Private education, whether at colleges, universities, or specialized institutes, offers unique opportunities for students to pursue personalized education paths and specialized fields. However, the high cost of private school tuition often requires students to rely heavily on student loans, creating a long-term financial burden. With high interest rates and limited repayment flexibility, these loans can restrict students’ ability to achieve financial stability after graduation. This proposal advocates for making student loans more affordable specifically for private school students, enabling wider access to private education and ensuring that students are not disproportionately burdened by debt.
Interest rates on loans for private school education should be capped at the inflation rate or matched to federal rates for public school loans. This would make it possible for private school students to repay their loans without accruing unsustainable interest over time.
To ensure that students attending private schools have equitable access to financial aid, it is essential to expand eligibility and funding through the Free Application for Federal Student Aid (FAFSA). Currently, many private school students face limited access to federal grants and subsidized loans, resulting in a greater reliance on high-interest private loans. Expanding FAFSA coverage to include broader financial support for private school students would help ease financial strain, make private education more accessible, and allow students to pursue specialized programs without the burden of excessive debt. By increasing FAFSA access for private school students, we can ensure that financial aid is distributed fairly across all types of institutions, opening doors for students from diverse backgrounds to choose the best educational path for their goals.