Tag: finance

The Surprising Affordability of Private Education

Many parents choose to send their children to local government schools, and the reasons for this decision are varied. In some cases, parents would prefer to send their kids to private school, but feel as though they cannot afford the cost of tuition. Fortunately, some methods exist for making the cost of a private education lower and getting kids a superior instructional experience.

Check the Tuition

One of the first steps in the process is to actually find out what the tuition is. Some parents automatically assume that they cannot afford a private education without actually investigating what the cost would be. Checking the website and meeting with a representative from the school can provide a more accurate financial picture. Upon learning the actual price, families may realize that they actually can afford the private education that they want for their children.

Join the Parish

When schools are affiliated with religious organizations, families can often get discounts if they join the respective religious community. For example, a Catholic school that is part of the parish will likely offer discounts to members of that parish. Therefore, parents can join both the parish and the school, becoming part of a wider community that will help to enrich their children’s experience.

Explore Multi-Child Discounts

Another way to receive a discounted rate on a private education is to send multiple children to the school. Some parents may want to wait until their kids are in first grade to send them to the private school. However, they may save more money in the long run by putting younger siblings into the school now. When they have more than one child enrolled in the private school, they can save on the cost of education.

Procure Financial Assistance

Parents can also look into financial assistance that is provided by the private school in which they are interested. Schools generally offer a limited number of financial awards, so parents who want to apply should do so as soon as possible. Researching the qualifications for the financial awards is an important step of the process.

A private education might seem as though it has a huge price tag attached to it. However, this thought isn’t always true. Parents have some steps that they can take to achieve the right education for their children while keeping their financial situations in mind.

New Tax Law Could Offer Great Financial Opportunity in Paying Catholic School Tuition

Originally posted on TheCatholicSpiritWV.org

A new tax law passed late last year could offer a great financial opportunity for parents or guardians paying Catholic school tuition or wishing to send children to Catholic school.

The law contained a provision to expand “529 accounts,” tax-advantaged savings programs formerly limited to college costs, to include K-12 expenses. 529 accounts are typically begun by parents, who name their child as the designated beneficiary, and make small investments over a long period of time.

Money invested in the account grows tax-free, as long as funds are used to pay for education expenses. Beginning in 2018, up to $10,000 in tuition at Catholic elementary and high schools is an allowable expense under both federal and most State laws. These 529 policy changes could mean more families are able to choose a Catholic education.

Before discussing the details of this opportunity and how families can use 529s, it is important to point out that 529 plans are investments and carry risk. Anyone thinking of investing in one should consult a financial advisor who can provide guidance tailored to individual situations.

How should Catholics patents take advantage of this new option supporting educational choice? Families who are already enrolled in Catholic schools or considering future enrollment, should talk to a financial advisor about opening an account to fund their tuition costs.

The expansion of  529 accounts to include K-12 expenses offers an exciting opportunity for families to access a Catholic education for their children.