3 Ways to Make Private School More Affordable
According to a national poll conducted by EdChoice, approximately 40 percent of current and former school parents say they would send their private school if it were their decision. Given the small class sizes, specialized instruction, and exceptional educators, it’s not hard to see why private education is becoming an increasingly attractive option. So, what’s holding these parents back from sending their children to private schools?
The short answer: tuition. According to data collected by the Private School Review, the national average of private school tuition is approximately $11,173 per year. Given that most families will someday have to contend with the cost of college as well, paying for higher and secondary education may seem increasingly difficult, if not impossible. However, there are methods of making private high schools in Clearwater, FL, more affordable. In this brief article, we’ll review 3 easy ways you can make sending your child to private school more affordable.
1. Consider a Coverdell ESA
If your adjusted gross income is $110,000 or less (or $220,000 if you file a joint tax return,) you may be eligible for a Coverdell education savings account (ESA). A Coverdell ESA is a trust or custodial account set up to pay education expenses for a designated beneficiary. The money can be used for any qualified K-12 school expenses as well as for college.
You can set up as many Coverdell accounts as you want for a particular beneficiary; the only catch is that the total contribution to all accounts can’t exceed $2,000 annually. Otherwise, the amount you deposit will grow tax-free, so long as the disbursements don’t exceed your child’s qualified education expenses.
2. Prioritize Your Expenses
While it may not be preferable, families will always have ways of reducing their cost of living so that they can put more income toward tuition. What this looks like will vary greatly depending on your family and the tuition of the school you want your child to attend. Sacrificing extras like yearly vacations, winter vacation homes, or dining out all the time could be just the thing you need to scrape up the few extra dollars.
The important thing to do during this time to keep a level head is to maintain a working document of all the reasons you want to send your child to private school. Whenever you find yourself questioning your decision to sacrifice things, you can immediately remind yourself of the end goal for your child.
3. Apply for a Scholarship
Scholarships aren’t just for students that excel academically; they’re also available for students with financial need or that meet other key criteria. As one of the participating Christian high schools in Clearwater, FL, we highly recommend Step Up Students — a scholarship available to all Florida residents with students in grades K-12 whose families meet the income requirements. There are two main scholarships, in particular, that provide your student with greater school options: the Florida Tax Credit Scholarship and the Family Empowerment Scholarship. The Florida Tax Credit Scholarship gives families a choice of assistance towards private school tuition and fees or transportation costs to a public school other than the one they’re assigned to. The Family Empowerment Scholarship, on the other hand, may only be used toward private school tuition and fees.
For more information on financial assistance to attend Lakeside Christian School, don’t hesitate to give us a call. We provide over $250,000 in scholarships to qualified families each year and would be more than happy to help you send your child to private school.
If you would like to learn more about Lakeside Christian School, one of the best private high schools in Clearwater, FL, please give us a call at (727) 239-7808 or schedule a tour of our campus.