How to Afford a Private School Education

Emma Chonofsky

As a private school in Providence, RI, we often get asked by prospective parents: “What are my options, financially?” 

The reality is that private schools are an investment in your child’s future. BUT, today’s private schools offer great financial aid options, scholarships and payment plans to make it an investment that you can afford.

Below, we discuss some options for affording a private education for your child.
 

The first question to ask yourself is:
How much time do I have to save? 

If your children are still young, starting to save now is an excellent way to start your journey in affording private school tuition. The average private school tuition in Rhode Island is approximately $15,000 per year. The elementary school average is roughly $10,000 while the high school average is closer to $25,000. Hypothetically, if your family had 10 years to save $15,000 for private school tuition, that would amount to saving $125 each month for tuition for one academic year. If needed, public education may work for a length of time while you work on savings.

Having time to plan and save for tuition is great, but what happens when you didn’t anticipate seeking out private school options? 

Scholarships

It’s time to review scholarship options at your local private schools.

Most independent schools can offer scholarships to families based on financial need. Securing a scholarship may require that your child uphold a certain academic performance, possibly be involved with the community, or even be involved in additional ways with the school. These minor responsibilities can definitely be worth it; not only for taking off financial obligation but also to strengthen your child’s character.

At PCD, we believe that the advantages of an independent school should be available to as many academically qualified students as possible. That’s why we offer scholarships and financial aid options to as many qualified families as possible. Students can be eligible for awards valued between $5,000 and $18,000, up to 50 percent of tuition. Students can apply for a Red and Black Scholarship, which is awarded each year to top students for academic achievement, extracurriculars, community service, and leadership. 

Other potential scholarships in the state include the Rhode Island Corporate Scholarship Tax Credit program, in which local corporations help low-income families afford a private school education in return for a substantial tax credit. The program allows qualifying families to receive financial assistance for participating K-12 private schools.  


Loans

A final way to afford a private school education is through loans. Companies like Your Tuition Solution and the National Association of Independent Schools (NAIS) can help you through the loan process. NAIS also supplies sample financial aid calculations as a great resource for all families considering an independent school.


PCD Offers Great Financial Aid Options!

Choosing a private education is a big decision that can change your child's life. Deciding which school is right for your child can be difficult and stressful. However, private schools may be more affordable than you imagine. There are many ways to start saving, apply for financial aid and afford tuition when the time comes. 

Learn more about the financial aid options at Providence Country Day School - Independent School in Providence, RI.
Contact our admissions team to discuss your financial aid and enrollment options today: admissions@providencecountryday.org