Sue Scheff: Ideas on How to Finance Schools and Programs

Financial Options

Have you recently discovered the high costs of Boarding Schools, Military Schools, Therapeutic Boarding Schools, Residential Treatment Centers, Wilderness Programs and other avenues of academic and emotional growth assistance?

For the average middle class family the fees can be staggering. Even people of means can have sticker price shock at the tuition of these programs. Due to the extensive costs of operating these specialty schools with the appropriate licenses, credentialed staff as well as certified educational accreditations, it is extremely expensive.

The average cost of private Therapeutic Boarding Schools and Programs is about $4000.00 per month, usually all inclusive. There is usually a processing fee that is separate from the tuition that can range from $1500.00 - $2500.00. This fee usually includes insurances, administrative costs, and other various costs. Some programs will include the uniform in that fee. Other programs will have an additional fee for uniforms. When choosing a program, be sure to ask specifically what is included and what extra fees can be expected. If a private program is less than $3000.00 per month, please be sure to do your research.

Many programs offer a discount if your tuition is paid up front. This is an individual decision, depending on your financial circumstances as well as your family’s needs.

Educational Loans:

Financing these programs can be available to you in a variety of ways. The Educational Loan is one that is typically used by many families. There is usually no application fee and allows the family to have a reasonable monthly fee within their financial means. It is very similar to a college loan. Key Bank, Sallie Mae and PrepGate are the most common used lenders for Educational Loans.

College Fund Option:

If a child has a college fund, it may be a good time to use it. Although we expect our children to go to college, when the time comes and he/she is ready for that step, and you have exhausted your college fund, there are always grants and scholarships to a wide variety of colleges that you could apply for. Getting your teen the help he needs to ensure he makes it to college is what you are concerned with at this time.

Individual Educational Plan (IEP):

Does your child have an Individual Educational Plan (IEP) through your local school district? In some cases this may defer some of your tuition costs in respect to the academic component of a Boarding School or Program. If you have an IEP in place for your child, it is important to ask the school or program you are considering if they work with IEP’s and discuss the reimbursement process. For more information on IEP’s click here http://www.ed.gov/parents/needs/speced/iepguide/index.html

Credit Line/Home Equity:

Another popular alternative to financing a program is a Home Equity Credit Line. This can be beneficial to you in a few ways. Not only is a convenient way to access money that is needed, it can also be a tax deduction in regards to the interest payments. Please keep in mind, in some cases the program you are sending your child to can also be a tax deduction in regards to medical expenses. Usually the therapeutic and medical portion of the tuition can be deducted. Check with your Tax Preparer or Accountant for more information.

Credit Cards:

Credit Cards, although they usually have a high interest rate, may be able to provide you with the initial monies to enroll your child until you are able to access an Educational Loan, Credit Line, or other means of payment. Many parents will use a Credit Card that accumulates Airline Miles or other beneficial services, and then pay the credit card off within the 28-30 days with their credit line or other financial means. This prevents you from being charged the finance charges. It can be a way to earn airline travel that can help when it comes time to visit your child if they are out of state.

Medical Insurance:

Contact your Medical Insurance Provider to see if they cover residential placement. Some will cover the first 30 days or possibly the therapeutic portion of your child’s stay which is usually one third of the tuition. PPO’s are typically more likely to cover some costs, however it never hurts to check with your insurance company. In searching for programs, you may want to ask the program if they accept your insurance or have experience with how much you could expect from your specific insurance company.

Family, Church, or Employer:

Many families will borrow from relatives or in some cases; employers have been known to contribute to the family. In some cases this could also be a tax deduction for a relative or employer. Some churches will have specific funds to help families within their parish. If you are a member of a church or other faith based organization, it can’t hurt to ask.

Scholarships:

Don’t be afraid to ask the program if they have scholarships, some do have limited financial aid, so it is important to ask.

Tuition Costs of Schools and Programs Rising

What are parents to do when they need to get their child the extra help they may need, and the costs seem out of reach?

There are alternatives, options and resources. This Blog has some ideas for you. You can also try your local United Way.

