As a parent, one of the most important decisions you will make is deciding where to send your child to school. If you are considering a private school education that offers students more specialized, intimate learning opportunities, you may be wondering if you can afford it. However, just because you’re on a tight budget doesn’t mean you can’t give your children the education they deserve. A quality private school education may be more within reach than you think. Here are a few tips to consider.

How to Afford a Private Education

1. Explore Financial Aid

Many private schools offer financial aid, scholarships, and discounts. Ask the admissions office about every option available. Often schools may encourage families to apply for financial aid, even if they are unsure if they will quality. You may be also be able to receive lower tuition by volunteering at the school or enrolling multiple children. Explore options beyond the school as well, such as scholarships offered by local civic groups or community-minded local companies.

2. Shop Around

Every private school is different. If you aren’t committed to a specific school, explore all options in your area. Tour them, speak with the staff, and see what financial aid options each offers. You can then gauge the best option for your budget and your child’s education.

3. Establish Payment Plans

A school that wants your child to attend will be willing to work with you on tuition, so ask about payment plan options. Based on your income and means, they may be willing to create a plan in which you make payments throughout the year rather than upfront and only during semesters.

4. Take Advantage of Tax Free Gifts

Grandparents and other relatives can take advantage of the annual gift exclusion, which in 2018 will allow a one-time gift of up to $15,000. The gift is not subject to gift tax when it is used for tuition expenses, according to the Internal Revenue Service, for more information on annual gift taxes visit https://www.mlrpc.com/articles/irs-increases-annual-gift-tax-exclusion-2018

5.  Use a 401K Loan

If you plan to stay with your current employer and are participating in a 401K program which allows it, a 401K loan may be a viable option. essentially, this is borrowing from your retirement interest free, though there are rules regarding maximum loan amounts and repayment periods. The Internal Revenue Service addresses the guidelines here: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-loans

When you want to enroll your child in a school with a wholesome, engaging learning environment, look no further than Hawaii Baptist Academy in Honolulu, HI. Founded on a tradition dating back to 1949, they offer comprehensive private education in a Christian learning atmosphere. Their elementary, middle, and high school prepare students for a rewarding postgraduate education and instill lasting religious values to help them throughout life. Call (808) 536-6830 for the K-6 program or (808) 595-7585 for the middle or high school today if you’re interested in enrolling your child. You can visit their website to learn more about admissions.