financial institutions are interested in helping parents achieve private educations for their children. As a result, some lenders have special rates and terms for school loans. These loans have a competitive interest rate and, depending on the exact plan, may take from one to three years to repay the school loan. Some allow the borrowers to pay back the money early. The basic requirements are that the student must attend a school accredited by a recognized national educational organization. The lender may verify that the student attends or is eligible to attend the school. Some lenders will extend credit to families with more than one child at the same school.
How to Use It
As long as the money is used to pay for school-related expenses, most lenders are flexible on the loan’s exact use. The most traditional use, of course is for tuition and fees, like room and board. However, the funding can be used to supplement the other activities and fees that children have during the school year. For example, the money can be used to buy school supplies, books, sports equipment, musical instruments or support extracurricular activities.