Sue Scheff: High Costs of School and Programs

After making the painstaking decision your child need residential therapy, you will soon realize the high costs of many private schools and programs. Please take a moment to educate yourself on various ways that families afford to get their child the help they may need.

Sue Scheff on Financing ideas for schools and programs

Please check out the links list on the sidebar of this Blog. There are several lending institutions that will be able to answer more of your questions.

Sue Scheff - Questions on the High Costs of Schools and Programs

Once a parent decides they need to seek a school or program for their child, they soon realize the high costs of these Boarding Facilities.

There are many options to help offset the costs, or help you to afford the programs. The following article has some great avenues I encourage you to review.

There are usually programs and schools that will use sliding scales - according to your income. In most of these cases, you will have to disclose your tax returns to verify your income to qualify for these programs.

If you are in need of intervention and financially stuck, review all the options. Hopefully one will work for you and your family needs.

Sue Scheff (PURE) Financing Options for Schools

Are you a parent starting your research for a specialty school or program for your teen? Are you shocked at the costs of these programs?

Here are some Financial Options that many parents have used:

Financial Options

Have you recently discovered the high costs of Boarding Schools, Military Schools, Therapeutic Boarding Schools, Residential Treatment Centers, Wilderness Programs and other avenues of academic and emotional growth assistance?

For the average middle class family the fees can be staggering. Even people of means can have sticker price shock at the tuition of these programs. Due to the extensive costs of operating these specialty schools with the appropriate licenses, credentialed staff as well as certified educational accreditation's, it is extremely expensive.

The average cost of private Therapeutic Boarding Schools and Programs is about $4000.00 per month, usually all inclusive. There is usually a processing fee that is separate from the tuition that can range from $1500.00 - $2500.00. This fee usually includes insurances, administrative costs, and other various costs. Some programs will include the uniform in that fee. Other programs will have an additional fee for uniforms. When choosing a program, be sure to ask specifically what is included and what extra fees can be expected. If a private program is less than $3000.00 per month, please be sure to do your research.

Many programs offer a discount if your tuition is paid up front. This is an individual decision, depending on your financial circumstances as well as your family’s needs.

Financing these programs can be available to you in a variety of ways. The Educational Loan is one that is typically used by many families. There is usually no application fee and allows the family to have a reasonable monthly fee within their financial means. It is very similar to a college loan. Key Bank, Sallie Mae and PrepGate are the most common used lenders for Educational Loans. See our FAQ #5 for their contact information. (insert link to FAQ)

If a child has a college fund, it may be a good time to use it. Although we expect our children to go to college, when the time comes and he/she is ready for that step, and you have exhausted your college fund, there are always grants and scholarships to a wide variety of colleges that you could apply for. Getting your teen the help he needs to ensure he makes it to college is what you are concerned with at this time.

Another popular alternative to financing a program is a Home Equity Credit Line. This can be beneficial to you in a few ways. Not only is a convenient way to access money that is needed, it can also be a tax deduction in regards to the interest payments. Please keep in mind, in some cases the program you are sending your child to can also be a tax deduction in regards to medical expenses. Usually the therapeutic and medical portion of the tuition can be deducted. Check with your Tax Preparer or Accountant for more information.

Credit Cards, although they usually have a high interest rate, may be able to provide you with the initial monies to enroll your child until you are able to access an Educational Loan, Credit Line, or other means of payment. Many parents will use a Credit Card that accumulates Airline Miles or other beneficial services, and then pay the credit card off within the 28-30 days with their credit line or other financial means. This prevents you from being charged the finance charges. It can be a way to earn airline travel that can help when it comes time to visit your child if they are out of state.

Contact your Medical Insurance Provider to see if they cover residential placement. Some will cover the first 30 days or possibly the therapeutic portion of your child’s stay which is usually one third of the tuition. PPO’s are typically more likely to cover some costs, however it never hurts to check with your insurance company. In searching for programs, you may want to ask the program if they accept your insurance or have experience with how much you could expect from your specific insurance company.

Many families will borrow from relatives or in some cases; employers have been known to contribute to the family. Don’t be afraid to ask the program if they have scholarships, some do have limited aid, so it is important to ask.


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