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On the flip side, the federal government has protected your right to apply for credit. The Equal Credit Opportunity Act (ECOA) says no one may deny you credit based on sex, marital status, race, national origin, religion, age, or receipt of public assistance income. Neither can the bank refuse to lend you money based on the personal traits of potential customers. The ECOA doesn’t guarantee that you will get a loan, only that you will not be discriminated against in the loan process. If you want more information, contact the Federal Trade Commission.

A little advance planning can save you a lot of financial worry over the years. First, make careful, realistic estimates, always allowing enough buffer for emergencies and unforseen expenses. Break down your budget in terms of number of students needed and target enrollment. Work up a detailed business plan, and develop both short-term and long-term goals. Then find the most appropriate financial partner available to you. If you learn the basics of financing a small business before you start spending money, you can build your school on a solid financial foundation right from the start.