Finance Lessons for Home Schoolers
A custom-tailored classroom has a lot of pluses, but you'll pay a price.
By Amy Esbenshade Hebert, Reporter
From Kiplinger's Personal Finance magazine, March 2007
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Extras add up. Home-schooled kids often have more time to delve into their interests, which means you'll pay more for extracurricular activities. Beyond the basic curriculum, the Krugs spend thousands on additional classes, sports, and piano and swim lessons. "I watch our pennies a bit more closely, but I know that this is the best lifestyle for our family," says Kelly. For Kim Cash, extras include painting supplies, plus travel to museums in New York City and Civil War battlefields.
Even if they start with a prepackaged curriculum, many families end up cherry-picking books and classes and hiring tutors for tricky subjects, such as math and science. And parents often try to tailor lessons to each child.
That's the case with the Messers. For Ryan, the a la carte approach worked better than a set curriculum. But for Jason, the Messers use Florida's free virtual school with teacher support. They spend about $300 per year at Barnes & Noble, Amazon and eBay for learning materials for Emily and Skylar.
Ryan is also enrolled in a local community college. When the Messers lived in Michigan, they paid a discounted rate for local college classes. In Florida, the state picks up the tab.
High school expenses. Many families stop home-schooling when their kids approach high school, which can be more complicated and expensive. When Carol Topp's two daughters started seventh grade, her expenses jumped from about $600 each for books and supplies to $1,000. And figure on buying an extra computer.
Hiring a tutor to teach, say, trigonometry or French can cost $15 to $50 per hour. Topp, who lives in Cincinnati and writes a blog at Homeschoolblogger.com, knows of one math teacher who charges $300 per child to teach a semester of algebra.
When it comes to applying for college, home-schooled students have the same access to financial aid and most scholarships as other students. The admissions process can be more complicated for home schoolers and involve more forms. But students basically face the same higher-ed scene as everyone else, says Barmak Nassirian, of the American Association of Collegiate Registrars and Admissions Officers.
Next to the traditional high school graduate, a home-schooled student "may look more interesting," says Nassirian, provided the student matches up in other respects. His advice: Contact schools ahead of time, establish a relationship, and find out what they're looking for.
Three ways to save
Buy used books and take advantage of sales. Scholastic sponsors warehouse sales in cities across the U.S. Borders offers a year-round discount of 20% to home schoolers and will let you shop on Educator Savings Days.
Take advantage of community resources, such as libraries, museums and colleges, which may offer classes or discounts.
Join a local home-school assocation to network with other parents, pool resources and trade information about where to buy teaching materials.
