I remember wondering years ago how we were going to pay for our daughters' private school educations. It was a major expense then. It is still a major expense today. Back then in the 90s boarding school cost $11,000 a year. Because paying for boarding school involves a major part of our income, let's look at the available options. You can pay for boarding school in several ways.
By check
Fees at most schools are payable in advance. You will receive an invoice with your acceptance letter. Half a year's tuition and other fees are due in the summer, usually in July or early August. The second half of the year's tuition together with other fees is due in December. Payment dates vary from school to school but most expect payment around these times of the year. If you have your child's boarding school expenses allocated already or have sufficient income to cover two substantial payments a year, then paying by check might make sense for you. Effectively you are paying cash for your child's education. Should you expect a cash discount? It never hurts to ask.
In this video, Peter Baron explains how asking for financial aid works.
Don't forget to budget for the other fees besides tuition. Your tuition invoices will not include items such as tuition insurance, fees for supplies used in special courses, textbooks, and supplies as well as your child's
