Have you recently discovered the high costs of Boarding Schools?

For the average family the fees can be staggering.

Even people of means can have sticker price shock at the tuition of clinical boarding schools, Therapeutic Boarding Schools, Residential Treatment Centers, Wilderness Programs and other avenues of academic and emotional growth assistance.

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 $5000.00 per month. Some are all inclusive and some are not.

There is usually a processing fee that is separate from the tuition that can range from $1500.00 – $2500.00. This fee usually includes administrative costs as well as other various service fees.

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. When a private program or school is less than $3000.00 per month, please be sure to do your research. Some programs offer a discount when 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.

This allows the family to have a reasonable monthly fee within their financial means. It is very similar to a college loan. When an adolescent has a college fund, it may be a good time to use it.

Although we expect our adolescents to go to college, when the time comes and they bare ready for that step, and you have exhausted your college fund, there are usually grants and scholarships to a wide variety of colleges that your adolescent may apply for. Getting your teen the help they need to ensure they make it to college is what you are concerned with at this time. Does your adolescent have anIndividual Educational Plan (IEP) through your local school district?

In some specialized cases this may defer some of your tuition costs in respect to the academic component of a Boarding School or Program.

When you have an IEP in place for your adolescent it is important to ask the school district or program you are considering if they work withIEP’s and discuss the IEP possible reimbursement process.

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 adolescent to can also be a tax deduction in regards to medical expenses. Usually the therapeutic and medical portion of the tuition may 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 adolescent 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 adolescent when 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 may be up to 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; churches or employers have been known to contribute to the family. In some cases this may also be a tax deduction for a church, relative or employer. Don’t be afraid to ask the program if they havescholarships, some do have limited financial aid, so it is important to ask.