How do you finance private school?

barnaby-bear

Lunar_Eclipse wrote: »

Sadly it will be out of the question. We earn too much to get any bursary assistance, but not enough to afford it ourselves! The income threshold for bursaries varies, but is typically for families with no assets (including equity in the family home) and income of less than 40k. They really are designed for very bright/talented children that the school really want, for whom it would not otherwise be viable.

I know of someone who has just won a 100% bursary to a top 5 girls day school. She is an only child, from a single parent family living in a council flat. Her Mum works part time at Tesco. Interestingly the child's Grandparents are very wealthy. Stupidly we could probably do the same if I broke up our family by leaving my husband. A ridiculous option which we would never choose, although I'm sure someone somewhere probably has.

It doesn't sound like fraud or a rich divorcee having loads of fun. Those bursaries are very competitive so it sounds like her mum's done a good job rearing a child, and doing a boring rubbish job in a modest home....

Lunar_Eclipse

galvanizersbaby wrote: »

Why has the child in question won a 100% bursary? - is it just down to the fact her mother is a single parent on low earnings who could not otherwise have afforded it or is she one of the bright/talented children you mentioned that the school really want?

Are you saying if you became a single parent family this would entitle your children to a 100% bursary? sorry if I sound naive but I'm unsure what you mean by this?

Both to the first bit. The child is very bright and thus 'wanted'; applied and accepted by the five schools she applied to, offered scholarships by three. This gives a reduction in fees, and a bursary pays for the remainder since she comes from a low income family, with an absent father. Single parent families do not get preferential financial treatment; sorry if it read that way. And I only posted about it in response to a mention of financial help being available, which there isn't in our case. (But well done to this friend of a friend.)

Lunar_Eclipse

barnaby-bear wrote: »

It doesn't sound like fraud or a rich divorcee having loads of fun. Those bursaries are very competitive so it sounds like her mum's done a good job rearing a child, and doing a boring rubbish job in a modest home....

There is definitely no fraud and I wasn't trying to imply that there was. I don't know the Mother well enough to comment on her parenting; and from what I see whilst shopping, Tesco isn't the best place in the world to work so your comment sounds fair. She is a good friend of a good friend and all our children are currently at the same school. Her daughter is a well behaved bright child who will receive an excellent education; her mother obviously has her head screwed on to pursue this path.

galvanizersbaby

Lunar_Eclipse wrote: »

Both to the first bit. The child is very bright and thus 'wanted'; applied and accepted by the five schools she applied to, offered scholarships by three. This gives a reduction in fees, and a bursary pays for the remainder since she comes from a low income family, with an absent father. Single parent families do not get preferential financial treatment; sorry if it read that way. And I only posted about it in response to a mention of financial help being available, which there isn't in our case. (But well done to this friend of a friend.)

Thanks for explaining - I thought a scholarship would mean that you would not have to pay any fees not just give a reduction in fees (in this childs case where the bursary comes in)
Would your children not be able to get scholarships and get the reduction in fees? - depending on what sort of reduction that is it might make it more affordable? - or is this what you can't afford? - sorry think I'm confusing myself here!
My children have only just started primary so I haven't given any though to private education and don't know a lot about it as you can tell!

Lunar_Eclipse

looby-loo wrote: »

With £50,000 coming in it would be a doddle!

WOW. I think what you have done is really great, although the numbers look impossible so I really don't know how!

With income of 50k, it would be far from a doddle for most people. Presumably your earnings of 40k are from some time ago and sadly income has not risen anywhere like school fees.

A salary of 50k would work out to about £3000/month net I think. Our cheapest private school option is £3950/term now. Obviously it's a day school; they're cheaper. Thankfully I quite like this school. But would prefer the one at £5400/term (more sporty for DD2) and ideally would opt for the one at £7500/term (they do the IB exams and are more creative in their approach, albeit with silly fees!)

