No. If you take the money, you are indebted, the donor has (or will assume) rights over your child/its education and will be able to raise eyebrows every time you spend money on something they disapprove of ("If you can afford XXX, then why am I paying for DC's schooling").
And as Apprentice said, they can (and will)comment on DCs performance or lack of it, and you will all be under constant pressure to show your gratitude by high levels of school success.
Either pay yourself or don't go.