school fees problem

Janabiyah-Jane

This message is crazy!! Most of you on here want to get out of debt we unfortunately we need to get into debt. My daughter may be offered a place with The Royal Ballet School. Fees are normally around 27000 a year but all children are offered a government aided place the amount you contribute depends on your incoming salary alone. Outgoings are not taken in to consideration at all We look good on income but after paying mortgage of almost 1400 per month we don't have much left each month. We would have to fork out 11000 a year for school.
We moved here less than 3 years ago after being in the Middle East for 12 years. We were first time buyers and borrowed as much as we were able to. We would sell the house if we could but we tried to sell last year and did not get one offer. We only have about 70000 equity in the house with a mortgage remaining of 220,000. Do you think remortgaging would be best option or loan for around 5 years worth of fees??

Any advice would be most appreciated.
Thanks Jane

AMILLIONDOLLARS

Have you looked into a Bursary, why not contact the school to find out about any additional funding options that may be available to you. There might be a charitable fund hidden away that you could also apply to.

Good luck!!!

Janabiyah-Jane

Thanks but we have looked into that. Scholarships and bursary's are reserved for overseas students that don't get the government aiding. Scholarships very rarely cover the full fees so I guess they work it so that the overseas students get the same opportunities as the others.