5 Ways to Afford Private Schooling in Hard Times

My sister and I were fortunate to attend a nationally respected private high school in Pittsburgh. We participated in a five-day-a-week boarding program and had access to a forward-thinking curriculum, diverse community, and teachers who were not only mentors but friends. It's an experience that helped shape our formative years and allowed us to mature academically, socially, and emotionally. That was the early 1990s.

Today, as my fiancé and I contemplate having children in the near future, we often talk about the benefits of private schools. He has taken a tour of my sprawling high school's campus and sees how my experience there has positively influenced who I am today. We both believe that education is the greatest gift that you can give your child. But according to a survey by the National Association of Independent Schools, the average median cost of private school tuition was a hefty $15,763 during the 2006-2007 school year. And, with the economy on the brink of recession, how will we be able to afford private schooling?

1) Less is more. No one wants to hear this, but it's time to aggressively save. Paying for private schooling may mean traveling less, moving to a more affordable area to cut commuting costs, scouring for deep discounts, or eating out less.

2) Pursue financial aid. The Motley Fool suggests going after "every penny of financial aid the school offers" and notes that writing a letter for more assistance may prove fruitful. Also, take advantage of aid targeting specific groups, such as children of color and single parents.

3) Tap family members. Ask grandparents, other relatives, and close friends to pitch in for tuition costs as a birthday gift or a gift for the holidays.

4) Open up an education savings account. Parents can put up to $2,000 annually into an account—until the beneficiary turns 18—and can enjoy tax-deferred earnings. Parents can make tax-free withdrawals for qualified expenses, such as tuition, books, fees, and room and board.

5) Look at alternatives. You could find an alternative to your local public school, such as a public charter or magnet school, both significantly cheaper than private schools.

Tell me: What other ways can you save for a private school education?