Financing options for private schools in NYC range from full scholarships to monthly installments on loans, depending on the school and the family’s financial options.
There are of course many families in NYC that can simply write a check for a year’s tuition with the ease that other people buy a coffee. Many families, however, find that they need to get creative to cover the costs of private school.
Here are some options for paying for a private school education.
• Pay the fees in two installments.
• Sign up with a tuition payment service and pay monthly installments.
• Borrow the funds you need
• Apply for academic and athletic scholarships (for older students)
• Apply for financial aid.
• Investigate other funding sources
Pay the fees in two installments.
Private schools generally send out bills in early summer and late fall for payment within 30 days. These invoices usually include one half of the academic year’s tuition charge as well as incidentals. Incidentals can cover anything from additional sports fees to field trips or meal plans.
Sign up with a tuition payment service and pay monthly instalments.
Tuition payment services are actually loans. You will be loaned the money to cover the year’s tuition fees and incidentals fees, and you then contract with the service to repay in equal installments. In turn, the tuition payment service then pays the money directly to the school. This option is best if you can repay the money monthly, just not all at one time.
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