 TITLE: How to Finance Your Child’s Private School Education CONTENT: Consider a Loan\n---------------\nThere are two kinds of loans you can use to pay private school tuition:\n*   **Education loans**: Education loans let you borrow up to 100% of the school-certified cost of your child's K-12 private school education. These loans have variable interest rates, so your payments may rise or fall over the life of the loan.\n*   **Personal loans**: Personal loans can be used for any purpose you choose, including K-12 tuition. However, personal loans can have higher interest rates than education loans, and some charge prepayment penalties if you pay off the loan early.\nInterest and fee costs that come with loans add to private school's already high price tag. A 15% interest rate on a $10,000 student loan to cover just one year of private elementary school will ultimately cost you thousands in interest fees. If you're already struggling to afford private school, increasing the cost won't make things any easier.\nAlso keep in mind that repaying private school loans could drain funds that may be better spent saving or paying for your child's college education. You should carefully consider whether the rewards of a private school education outweigh that risk. END