Helping Parents of Troubled Teens: Financial Aid For Therapeutic Boarding Schools
Sending your troubled teen to a therapeutic boarding school can not only be tough due to the distance but also because therapeutic boarding schools can be quite costly. Since many families are not in a position to easily pay for a therapeutic boarding school, we wanted parents to have a resource to use when looking into how they can pay for their troubled teen’s therapeutic boarding school.
Assess Your Financial Resources At Home
As therapeutic boarding schools can cost several thousand a month for your troubled teen to attend, you will not likely be able to raise the money doing something simple as a yard sale. However, there are other financial resources at home you may consider when looking to finance your teen’s treatment.
Home – Your home is likely your largest investment. You can either apply for a low-interest home equity loan or even sell your home while downsizing to a smaller home.
Portfolio – Whether you have a retirement fund, bonds, 401k, stocks, or other financial assets tied up in a portfolio you may want to consider cashing out your assets.
College fund – If you have money saved up for your teen’s education, you may want to dedicate some or all of it to pay for a therapeutic boarding school. If the money is in a dedicated plan, like a College 529 plan, check that you will not be penalized.
Belongings – There may be some high-value items such as jewelry, antiques, and collector’s items that you can sell to help finance some of the costs of your teen’s treatment.
Car – A title loan on a car would likely not yield enough money unless you have a fairly high-end car. It would be better to sell any extra cars and/or sell your current vehicle and buy a more economical one.
Insurance – Many health insurance plans do not cover therapeutic boarding schools. However, it is worth calling your provider to inquire if your health insurance will cover at least some of the cost.
Discover Troubled Teen Financial Help Outside The Home
Outside of your own home and immediate family, there may be more resources available to help you finance your troubled teen’s stay at a therapeutic boarding school.
Loans – There are loans available specifically to help with mental health treatment that you can apply to receive on behalf of your troubled teen.
Church – Many churches have funds available for families in need, so you should reach out to your religious leader and inform them of your circumstances.
Fundraiser – Online fundraisers like GoFundMe allow you to reach a wider audience with your request for help.
IEP – If your teen has an IEP or other specialized education needs that are not being met, you may be able to have the public school district pay for your teen’s therapeutic boarding school.
Adoption – To help promote successful adoption, many states offer financial aid for adopted children’s mental health services.
Inquire About Therapeutic Boarding School Resources
Depending on the therapeutic boarding school you choose for your troubled teen, there may be financial aid options available to you.
Payment plans – As many parents are unable to pay upfront for therapeutic boarding schools, many schools offer payment plans to ease the financial burden.
Discounts for full payment – When full payment can be made, some schools offer a discount on their treatment.
Scholarships – Other schools have scholarships available, so troubled teens from disadvantaged families can receive help.
Recommend loan providers – Some school can recommend mental health loan providers which will offer low-interest loans to families who work with their boarding school.
Sundance Canyon Academy is a residential treatment center which offers high-quality therapeutic care to troubled teens. Along with a robust academic program, we have a top-notch therapeutic program in place which has been helping teens for years. Contact us today to discuss your particular situation with our admission counselors.