But taking the cheapest; that's c£12k/year EACH, in today's money, excluding all the extras such as lunch, music, uniform etc (let alone school trips!) For (only) two children, that would be £2000/month, 2/3 of the net income! And with fees rising in excess of 5%/year and salaries not doing this, it could only get worse. We could not live on £1000/month to cover everything including the mortgage (our council tax is £240!), let alone find it a doddle!:o

Sigh. I found your post truly inspiring, but the numbers are just frightening!

lostinrates

Academic scholarships are not the only scholarships.

Some schools offer them for sport and music too. Many schools will offer a child who would qualify for both academic and music scholarships BOTH of them, significantly reducing the fees.

Lunar_Eclipse

galvanizersbaby wrote: »

Thanks for explaining - I thought a scholarship would mean that you would not have to pay any fees not just give a reduction in fees (in this childs case where the bursary comes in)
Would your children not be able to get scholarships and get the reduction in fees? - depending on what sort of reduction that is it might make it more affordable? - or is this what you can't afford? - sorry think I'm confusing myself here!
My children have only just started primary so I haven't given any though to private education and don't know a lot about it as you can tell!

Scholarships are not what they used to be. The schools available to us offer a 1/6 or 1/3 reduction in fees (50% used to be common) and no sibling discounts, until the third child (at a measly 5%.) Obviously there has been a shift in the supply/demand factors, not in our favour. Yes, scholarships are a possibility, but not one I'm relying on.

barnaby-bear

Lunar_Eclipse wrote: »

WOW. I think what you have done is really great, although the numbers look impossible so I really don't know how!

With income of 50k, it would be far from a doddle for most people. Presumably your earnings of 40k are from some time ago and sadly income has not risen anywhere like school fees.

A salary of 50k would work out to about £3000/month net I think. Our cheapest private school option is £3950/term now. Obviously it's a day school; they're cheaper. Thankfully I quite like this school. But would prefer the one at £5400/term (more sporty for DD2) and ideally would opt for the one at £7500/term (they do the IB exams and are more creative in their approach, albeit with silly fees!)

But taking the cheapest; that's c£12k/year EACH, in today's money, excluding all the extras such as lunch, music, uniform etc (let alone school trips!) For (only) two children, that would be £2000/month, 2/3 of the net income! And with fees rising in excess of 5%/year and salaries not doing this, it could only get worse. We could not live on £1000/month to cover everything including the mortgage (our council tax is £240!), let alone find it a doddle!:o

Sigh. I found your post truly inspiring, but the numbers are just frightening!

http://www.sbsa.org.uk/
are you near a state boarding school you could use as a day pupil? These are state secondary schools but boarding carries fees, but many take day pupils as well - often get fantastic results and have an independent ethos/facilities....

Lunar_Eclipse

lostinrates wrote: »

Academic scholarships are not the only scholarships.

Some schools offer them for sport and music too. Many schools will offer a child who would qualify for both academic and music scholarships BOTH of them, significantly reducing the fees.

True; although I have never heard of a school offering two scholarships. I really doubt that would happen now, certainly for schools where there are 5-10 (mainly very bright) kids applying for every place.

Grade 5 for a first instrument with a second instrument expected; county level for sports scholarships (I've done my homework!) Basically Gifted & Talented levels. I have two swimming medals from the Junior Olympics when I was 12, but would not have been swimming at county level at age 10, which is how old my girls will be when going through selection.

Anyhow, I am digressing in frustration. Sorry. :rotfl:

Lunar_Eclipse

barnaby-bear wrote: »

http://www.sbsa.org.uk/
are you near a state boarding school you could use as a day pupil? These are state secondary schools but boarding carries fees, but many take day pupils as well - often get fantastic results and have an independent ethos/facilities....

Not near enough to get in. I actually put our names down at one before the kids started school but was told that even then, the 'catchment' for day pupils was 1/2 mile since they are set up for boarders (originally and still primarily for Forces' children). I heard a couple of years ago that it was already more like 1/4 mile. We're a lot further away than that!

But I really appreciate your helpful input. Thank you.