Austin Private School Cost and Private Tutoring – Austin, TX Tutors Near Me – 78660
Due to the handling of the COVID-19 pandemic by many American public school systems, private school enrollment shot up over the last year and a half. When parents realized how differently private and public schools maneuvered to educate children at the start of the pandemic, they realized that the opinions of and input from private school parents matter more than if they were not “paying customers” who vote with their dollars. This could mean that private school enrollment remains high for the foreseeable future.
But sending a child to a private school is a tough choice to make, especially because private education requires huge financial considerations. How huge? Well, bearing in mind that the average cost for one year of private school tuition is $11,686 nationally (which is more than a full year of college tuition at a public four-year, in-state university), the decision is not one to be made without major review and discussion of a family’s financial standing and budget. (Note: Connecticut has the highest average private school tuition cost at $26,306, while the state with the lowest cost is South Dakota at $3,678. The average tuition cost in Texas is $9,955.)
So, how can parents who want to invest in private schooling for their children make it at least somewhat more affordable? Consider the following ways to finance a private school education.
EDUCATION SAVINGS ACCOUNTS
According to the 501(c)(3) nonprofit organization EdChoice, education savings accounts (ESAs) “allow parents to withdraw their children from public district or charter schools and receive a deposit of public funds into government-authorized savings accounts with restricted, but multiple, uses.”
- Coverdell ESA
An account established to pay education expenses for a designated beneficiary; money can be used for qualified K-12 school expenses and/or for college.
- 529 plan
A tax-advantaged investment account established to pay for qualifying educational costs; historically used for college funds, but accessible for K-12 tuition–up to $10,000 annually–due to an expansion of use provision in the Tax Cuts and Jobs Act of 2017
Many private schools have financial aid opportunities for families of potential students. Some offer tuition assistance based on family income or other extenuating circumstances. And often, private schools give tuition discounts to families with more than one child enrolled. The amount of aid allotted to each eligible family is determined according to a variety of different factors, depending on the specific school; the best thing to do is contact the school directly for details.
Scholarships also may be available to eligible students. Some are awarded based on financial need, but others might be available to students who meet other criteria. Scholarships might be offered from the school directly, but others are available from third-party organizations (e.g., community organizations, service organizations, religious communities, etc.) as well as state and regional scholarship programs.
Besides using one or more of these methods, some families also reach out to private businesses for grants or trade of service, ask extended family members to contribute, or even take out loans for funding private school education. Nearly anyone can send their children to private school using these methods. Combining different options like those outlined here can help families pay for private school for their child(ren).
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