How to Afford Private School: 7 Options for Tuition Assistance

Wondering how to afford private school for your child? Recent research suggests the national averages for private school tuition are $9,210 for elementary and middle school and $16,420 for secondary or high school, and those numbers can soar higher depending on location and school selection. 

For most families, that’s a steep price tag, especially if you have more than one child to enroll, or plan to keep your child in private school from K-12. Below, we’ve compiled seven helpful options for private school tuition assistance. Learn how to raise money for private school and afford private school tuition, so that you can make the most of your child’s education.

1. Private school scholarships

If you’re unsure how to pay for private school tuition, start with scholarships. There are a host of them, based on: 

• Demographics
• Financial need
• Academic achievement
• Accomplishments in music, science, or other fields
• Athletic performance
• Community engagement

Start with your school’s financial aid office, and do some internet research to locate: 

• School-specific scholarships from alumni, other families, and community members
• Private organizations’ vouchers and scholarships
• National and federal scholarship programs
• State and local government scholarships.

2. Private school tuition assistance programs like RaiseRight

Over 10,000 private schools across the U.S. run tuition reduction programs with RaiseRight, with many families saving $1,000 or more each year.

To make private school more affordable for your family, consider enrolling your child at a private school that already uses RaiseRight or is willing to start a free RaiseRight program. 

RaiseRight is an ideal solution for private school tuition assistance, and it's also a powerful fundraising tool. But unlike traditional fundraisers, you don't have to sell goods, attend events, or ask others to donate.

Here’s how it works: simply buy gift cards, shop online, or dine at local restaurants to earn. With each purchase, you'll earn up to 20% back. You'll find hundreds of well-known brands on the platform, and you can use RaiseRight for just about everything:

• Major retailers including Amazon, Target, and Walmart
• Gas
• Groceries, household goods, or pet care
• Tools, home improvement, appliances, or home decor
• Delivery, shopping, and transportation apps and services
• Travel
• Restaurants and fast food
• Clothing, shoes, and accessories
• Health and beauty
• Sporting goods and outdoor gear
• Entertainment, including streaming services 

The school can then distribute earnings as needed; for example, 20% toward school administrative costs or fundraising needs, and 80% toward your private school tuition assistance.

If you're curious about the earning potential for your family or household, try this free earning calculator tool: 

3. State vouchers

As you're researching how to pay for private school, don't overlook state-sponsored resources, like School Choice programs, ESAs, or tax credits.

If you’re in one of the handful of states that currently offer them, state vouchers might cover all or part of the cost of private school tuition. 

There are some limiting factors, however. By state, these include: 

• Arkansas – Students with special needs, in foster care, or in military families
• Florida, Georgia, Louisiana, Mississippi, Oklahoma, Utah – Students with special needs
• Maine, New Hampshire, Vermont – Small towns without public schools.

• Florida
• Indiana
• Maryland
• North Carolina
• Ohio
• Wisconsin
• District of Columbia

4. Negotiate tuition rates

You might also consider discussing tuition rates with your school’s financial aid representative. If you need tuition aid for private schooling, the institution may have some flexibility related to income level or financial hardship. 

Explain your situation, be transparent about what you can and cannot afford, and ask how they can help your child become an alumnus of their school.

5. Negotiate payment plans

In addition to negotiating tuition rates, check whether payment plans are available and can help you make private school more affordable. You may be able to make 12 monthly payments instead of by semester or make reduced payments over an extended period of time. 

If you have the cash to do so, ask whether a discount could be available with prepayment.

6. 529 savings plans

Anyone can set up and contribute to a 529 savings plan to fund a child’s schooling. While deposits aren’t federally tax-deductible, they may be deductible or otherwise offer tax benefits at a state level. Plus, withdrawals aren’t generally taxable for school-related costs, even as money grows in the account.

The plans are regulated within each state, so rules and structures vary. Most states’ plans now allow you to use the funds for K-12 tuition in addition to college, although some have been slow to adopt this change. The good news is that you can choose to use a plan in your state or any other. Additionally, family and friends can also help fund a 529 plan. 

However, note that most states limit withdrawals to $10,000 annually per account.

7. Loans

Using loans for private school tuition assistance involves complex calculations and some hard thinking. Carefully consider whether taking out a loan would: 

• Limit your ability to assist with planned support for college funding
• Risk the loss of critical assets
• Incur total interest costs that are beyond a particular school’s value.

One of the most common loans for funding education is a home equity loan or line of credit (HELOC). With enough equity, a solid credit score, and a good debt-to-income (DTI) ratio, you should be able to land an interest rate much lower than an unsecured loan or line of credit.