Let’s face it: private school tuition is expensive.
There are many valid reasons for wanting your child to attend private school.
Many parents struggle to offer private school as an opportunity because of the amount.
Private school tuition doesn’t have to scare you.
Tiltify Personal has dug deep into their experience and found the best ways you can pay for private education. One of these might just be the answer for you.
How to Pay for Private School with Tiltify Personal
Tiltify Personal Digital Campaign
It’s no secret private school tuition costs are exorbitant, no matter if it’s secondary schools or high school.
Tiltify Personal is an innovative fundraising idea to raise for private school.
You no longer have to choose to send your child to public school instead of private.
With Tiltify Personal, paying tuition no longer has to be a burden.
All you need to do is get ready to rally support from the local community or other organizations.
Tiltify Personal makes it easy to create digital campaigns that resonate:
- Launch flexible digital campaigns for anyone in need.
- Keep contributors engaged with incentive tools like milestones, rewards, and polls.
- Seamlessly leverage popular streaming & social media platforms like Twitch, YouTube, Instagram & TikTok for real-time gifts during livestreams or leveraging pre-recorded content.
Rally Community with Tiltify Personal
Whether it’s for school tuition, school supplies, school trips, or supporting local initiatives, Tiltify Personal fundraising empowers you to make a difference when you need help with financial hardship.
Tiltify Personal Difference
- It’s for everyone: You, your best friend, the community’s independent schools—we are all in this together!
- Safe and sound: Your gifts are handled securely through trusted payment methods.
3 Savings Plan Ideas for Tuition Aid for Private Schools
529 Plan
Obviously, such 529 Plans are aimed at funding college, not secondary school or high school. However, some circumstances can make a 529 Plan attractive for parents looking to pay tuition for private schools.
With changes to the 529 Plan policy about contributions, you are now allowed to take qualified distributions of up to $10,000 a year for K-12 grade tuition at any public, private, or religious school from a 529 college savings plan.
Using a 529 Plan as financial aid before college depends on your state, so check with your state plan before you go this way.
Coverdell ESA
Coverdell ESA is ideal for paying private school tuition for elementary and secondary school tuition.
Unlike the 529 Plan, Coverdell ESA has some positives:
- More control over how you decide to invest your money
Watch out for several restrictions:
- Contribution limits and amounts: You can only contribute $2,000 a year.
They also cap you based on your gross income; if you’re over $220,000 married and $110,000 single, you will not be able to contribute to this plan.
Roth IRA
It is true if you withdraw early from your Roth IRA, you could pay a penalty. But, your Roth IRA contributions (not your investment returns) can be distributed at any age without penalty.
Per Lisa M. LaMarche, a certified public accountant, certified financial planner, and registered investment advisor at Milestone Wealth Advisors, she had this tidbit of advice, “If you are eligible to contribute to a Roth IRA when a child is born, and you invest $5,000 for 15 years, you would be able to take out $75,000 tax and penalty-free when they enter high school.”
Be strategic about your options. You, of course, don’t want to ruin your future financial security by using your only retirement source.
Financial Aid for Private Schools
Other excellent ways to fund private school tuition include private school scholarships for low-income families and the submission of financial aid applications.
You can apply for scholarship awards from an independent institution that you want your child to go to so that your child can receive an education that may not have been otherwise accessible.
Some schools do help families pay toward education by way of private school financial aid.
These usually come after a financial aid application process, and the providing company has exclusive discretion on who receives this. They also exclusively determine how much a student gets.
Pre-application services, such as School and Student Services, will help get your information together and mail it to schools on your list.
You can also apply for financial aid through the U.S. Department of Education’s Federal Student Aid website.
Payment Plans
You don’t have to pay your child’s private school tuition in one go. Most schools offer a two lump sum per year option, but if that is still a challenge, many schools offer payment plans.
Some payment plans offer monthly payment installments. Many payment plans are run by third-party vendors. And some schools run their own payment programs.
Ask the school for a list of their options.
Negotiate Tuition
The easiest, yet the one overlooked constantly, negotiating tuition.
Discuss school tuition rates with the school's financial aid representative.
If you need tuition aid, the private school may have some flexibility based on your income level.
Grants for Private School Tuition
Grants are great for private school tuition because you don’t have to repay back the grant.
It can cover numerous items, like:
- Tuition
- Supplies
- Room and Board
Foundation grants are normally for college-bound students, but there are some designated for private elementary, secondary, and high school.
If you’re thinking about a religious private school, look at the U.S. Diocese school website to see if they provide tuition assistance for those within a location.
You can also check for federal grants with the U.S. Department of Education.
Seize your child’s education today!
