It is essential to choose the appropriate educational environment for a child with dyslexia to ensure their academic and personal development. Public schools say they support students with learning differences, but with the reading wars, many of us strongly disagree. So, families prefer private dyslexic schools that offer tailored programs and personalized attention. However, financing private education can be a significant challenge. Many routes exist to help families pay for private dyslexic schools. These include financial aid options provided by the school, loans specifically designed for elementary and high schools, and the potential benefits of a 529 plan.
Many private dyslexic schools recognize the financial burden families may face and strive to make education accessible to all. These schools often offer financial aid programs to assist families in affording tuition. Financial aid packages vary from school to school and may include:
Need-based scholarships: Schools may offer scholarships based on a family’s demonstrated financial need. Families must typically submit financial documentation, such as tax returns or income statements, to determine eligibility.
Merit-based scholarships: These are awarded to students based on their academic or extracurricular achievements. They recognize outstanding accomplishments and are based on something other than financial need. Although not advertised, some schools have donors passionate about specific areas that may provide financial support to students who share the same passions.
Tuition payment plans: Private schools may offer flexible payment plans, allowing families to spread out the cost of tuition over monthly installments rather than paying a lump sum upfront. This option can ease the immediate financial burden.
Non-Public Schools: Non-public schools are private schools that may be available in your local area. One such school that stands out is Chartwell in California. School districts can use these schools to provide interventions and services that the school district may not be able to provide. Alternatively, parents may also choose to enroll their children in non-public schools. However, it is highly recommended that you work with a lawyer or a highly skilled advocate before withdrawing your child from a public school and placing them in a non-public school. If done correctly, you may avoid future reimbursement.
Loans for Elementary through High Schools
In addition to financial aid, families may consider educational loans specifically designed to support private school tuition. While loans require careful consideration, they can be viable for families seeking assistance. Here are two common types of loans:
Personal loans: Families can explore loans from banks or credit unions to cover tuition expenses. Personal loans often offer fixed or variable interest rates, and the terms and conditions may vary based on the borrower’s creditworthiness.
Education-specific loans: Some financial institutions provide loans specifically for educational purposes, including private school tuition. These loans may offer more favorable interest rates and repayment terms than traditional personal loans. You can find prek-12 loans at Lightstream.
Before pursuing a loan, families should carefully consider the repayment terms, interest rates, and potential impact on their long-term financial well-being.
If you are considering a private education for your child, it is crucial to obtain educational testing beforehand. This will give you valuable information before visiting a school, enabling the school to determine how many years your child may need to be placed there. You do not want to start an intervention only to pull your child out midway through due to cost. Schools have seen numerous educational testing results from students who have gone through their program and should be able to provide you with an estimate of the years of placement required for remediation. If a school cannot provide you with this information, it may be best to look for other schools.
The 529 Plan
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education expenses. While 529 plans are typically associated with college savings, they can also be used for private elementary and secondary school tuition. 529 plans come with tax benefits, flexibility, and state-specific benefits.
If your student has a severe learning disability, achieving their educational goals may take a long time. In such cases, it is advisable to consult a financial expert before investing in a 529 plan. This is because 529 plans can affect your child’s financial assistance eligibility in the future. There may be other better options available that can help you manage your finances and meet your child’s educational needs.
Summary
Financing private school education for dyslexic students can be a challenge for families. However, there are several options available to make tuition more affordable. Some of these options include exploring financial aid programs offered by schools, considering educational loans designed for elementary through high schools, and taking advantage of the tax benefits provided by a 529 plan. By combining these strategies, families can take the necessary steps toward providing their children with a supportive educational environment tailored to their needs. It’s important to note that this blog post does not give financial advice. You should research and seek professional help when making financial decisions. Similarly, this post is not intended to provide law advice. Please consult an exceptional education lawyer if you need help with your child’s academic needs or school placements.
