How do you finance private school?

lostinrates

Lunar_Eclipse wrote: »

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.

......

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

I know of children still getting two (secondary age), at the well known public schools, which are REALLY popular and from what I am lead to believe very heavily over subscribed...it really is worth looking into . I had two from a less well known school, but that was a while ago.:o

Schools have been very oversubscribed I imagine, but things are also about to come under a lot of pressure, so if you are able to maintain the fees (or difference less any bursary) some people really aren't going to be able to any more .

Good luck trying to work something out

ETA: I have no children, but am really involved with my neices, and DH and I have been trying unsuccessfully for a long time. FWIW we had planned to start a fund as soon as I became preganant, thereby using the benefits of compound interest! Also I seem to recall a sort of scheme that a lot of parents used when I was at school that spread the payments, like a private insurance...but haven't a clue what it was called, how about asking the Independant School Association if they know or have other ideas?

Second edit, http://www.isc.co.uk/ might be a good starting point

Doom_and_Gloom

The place my parents sent me to was 12k a year I went there for my GCSE year (nearly 5 years ago now) and did A-levels in one year the next for not much more. I only did one exchange trip while I was there to France but two of my A-levels did cost a fair amount over the year in outings. We didn't have a uniform and that was great as many other people have said uniforms for these places are a huge spend also. Their fees per term are now £3,150 for year 7-9 students (£9,450 per year), £4,250 for years 10-13 (£12,750 per year) and boarders are at a set level of £8,142 (£24,426 per year). There is also a registration fee of £200, as well as £1,200 deposit that is refunded at the end of the year/when you leave the place for day students and a £1,700 deposit that is refunded at the end of the year/when you leave the place for boarders that needs to be paid at the beginning of your first year . There are 3 terms in this place. They also do fees per subject if only doing one or two for A-level and 1-4 GCSE‘s. The scholarships at that place went up to 100% and I knew a few people on them now it‘s 50% scholarship and if circumstances provide under the gate the other 50% can be done by bursary.

My dad earns around 50-60K gross from what he's told me but does do a lot of over time and always has done so that is his basic pay. However that did not stop him from needing to sell all of his shares for my first year there to cover everything for the first term (the first instillation costs more) and the second year my parents sold half the garden to make it so they hardly had to worry about my educational costs. However my parents do have a hefty mortgage (over 1k per month) and a council tax band of just over 1.6k per year. I’m guessing for people with a more average mortgage it could be rather easy. Also my parent’s aren’t exactly trying to save money everywhere they can but with some things they do, so people living more frugally on the same wage I can see it being relatively easy although I‘m betting savings would be a good idea no matter what to help you with costs of any kind.

looby-loo_2

Another point to consider. If the state school is good I would send them there. Universities now take into account the background and give credit to children who have succeeded despite the system and I agree with this

koolcat99

Hi
I am looking in to the same thing at the moment.
I myself went to a private school. On our salary there is no way whatsoever we can send DS to a private school.
My mother is still in touch with parents of the girls I went to school with, one parent is paying for all 6 of her grandchildren to go to private school. These are 3 sisters I went to school with close in age who have had 6 kidds in totall now, all are still under 5. The parents themselves are not that well off.
My mum is not wealthy but is aproaching retirement, she is a teacher. She says that the other mum has some sort of bulk sum that will pay for the 6 kids fees.
I dont really know what she means but she is hoping (not promising) to do the same for our son. I think it has something to do with tax, I do not know every time I ask she tells me not to get my hopes up.....

Marcheline

Your mum will almost certainly be getting a final salary pension and there will prob be a good lump sum paid out if she has been a teacher for many years. However, if she says not to get your hopes up, I wouldn't (as at the end of the day it's her money!)

tiff

My friend is now a single parent with two children at private school. She said once you have a foot in the door there are funds available if you fall upon hard times. Her second child wasnt school age when she separated from her husband but was still able to go to the school.

thinkginge

it really isn't cheaper "up north" the local private school happens to be in st andrews and charges a v. unreasonable starting nursery age, per term £4k

Lunar_Eclipse

looby-loo wrote: »

Yes they still are for me. What is the age gap? Could you work it out like I did - dividing the number of years from when No. 1 starts to when No. 2 leaves. For me that made it sound a lot better.

Another point to consider. If the state school is good I would send them there. Universities now take into account the background and give credit to children who have succeeded despite the system and I agree with this Looking at some of the uni requirements I think private can even go against the child. That can't be fair as it is the parents choice to send them.

Hi Looby.

18 month age gap, but two school years. Yes I'm aware of the uni entrance bias and our local state school is very good and on the up. But despite the fact that both my children are 'bright' and would be okay there (and ultimately might go there), I fundamentally disagree with the lack of individual focus in the state sector and narrow curriculum/opportunities comparatively. So would like to put my (lack of!) money where my mouth is, so to speak. I believe every child has an equal right to reach their potential and the state system is not delivering this.

Misty_Blue

I only skim read, so I don't know if this has been mentioned. My mother was a single parent in receipt of a pathetic amount of maintenance from my father. She earned about £28k max, and sent me to private school which she paid for 100% herself. The school has a scheme whereby the fees could be paid over a longer timescale, and this is what she did. It meant she was paying fees for a couple of years after I left school but she says she would definitely do the same if she had the time over.

Lunar_Eclipse

Mini_Bear wrote: »

I wonder if anyone else thinks tax breaks for paying for private education should be allowed under government rule. as these children are not being funded through the state and as the parents are likely higher rate tax payers can the government not give a tax relief, even if its only a few thousand a year. Same with private healthcare.
Oh i just remembered - the government is broke

I'd love that, although I can't see it ever happening!

Ideally I would have elected for private schooling all the way through. But failing that, I wanted to home school. However, the costs associated in doing this the way that I wanted to (lots of books, experiences such as music classes etc and outdoor teaching/days out) were not insignificant. I couldn't justify it, so sent them to our local state school instead. It annoyed me that we couldn't get tax relief on these costs to help make it an option for us, but perhaps I should have gone ahead regardless. And hence why I'm plotting now!