We are literally in the exact same situation as you (preschool at three being the norm where we live, not being able to afford it), and are testing the waters with Sonlight. I am currently doing P3/4 with my three-year-old. We started right after he turned three. So far, I am very happy with Sonlight.
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A previous poster mentioned that you could just check out the books at the library. I would say that yes, if you absolutely cannot afford the program, it is possible to just get the Parents Companion (with book lists) and check out the books. If you can swing the cost, however, I would highly recommend buying the core. Although I had thought about just borrowing the books, I am now very glad IÂ bought it.
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P3/4 is a fantastic start to a quality home library. There are so many wonderful books, and we are now reading much more widely than we would have otherwise. The advantage to owning the books is that the child will ask for many of the titles to be read over and over and over again. If you are merely borrowing the books, there likely will not be as much repetition. Also, at least for our family, there aren't enough titles in P3/4 to cover the entire school year, if you are simply reading through them once. I have made my own checklist to ensure that we are reading through all the titles at least three times (though my son's favorites are read far more often), and even so, I think we will finish ahead of "schedule." We do spend a lot of time reading; typically an hour a day. He enjoys it so much. We also pull in other books, to supplement the core.
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So far, I have no regrets. I've heard mixed things about the P4/5 core, though. It also sounds like a great core, but I've heard that for some kids there is a big jump in reading comprehension levels between those two cores. The P4/5 books have few pictures and a lot of text. Some find it is better suited as a kindergarten core. If we get it at the beginning of the next school year, my son will be on the young end; just turned four. I think we will go ahead and get it, but supplement with P3/4 and other titles (for example the ones from FIAR and BFIAR) if he is not quite ready for that level. I am thinking of spreading out P4/5 over the next two school years, and just doing a lot of repeats. That way, we would also be using it for his kindergarten year.
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Yes, Kindergarten. Initially, I was just planning on home preschooling, but I think we'll at least give Kindergarten a try. We'll probably end up homeschooling long term, but I feel better taking it a few years at a time. We'll see how it goes. :-)Â