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Have you recently discovered the high costs of Boarding Schools,
Military Schools, Therapeutic Boarding Schools, Residential Treatment Centers,
Wilderness Programs and other avenues of academic and emotional growth
assistance?
For the average middle class family the fees can be staggering. Even people
of means can have sticker price shock at the tuition of these programs. Due to
the extensive costs of operating these specialty schools with the appropriate
licenses, credentialed staff as well as certified educational accreditations, it
is extremely expensive.
The average cost of private Therapeutic Boarding Schools and Programs is
about $4000.00 per month, usually all inclusive. There is usually a processing
fee that is separate from the tuition that can range from $1500.00 - $2500.00.
This fee usually includes insurances, administrative costs, and other various
costs. Some programs will include the uniform in that fee. Other programs will
have an additional fee for uniforms. When choosing a program, be sure to ask
specifically what is included and what extra fees can be expected. If a private
program is less than $3000.00 per month, please be sure to do your research.
Many programs offer a discount if your tuition is paid up front. This is an
individual decision, depending on your financial circumstances as well as your
family's needs.
Financing these programs can be available to you in a variety of ways. The
Educational Loan is one that is typically used by many families. There
is usually no application fee and allows the family to have a reasonable monthly
fee within their financial means. It is very similar to a college loan. Key
Bank, Sallie Mae and PrepGate are the most common used lenders for Educational
Loans. See our FAQ #5 for their contact information.
If a child has a college fund, it may be a good time to use it.
Although we expect our children to go to college, when the time comes and he/she
is ready for that step, and you have exhausted your college fund, there are
always grants and scholarships to a wide variety of colleges that you could
apply for. Getting your teen the help he needs to ensure he makes it to college
is what you are concerned with at this time.
Does your child have an Individual Educational Plan (IEP)
through your local school district? In some cases this may defer some of
your tuition costs in respect to the academic component of a Boarding School or
Program. If you have an IEP in place for your child, it is important to
ask the school or program you are considering if they work with IEP's and
discuss the reimbursement process. For more information on IEP's
click here.
Another popular alternative to financing a program is a Home Equity Credit
Line. This can be beneficial to you in a few ways. Not only is a
convenient way to access money that is needed, it can also be a tax deduction
in regards to the interest payments. Please keep in mind, in some cases the
program you are sending your child to can also be a tax deduction in
regards to medical expenses. Usually the therapeutic and medical portion of the
tuition can be deducted. Check with your Tax Preparer or Accountant for more
information.
Credit Cards, although they usually have a high interest rate, may be
able to provide you with the initial monies to enroll your child until you are
able to access an Educational Loan, Credit Line, or other means of payment.
Many parents will use a Credit Card that accumulates Airline Miles or
other beneficial services, and then pay the credit card off within the 28-30
days with their credit line or other financial means. This prevents you from
being charged the finance charges. It can be a way to earn airline travel that
can help when it comes time to visit your child if they are out of state.
Contact your Medical Insurance Provider to see if they cover
residential placement. Some will cover the first 30 days or possibly the
therapeutic portion of your child's stay which is usually one third of the
tuition. PPO's are typically more likely to cover some costs, however it never
hurts to check with your insurance company. In searching for programs, you may
want to ask the program if they accept your insurance or have experience with
how much you could expect from your specific insurance company.
Many families will borrow from relatives or in some cases; employers have
been known to contribute to the family. In some cases this could also be a
tax deduction for a relative or employer. Don't be afraid to ask the program if
they have scholarships, some do have limited financial aid, so it is important to ask.
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