While public schools are subsidized by the state, private schools receive their funding through tuition, donations, private grants, and fund raising events.  Thus, private schools are cheaper than you think.

According to the Cato Institute, “Statistics from the Education Department show that the average private elementary school tuition in America is less than $2,500.  The average tuition for all private schools, elementary and secondary, is $3,116 or less than half of the cost per pupil in the average public school, $6,857.”

Although there are private schools that cost more than usual, this is restricted to the most well-known schools.  For example, in one state, a highly acclaimed private school can cost as much as $13,000 a year – but this is the exception.  Private schools around the country may average between $2,300 and $3,500.

In fact, most families can send their kids to private school for about $2,000 a year or less.  The Cato Institute’s research reveals that, “The average private school cost is significantly less than the amount spent for each student in public schools.  A voucher or tax credit worth the same amount spent per student in public schools would easily give parents access to the bulk of private schools available in their communities.  With more parents able to afford private schools, new schools would open to accommodate the increased number of students.”

One example is in the state of Florida, where there have been over 350 new private schools built to accommodate students utilizing several programs offering programs to make it even more affordable to attend.  In Milwaukee and other states, there has been an influx of private donations to offset the cost of attending private schools.

Surveys have indicated that in those states that offer programs allowing for school choice, private schools offer an alternative to the public school system which, as we know, has not produced significant test scores over the last several years.

This, above all, has been the catalyst that has driven more students to private schools than ever before.  The general consensus is that most public schools which are subsidized by Federal and State governments have not produced the kind of results that were anticipated through the “No Child Left Behind” Program.

Therefore, families do have a choice to send their children to private schools using vouchers or other programs that would afford their children a quality education.  Since this is the foundation upon which families choose the best available school in their state, private schools offer a higher quality of education that is both affordable and accessible.

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Frankly, endowment policies are hardly the answer for anyone. The big sell will have you believe that they are great for education planning (it’s that “forced savings” sales talk again), but be wary. Remember that an endowment is simply an ordinary life insurance policy that you pay off in a fixed period, usually 15 or 20 years. Even if you start a 20-year endowment when the first squall comes from the cradle, you won’t have cash-in-hand at the start of college. It’s an expensive way to save, too, because interest rates are among the lowest there are, and premiums are comparatively high. Endowment policies also give scanty life insurance protection.

If you still resort to insurance “forced savings”, it makes sense to add an “endorsement” to your policy for a small additional charge. Then, if you die or become too disabled to work, the cash value won’t be lost. You won’t have to pay any more premiums, but your beneficiary will still collect when the policy comes due.

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You are lucky to have this kind of choice, and wise to consider both of these schools. Many parents forget that state and city colleges, supported by their own tax money, offer good educational facilities. In fact, some of the tax-supported institutions are superior, ranking among the finest in the land. Yet their tuition is generally reasonable for residents of the state or city in which they are located. A few of these colleges are even free.

Your own decision, of course, must depend both on your finances and on your daughter’s personality and desires. If your child can. and will, stay at home while attending a nearby college, so much the better for your pocketbook. You will save all the costs of room and board, which are a big slice of the educational bill. You will also save on travel expenses.

As to your daughter’s attitude, will she feel cheated of campus life if she stays home ? Or can she be persuaded to postpone savoring her independence in order to reduce your financial problems? If the latter is true, she’ll probably be delighted to go to the neighboring junior college.

Has she settled on a future job? Is it a vocation that doesn’t require four years of college? A two-year school can provide an excellent education for the student who has chosen a vocation. At the same time, it can also be a stepping stone into a four-year college if his or her plans change.

Whatever decision you make, it will be a happier one if you can all talk it over and agree among you as a family.