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School Fees
Einstein_2-2
Posts: 3 Newbie
Hi I'm new to all of this, but has anyone any great ideas for covering the cost of school fees. Mortgage? Equity?
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Comments
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ISAs to build up the capital and a bit of life cover if you dont have enough already. Thats the norm by todays standards.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I need the money now though, that's why I thought about using the equity in my house. I think that's what the school expects!! Can I do this???0
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If you have the equity in the house to do it and the income to support the extra borrowing, then yes. It is a common method for those that "forgot" to budget for it in the usual way.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Einstein_2 wrote:Hi I'm new to all of this, but has anyone any great ideas for covering the cost of school fees. Mortgage? Equity?
This sounds like a big step, have you asked the school about any bursaries/reductions for income.scholarships?
Most private schools have up to 50% of kids on some sort of bursary even if you earn up to £30k.
Could you borrow from parents/relatives at lesser interest rate?
Or try another school fees vary enormously ours are £7,600 a year but the other one is £14,00k - ours gets the best results and is single sex just what we want.
Could you apply for any scholarships? Also my daughter transfered to a grammar school in the next county for 6th form and gets reduced travel from our county education dept, so we save a lot but the school came top in the couuntry last year!
Good luck.0
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