The expense of private school enrollment appears to pay off, as studies have shown private schooling can have a positive effect on students. A 2002 National Center for Education Statistics report showed that private schools demanded more of their students for graduation, which resulted in better performance in standardized testing compared with public school students. Also, private school students were twice as likely to graduate college as public students.
Academic scholarships offer students the opportunity to attend a private school at reduced costs. If administered by the school, the tuition for a student can be lowered or removed altogether. If provided by an outside resource, such as a scholarship essay competition, the students are provided with funds by the scholarship committee that are to be applied to tuition at a private school.
Many private schools offer financing plans for students who do not qualify for a scholarship but still require assistance to help pay for schooling. In a financing plan, the student is not responsible for paying the entire tuition before the term begins but must make a series of monthly installments.
Need-based assistance provides financial support to students who are unable to afford the schooling they desire. If an individual applies for need-based assistance at a school, benefits range from receiving grant money, which does not need to be repaid, to assistance loans with deferred payment periods so that the loan can be paid back in the future when the benefits of the education have allowed the student to attain a well-paying career.