Ways to help you afford private school
Options include bursaries, scholarships and endowments — plus there are discounts available for families able to pay up front
A rigorous private education with meaningful networking is the ambition many parents have for their children. It’s often affordability that presents a stumbling block.
But with careful planning and meticulous attention to application deadlines, children no longer need to be “to the manor born” to secure enrolment in these hallowed halls.
Today, financial aid, scholarships, tax incentives and other unique discounts help parents hurdle the high tuition obstacle.
Here’s a breakdown of some tuition-saving measures: Bursaries Bursaries are granted based on financial need and are awarded through schools, organizations and even private families. Many independent schools make it their mission today to be “needs-blind” when making admission offers. To achieve this aim, they use a third party to process their financial aid applications.
“Applications are done on an annual basis,” explains Heather McCall, admissions, marketing and communications manager for Upper Canada College, a boys’ school in Toronto. “It’s like submitting your taxes every year. They look at income and liabilities to see if you qualify and have a financial need.”
“You can apply right online,” advises Judy Maxwell, director of admissions at Bayview Glen, an internationally connected independent coed school in North York that uses Apple Financial Services for this function.
“Apple Financial makes recommendations but it’s up to the school to give the final offer of admission,” she says. Scholarships While bursaries are based on financial need, scholarships are meritbased. At Upper Canada College, for instance, the top 3 per cent of students in upper grade levels (5 and above) are eligible to receive scholarships on a one-time basis.
At Havergal College, an independent Toronto school for girls, entrance scholarships are offered for students with “exceptional talents who meet academic admission standards and who contribute to the life of the school in significant ways.”
Generally, scholarships are awarded to students exhibiting superior academic or leadership skills, but some are also granted for community involvement, integrity, compassion, creativity and innovation. Check your school’s website for eligible scholarships and indicate an interest when applying. Private scholarships and corporate endowments Community, family dynasty and corporate scholarships are a rich source of financial assistance.
Some companies have added chil- dren’s scholarships to employee benefit packages.
Family-funded scholarships often target a specific type of student. The Temerty Family Scholarship, for example, is awarded to a qualifying student from Ukraine or Eastern Europe who attends Havergal.
Other organizations also support Indigenous and refugee populations, students with fraternal, sorority or military affiliations, those with disabilities or a predilection for a trade or sport. Numerous scholarships are available for students who consistently maintain high grade point averages.
There are even scholarships to be won through essay competitions and sweepstakes.
Check any organizations you’re associated with for potential benefits and pay close attention to application dates. There are no mulligans for missed deadlines. A search of “scholarships” online will deliver a wealth of links. Loyalty discounts Private schools strive to form multigenerational legacies. Loyalty discounts are granted to families who enrol multiple siblings or have had adult family members attend in the past.
Pickering College, a coed independent school in Newmarket, Ont., for instance, offers substantial family loyalty discounts of $1,500 off tuition if siblings attend in the same academic year and $1,000 off tuition if a student is the child or grandchild of a former school alumni. Prepayment discounts Most schools offer additional discounts if tuition is paid in full up front. This can range upwards of $400-$500 per year in savings. Early re-enrollment also garners a discount.
For those unable to pay full tuition up front, payment plans spread expenses out over the year.
“Parents should review all the different plans their school offers to take advantage of every financial option, maxing out their credits,” says McCall. Tax incentives A portion of tuition and other expenses is tax deductible. Review the Child Care Expense Deduction and the T2202A for higher level courses. Private schools have robust websites with extensive admission and fee data and informative financial handbooks.
The Canadian School Book Exchange has partnered with many independent schools for textbook exchanges to help reduce these costs
Be aware of additional expenses “Tuition alone does not usually cover all aspects of a child’s education,” cautions Maxwell. “At our school, the tuition fees are the largest part but there are additional costs above that.”
Textbooks, supplies, lab and activity fees may increase expenses by 20 per cent. The Canadian School Book Exchange has partnered with many independent schools for textbook exchanges to help reduce these costs.
“Prioritizing personal finances is necessary,” says McCall.
“Families cut down a little here and there. But the gains outweigh the sacrifice. The school becomes a part of your world. It’s a strong community. Tight knit. You’re all in the same world together. You have similar values and are interested in the same things generally.”