Private K-12 education is one of the greater known education options for families. Private schools often have a great reputation. They employ qualified faculty and staff, creating an engaging learning environment that typically offers greater course selection, diverse extracurriculars, college-prep courses, tutoring, and more opportunities students may not have in traditional public schools.

The truth is that private education can open many doors for a child’s future, and many parents find that tuition costs are well worth the investment.

There is no denying that your child’s education is priceless, but the cost of school shouldn’t be difficult to manage. In fact, there are ways to simplify paying for your child’s education.

4 Ways to pay for private school education

Paying for K-12 tuition doesn’t have to be complicated. Below are four ways you can cover your child’s school costs.

1. 529 Plans

A 529 plan is a tax-advantaged savings plan for education expenses. Traditionally known as a college savings plan, this plan expanded to help cover the cost of K-12 education in 2017.

These plans are state-administered, and more than 30 states offer tax credits or deductions for 529 contributions. However, state options for investment vary.

529 plans are great options for any parent or guardian as no income limit is required to open one! Your friends and family can contribute to the plan, and you may withdraw up to $10,000 per year for public, religious, or private k-12 tuition if your state follows federal law.

2. Education savings account

To open an education savings account (ESA), your family’s income cannot surpass a gross income of $220,000 yearly ($110,000 for an individual parent/guardian). ESAs can be used for elementary and secondary school as well as postsecondary school.

The max annual contribution is $2,000 a year. Contributions are after-tax dollars and can be made until your child’s 18th birthday!

Unlike 529s, ESAs have a more flexible, wide range of investment options. Distributions are not taxed when used for qualified education expenses. This includes private school tuition, school fees, school supplies, tutoring, and more.

3. Voucher programs

Your state may offer a voucher program. These programs allow parents to choose to enroll their children in private education. Parents must work with their chosen school to receive a voucher. There may be program-specific requirements for qualification such as low income, previous low-performing school, students with disabilities, and more. Click here to find out if this option is available in your state.

Your state may also offer a tax credit program, such as the Arizona Credits for Contributions to Certified School Tuition Organizations. These state programs provide tax credits to taxpayers who make charitable donations to certified school tuition organizations. You can find a list of tax-credit programs here.

4. Payment plans

Many private schools offer payment plan options, discounts for paying in full, military discounts, or offer scholarships! Contact your child’s school to see how you can manage tuition costs by paying over time and what available tuition options you have.

All-inclusive tuition at Laurel Springs School

Tuition should be easy to understand and to pay for! That’s why Laurel Springs School’s full-time tuition pricing includes all honors, AP courses, and electives, as well as our music lessons with Forte and dual-enrollment courses in partnership with Syracuse and Baylor Universities. We’re dedicated to providing the best private K-12 online education experience for our students. To learn more about our online school, contact an Admissions Counselor today.

Share on social media