A lot of parents nowadays decide to send their children to private school, to avoid long waiting lists and get better quality of education in some areas. However, private education is usually a lot more expensive than the one in government schools. Not only the fees in non-government schools are high at the beginning, but they can also increase along with your child’s progress, from year 7 to 12. Additionally, there are also costs of school uniforms, transport, stationery and other related expenses. Since the trend these last few years has been that the increases in non-government schools fees are often exceeding average wages, many parents have reasons for concern. The situation, however, isn’t hopeless. We’ll give you some advice on how to cope with these costs easier.
It is best to lay the foundation for your child’s education as early as possible. Don’t think it’s too early if your child hasn’t yet made its first steps, it never is. Set the money aside in a savings account. When you are choosing an account, you have to research all the available possibilities. Compare the interest rates and charges, to get the best possible option. Bigger banks often offer better interest rates for fixed deposit accounts, than smaller ones. The only catch with this sort of account is that your money will be tied up for some period, so you won’t be able to collect it if you need it urgently.
Many private schools allow you to spread out your payments with tuition payment plan. This option allows you to pay for school fees just as you would do with mortgage. The payments are made in monthly installations. That means that you have to include school fees into your monthly budget plans, and always set the necessary amount of money aside. Include additional costs, such as school trips, IT equipment, book charges, school bus services, etc.
There are many educational loan programs available which can help you in paying all or one part of child’s scholarship. This option can help you bridge the gap between the amount of money needed for private education and the amount you can actually afford. There are schools which offer loans directly and some of them are connected with outside agencies that serve as mediators for applying for the loan. No matter how appealing some loan offer sounds, it would be wise to consult your financial advisor before taking this step. Simpler road than taking a loan is asking for help from your parents. Surely grandparents will be delighted to help educating their grandsons. School Easy Pay gives you the accommodation of splitting the payments on two or more debit cards.
It is always a smart idea to explore all financial aid or discounts you can get. There are options such as scholarships or bursaries (usually given to kids whose parents earn under certain sum of money). Still, those are not your only options. If you have more than one child, you should know that most of the schools give siblings discounts if one of your children is already a pupil. Some of them will even lower the fees if the family is already paying for one college tuition.
Private education can be rather costly, but remember that you are investing in your child’s future, and that is the most important investment of all.