smart spending

Find a loan for private school

Bankrate Audio » Loan For Private School

Listen to audio

Editor's note: This is a transcript of the audio file.

The median tuition at private elementary, middle and high schools has risen 35 percent over the past 10 years, adjusted for inflation.

Parents are feeling the pinch, and more companies are offering private school loans. I'm Janet Stauble with your Bankrate.com Personal Finance Minute.

Federal college loans are more favorable than private school loans. Borrowing for private schools typically entails variable rates and shorter repayment periods. And parents these days are facing tighter credit requirements and lower loan limits.

But financial aid is climbing along with tuition prices. Many schools offer need- and merit-based aid that could make a loan unnecessary.

If loans are your only option, don't borrow too much too early, since many more years of private school financing are still ahead.

If you don't have the funds for private school, look into other alternatives, like borrowing from relatives or using home equity lines of credit.

Evaluate what you can afford and whether loans are a temporary or permanent plan for financing education.

Want to learn more? Log onto Bankrate.com. I'm Janet Stauble.

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.28%  0.02 4.30%
15 year fixed 3.24%  0.06 3.18%
5/1 ARM 3.41%  0.12 3.53%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36%  0.02 4.34%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.69% --0.00 2.69%
48 month used car loan 2.92% --0.00 2.92%
60 month new car loan 3.19%  0.01 3.18%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.93%  0.03 0.90%
2 Year CD 1.13%  0.04 1.09%
5 Year CD 1.76%  0.00 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.71%  0.02 15.69%
Cash Back Cards 16.41%  0.01 16.40%
Low Interest Cards 10.86% --0.00 10.86%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us