While enrollment falls, loans for private school tuitions are on the rise
- 5.3 million students in the U.S. attend K-12 private schools source
» Although that number has dropped from 2011 — by 7% according to the Department of Education — an increasing number of parents are taking out loans for their childrens’ pre-college education. Your Tuition Solution, a market leader, reports that loan requests are up 10% from 2011, with their average loan size up to $14,000. Roughly 20% of the new demand for loans comes from families making $150,000 or more, according to the National Association of Independent Schools. Loans repayment periods can range from 2-7 years, carry interest rates anywhere from 4-20%, and in some cases don’t have to be paid until the student graduates college. Of course, that route leaves parents paying for grades K-12 and college simultaneously.