Private High School Loans
Wanted: High Quality College Prep Curriculum
Private high schools have become a popular choice for the college-bound student. Most deliver top-notch college prep curriculums that fortify students with the academic edge to make it into college and stay there.
The choice between a public and private high school educations is based on a number of factors, including region of the country and educational goals. Find out how you can afford to make a private education a reality.
Types of private high schools—day and boarding—for which you may need loans and other financial aid:
- College prep
- Catholic school or parochial school
- Hebrew school
- Montessori or Waldorf schools
- Military School
- Special needs school
Some education loans will allow you to finance tutoring and extra educational feessuch as the services of a Sylvan Learning Center.
The Cost of Private
Annual costs at a private high school range between $10,000 and $30,000, rivaling many college tuitions.
For parents of means this may be commonplace, but how do middle class families finance a private high school education while also trying to save for college?
Seeking funding for school? Here are the types of financial aid available for private high schools:
- Financial aid from schools.
- Tuition payment plans.
- Education loans from private lenders.
Financial Aid from Private High Schools
Most independent high schools have well-managed financial aid programs from which many students draw free grant money and even loans. And on top of this there are increasing numbers of participants in tuition payment plans.
**Example:
- Choate Rosemary Hall in Connecticut is one of the Northeast’s top private schools. The school awards grants and administers its own Independence Foundation Loan. Various grade levels of students are qualified for a couple of thousand dollars in financial aid loans available directly through CRH.
- Deerfield Academy in Massachusetts costs close to $30,000 a year for a non-boarding student. According to the academy over $5,000,000 is loaned to students each year depending on family situation.
Schools partner with lenders to extend tuition payment plans, as well. Use these tools to make affordable monthly payments on your private high school tuition bills.
** Strategy: use tuition payment plans as part of a financial strategy that includes grant money and private loans.
How to Apply for Aid
Contact your school’s financial aid office as soon as you can. Ask for all the necessary applications and forms you’ll need to apply for aid.
You'll most likely be required to include a copy of your most recent income tax return when you apply.
Student Loan Products that Work for Private High Schools
In the past your only option for finding extra money for private secondary school was to refinance your home or take out a home equity line of credit. But this has changed. Why? Student loan providers and even some private banks have filled up the student loan vacuum that previously existed for parents just like you. There are student loans for college, they asked, so why not for private secondary schools?
Popular student loans for private high school include:
- The AchieverLoan from KeyBank was created, like Chase’s, for the express benefit of helping finance annual tuition at private K-12 schools. No fees and quick renewals. Borrow up to the cost of tuition.
- Citiassist K-12 Loans from Citibank give borrowers the option to take out loans up to $15,000 per year, fee-free. If you don’t qualify on your own, get a co-borrower to sign with you and repayment may be spread over 10 years following disbursement of the loan.
- The Sallie Mae K-12 Family Education Loan is available to anyone with good credit who may be responsible for all or part of a child’s educational costs. Borrow up to the cost of tuition including $6,000 of it for extra educational expenses. Loan minimum of $1,000 with a possible loan repayment term of 20 years.
- Your Tuition Solution Loan is specially designed to help parents and legal guardians pay for private K-12 education. Loans are short-term, from 10 to 72 months. Borrow the full cost of tuition minus financial aid and make regular payments. Borrowers that choose the 10-month payment plan have no credit check.
When you decide to borrow private education loans you must consider your credit history. All of these products are loaned to borrowers with good credit. However, this does not mean you are excluded from private education. How can you qualify for a private education loan with bad credit?
Borrow with a creditworthy co-borrower or co-signor and still get the money you need.
