Parents are searching for private schools in Franklin, Tennessee, that offer an affordable tuition structure. Many variables play into the ultimate price point, with each school’s price point different and parents’ needs unique.
A private education is an attractive option for many reasons. The smaller class sizes are playing into the decision making since kids get individual attention with classwork and a tailor-fit educational program that makes learning easier.
Some struggle to afford the costs that are comparable to university tuition. Fortunately, sending a K-12 student through a private program with financial aid assistance, voucher and grant programs, and other tuition assistance is possible.
Private Schools in Franklin Affording Tuition for Your Child
Each school in Franklin, Tennessee, offers a different tuition structure. What might be affordable to one parent could prove high to another. Many variables play into the price point, and there are various ways to save on the cost to make it affordable for your particular circumstances.
The common denominator is that many parents are switching from the public school system to the private setting primarily because the focus is on academics and the community environment. The downside is for a middle-class family, the average cost of roughly $13,000 is a considerable investment.
Fortunately, numerous ways are available to reduce the price with due diligence in research, effort, and time.
1. Affordable school choices
Private Schools in Franklin are not all created equal. There is a vast array with a broad curriculum, individual teaching styles, and varied price points.
As a rule, day schools are less expensive than boarding schools, and a religious program is more cost-efficient than a secular option. By comparing options, you can get funding from a quality school.
2. Private school scholarships
Scholarships are available for private school students in virtually any state throughout the US. These can be found throughout non-profit organizations, churches, even some large organizations that will offer scholarships to certain students following a specific program.
The funding is not available to everyone, however. Most often, the child must have financial need and belong to a particular faith or ethnicity or racial group. Research is vital to check eligibility. There could be a program specifically suited for your child.
Details on the program are available through “School & Student Services and FinAid.” The NAIS—National Association of Independent Schools—has a list of grant/scholarship organizations.
3. Financial Aid
Many private schools in Franklin offer financial aid in some form for those who are unable to afford the tuition entirely.
- Grants: Grants are awarded based on need. They are pulled from the school’s budget, and repayment is not required. Each grant is awarded for that specific school year, so the child will need to reapply each year.
- Tuition loan: A grant is not always sufficient to cover the entire tuition. Schools, however, will assist parents in obtaining a loan for the remainder. The funds come from private lenders instead of school funding. The terms are based on the loan amount and creditworthiness.
- Tuition Installments: For those who can’t afford a lump sum upfront tuition payment, an installment plan can be set up. Usually, a small fee is added, but the payments are set up as equal monthly payments.
- Merit scholarships: Private schools will offer merit-based scholarships for academically or creatively talented students. These can be a one-time gift or an ongoing scholarship.
- Outside scholarship: Some private schools in Franklin are connected with outside organizations or agencies that offer their help to support the kids. These agencies can include the local Rotary Club. Each scholarship has specific criteria, which you can learn about by inquiring with the school.
- Discounts: If you have more than one child attending the private school, often they will offer a sibling discount. Other discounts include military families. Reach out to the school about other possible discounts you might be eligible for.
The only way to know if your child is eligible for any of these options is to reach out to the school and apply. When applying for admission, submit your aid application. Once admitted, an aid decision is relatively quick.
4. State Aid Programs
State aid is available across the US for families with difficulty affording private school tuition. Some states directly assist the families, while others offer tax breaks. These programs are directed toward those with financial need, low income, or special needs kids. Click here for Tennessee’s private school tuition stats.
5. Register for TRIP
A TRIP—tuition reimbursement incentive program—partners the school with local merchants, including fuel stations, shops, and restaurants, who work together to help parents with tuition costs. To take advantage of TRIP, parents need to purchase gift cards from the school store for participating merchants.
These merchants will then provide a portion of the funds spent on the gift card back to the school. The standard percentage is roughly 10 percent. The school will pass that amount on to the child for tuition costs.
As an example, when buying fuel or groceries, instead of paying with a credit card, you’ll use gift cards from the school, and the school store will pass your savings back for tuition reimbursement.
6. Negotiate
Many parents aren’t aware that they can negotiate their tuition costs. Sometimes there might be some wiggle room with the price point, not always, but it doesn’t hurt to try. If it’s not possible, the school might be willing to offer a payment plan or give you a discount if you pay in full upfront.
Some will even cut a break if you offer to volunteer services for a set time.
Final Thought
Finding the most affordable tuition structure of private schools in Franklin, Tennessee, requires considerable research and time, but it’s worth the effort if you get assistance with funding. That’s highly likely with the number of options available for families from a variety of resources.
When you’re successful in reducing your costs, it’s possible to actually have less expense than you would see with the public school setting in a more prominent area.
