Black Student Fund | August 12, 2026
Family income and savings are the primary sources of funds for K–12 independent school tuition and related costs. Education savings tools, such as 529 plans and Coverdell Education Savings Accounts, are another option. These savings tools allow families to save and invest funds and then withdraw money for qualified education expenses with potential tax advantages.
529 and Coverdell accounts are generally thought of as college savings accounts, but both can be used, subject to applicable rules and limits, to pay for certain private elementary and secondary school expenses (learn more about 529 plans here).
Paying for an independent education often becomes a collaborative, multigenerational effort, with grandparents and extended family members contributing by paying tuition directly or funding education savings accounts through holiday and birthday gifts. Some families have also turned to crowdfunding to help cover educational expenses.
Scholarships and Grants
Scholarships and grants are forms of gift aid, meaning they generally do not need to be repaid. The largest source of scholarship and grant aid for independent-school students is the schools themselves. Gift aid may be need-based or merit-based, including awards based on academics, athletics, the arts, or other accomplishments.
A number of DMV community organizations and religious denominations also offer scholarships or grants for K–12 education at independent schools. Visit the Black Student Fund’s blog to learn more about how schools determine need-based financial aid.
Sibling Discounts
Some schools offer sibling discounts when more than one child from the same family is enrolled at the school.
Payment Plans
Many independent schools offer flexible tuition payment plans, including monthly and term-based installments, to help families manage educational costs. Some schools partner with third-party providers such as FACTS, Blackbaud, TADS, and Vericross to securely process payments, provide automated billing, and give families online account access.
Vouchers
Voucher programs are government-sponsored programs that can provide financial assistance to eligible families, often based on income guidelines. The D.C. Opportunity Scholarship Program and Maryland’s BOOST program provide educational assistance to eligible families attending participating schools in the District of Columbia and Maryland.
Employer Benefits
Some employers and private companies offer tuition assistance or scholarship grants as an employee benefit. Under federal tax rules, employers may be able to provide employees with up to $5,250 per year in tax-free educational assistance, subject to applicable requirements.
Loans
Families can also borrow money to help pay for independent-school tuition. Some families use personal loans, lines of credit, home equity loans, or loans through credit unions. A number of organizations offer financing options specifically for education expenses, including Your Tuition Solution, Sallie Mae, LightStream, and SoFi.
This article was originally published by the Black Student Fund. To learn more, visit BlackStudentFund.org.