A big part of your private school is being mindful of the sacrifices and prioritizations parents make to give their children the very best opportunities they can. Many schools work hard to keep costs competitive and affordable for their families and strongly believe that money should not be a barrier to a high-quality educational experience.
Here are seven tuition incentives your school may consider offering to one-the-fence parents considering your school.
Tuition Incentives to Help Keep Costs Lower for Parents for on the Fence Parents
1. Establish a “Cover the Gap” Tuition Fund
Create an annual campaign that adds money to a high-yield savings account where parents who may need an extra 20% can pull from the fund to
Everyone can benefit from this fund and can add students to your bottom line.
2. Large Tuition Rebate Over Multiple Years for Referring a New Student
The more quality students you have, the better off the school is from the cost of tuition from a program perspective. Parental word of mouth is your greatest resource for admissions. Your families understand the type of people you seek to welcome into your community and can help ensure the quality of our student body through their referrals.
Set up a referral fee for parents who refer a student that is enrolled that, over a period of time, that parent will receive a tuition rebate up to a certain amount spread out over four years and payable in January of each enrolled year. (Example for a $5,000 incentive: Year 1: $500, Year 2: $1,500, Year 3: $1,500, and Year 4: $1,500). In order to receive the rebate, the referred family would have to name the referring family in their first contact with the school. In addition, each January, the referring family must have at least one child enrolled at your school. The referred student must also remain enrolled and current in their tuition payments.
3. One-Time Tuition Rebate for Referring a Middle School Student
A current parent who refers a prospective 6th-8th grade student who is admitted and enrolled will receive a $500 tuition rebate as long as at least one of the parent's children is enrolled at your school.
4. Offer a Sibling Discount
To ease the financial burden for families with multiple children enrolled at your school, offer families with more than one child enrolled in the same academic year a 10% tuition discount for the younger enrolled sibling(s).
5. Offer a Tuition Freeze for Middle School Students
Often it is more difficult to retain and fill middle school classrooms, especially if your campus only offers grades through eighth grade. Try offering a “Responsive Tuition Range” (RTR) for a returning student entering the middle school, set for sixth grade at that time will remain the RTR for that student until he or she leaves the school.
For a new family enrolling a child in 6th, 7th, or 8th grade, their tuition would fall within the published rates of your first year enrolled at your school. That student’s RTR will not go up the following year, even if the published RTR increases.
6. Grants from your state or other institutions
Websites like Scholarships360 offer information on scholarships and other forms of financial aid for private K-12 schools. They provide a list of common ways students attending private K-12 schools can obtain scholarships and financial assistance
It's important to note that finding grants specifically for private K-12 schools can be challenging since most foundation grants are typically focused on college-level students. However, by exploring the options mentioned above, you can increase your chances of finding financial assistance for private K-12 education.
7. Offer Variable Tuition Based on Need
A variable tuition model for a K-12 private school is a need-based tuition program that allows families to apply for a tuition rate that is adjusted according to their unique financial situation. Rather than having a fixed tuition fee for all students, the variable tuition model takes into account various factors such as income, assets, unusual expenses, family size, and available resources when determining the tuition amount a family can afford to pay. The goal of variable tuition is to make private education more accessible and affordable to qualified students who may not be able to afford the full cost of tuition.
Families can apply for variable tuition if they have concerns about affording the full tuition rate at the school and believe they may qualify for the program. The application process typically involves submitting financial information to a third-party agency, such as FACTS Grant and Aid, which evaluates the application and makes a recommendation to your school's finance office. The school's financial office then notifies families of the tuition level for which they qualify based on the information provided.
The availability of variable tuition is determined by the resources and funds allocated by the school. While the goal is to make the school accessible to as many students and families as possible, it may not be possible to provide variable tuition to every deserving student due to resource limitations.
Final Thoughts
With any tuition assistance program, consider adding provisions that include allowing families to only be enrolled in one tuition assistance program at a time. Need More Help? Start with Cube Creative to help market your K-12 Private School. Contact us for a free evaluation.
