You want your kids learning from the best, and in the best schools you can get. Enrolling your child in a private school can be an excellent option for getting a quality education. Yet, best is not always cheap or affordable without proper financial planning.The cost of education in India’s best private schools can be a concern to you, as it is for many parents. But you can take some proactive steps to make the best education available to your child affordably.
Here are a couple of quick tips to help you pre-plan how to pay private school fees without overburdening yourself.
1. Consider the Private School Fees Annual Increases
So, you’ve downloaded the school fee structure for the current year.
What if it changes?
Many schools revise their fees after an academic year. So, do not assume that the costs will remain as they are. The good news is that the schools provide revised fee structures well in advance. That way, you can have time to consider your options.
You can decide what to prioritize in your finances, income sources, or transfer options based on the new information.
2. Know the School’s Payment Schedule
Many private schools have a clear payment schedule. They’ll let you know when you get the fee structure. You can also download it yourself from the school’s website.
Some schools request parents to pay the entire term fees in advance, while others accept installments. With that in mind, you can decide which payment option fits your short- or long-term financial outlook.
The goal is to ensure paying the fees won’t overwhelm you or cripple your finances since you have other things to do.
3. Choose the Right Education Insurance
The policy can help you meet your child’s education funding needs.
Keenly review the education insurance options available to you if you decide to get it. For example, you do not want it to take too long to mature. Do not forget to factor in inflation. You do not want it eating a chunky proportion of the funds by the time it matures. Otherwise, you may end up getting less than would be sufficient to get your child through the most challenging stages of their learning journey, such as high school.
And, of course, do not forget to read the fine print. That way, you’ll know what to expect throughout the policy and keep any unpleasant surprises away.
4. Apply for a Scholarship from the School
There are a decent number of private school scholarships to go around these days.
Getting the sponsorship can help clear a good percentage or the entire fee for you. Scholarships in international schools are competitive, though. So, be sure to look into what could boost your chances of clinching your child’s financial support. It could be top-performance in academics, co-curricular, or extra-curricular. Start early, so you’ll have time to do that research. And, don’t forget to ask the schools’ administration about their scholarship programs.
Now, many parents shy away from asking directly. But what better way to know than to hear it from the horse’s mouth?
5. Plan to Pay the Fees Upfront
Some private schools offer discounts for full cash payments.
They’ll usually indicate it on their fee structure, website, or other material to parents and guardians. If you have the cash, you may make significant savings by taking the discounts. There is something else. Find out if the school has a penalty for late payments, how much it is, and what else happens in that scenario. You do not want to deal with hidden costs now, do you?
One more thing.
Check the school’s policy on fee cancellation. In the case you decide to transfer your child to another school after paying fees, you’ll know what to expect back.