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Once you have found the right program for your child, and have determined the best options, it is time to tackle one of the biggest issues that every parent in this situation faces: how to pay for it.
Often we hear, “We want something affordable.” A quality school or program that has:
· The structure to keep on top of manipulative and contrary teens, and
· Still be effective in changing attitudes, and
· With a positive educational environment
It is not going to be cheap, whether the parent or the taxpayers pay the bill. Most low cost schools or programs are inexpensive because they are under capitalized, cut corners financially, have a poorly thought out program, hire too few people and or hire minimum wage staff.
The costs of private Therapeutic Boarding Schools and Programs range from $5,000.00 to $10,000 per month and usually are all inclusive. There may also be a processing fee that is separate from tuition costs that range from $2000 – $3000. This fee usually includes processing, testing/assessment and administrative costs. When choosing a program, be sure to ask specifically what is included and what extra fees can be expected. If a private program is less than $4,000.00 per month, please be sure to do your research.
Many programs offer a discount if your tuition is paid up front. This is an individual decision, depending on your financial circumstances as well as your family’s needs.
Most parents that enroll a child in a quality Residential Treatment or Therapeutic school or program do so by making the personal sacrifice of dipping into family assets they have accumulated over the years.
Here are some ideas for financing.
The Educational Loan is one that is typically used by many families. There is usually no application fee and allows the family to have a reasonable monthly fee within their financial means. It is very similar to a college loan. Key Bank, Sallie Mae and PrepGate are the most common used lenders for Educational Loans.
Key Bank’s Achiever Loan – https://www.key.com/html/H-1.31.a7.html . It is a low interest loan for parents of students wishing to attend private schools. The application process is online, simple, and only renewals are required each year, not a complete new application. The process is very similar to college student loans, but this is funded privately.
My Treatment Lender – www.mytreatmentlender.com they are set up to give loans to those who have less than perfect credit. Their number is 619-228-6252
Prosper Healthcare Lending – www.prosperhelathcarelending.com they have associations with over 700 financial facilities and will shop the loan for you if you prefer they will take into consideration your credit if it’s not so great and will not send your information to a bank that you have to have very high standards for which becomes very discouraging at a time of stress in your lives already. Call 888-602-6066
Wells Fargo – https://www.wellsfargo.com/student/undergrad/k_12/ also has a similar program called the Wells Fargo Education Connection K-12 Loan, for anyone considering a private prep, military, or special education school.
Clark Behavioral Health Financing – https://www.clarkbhf.com/ securing financing for behavioral health treatment is their specialty.
· A college fund. If you have it, use it. Getting your teen the help he or she needs to ensure they make it through their teen crisis and onto college is what you are concerned with at this time.
· 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 child to can also be a tax deduction in regards to medical expenses. Usually the therapeutic and medical portion of the tuition can 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 funds to enroll your child until you are able to access other means of payment. Many parents may use a Credit Card that accumulates Airline Miles or other beneficial services. This can be a simple way to earn airline travel that can help when it comes time to visit your child if they are out of state.
· Medical Insurance. Provider to see if they cover residential placement. Some will cover the first 30-90 days or possibly the therapeutic portion of your child’s stay which is usually one third of the tuition. Contact your carrier or agent to determine what will be covered, and get documents signed in advance stating the coverage. It will eliminate problems later, if others involved are less familiar with the process.
· Families, friends and employers. Everyone know the heartbreak and joy of raising a child. Ask to borrow from relatives or friends and in some cases; employers have been known to contribute to the family emergencies. Also, don’t be afraid to ask the program if they have scholarships, some do have limited aid, so it is important to ask how and when to apply for consideration.
Find out how we can help you.Call us today at 435-862-9298