Your Budget and Minimising School Fees
Private education is getting increasingly expensive in the UK. Indeed over the last 10 years school fees have risen faster than the rate of UK inflation in every year and fees do vary dramatically between schools.
Day prep fees can range from £5,000 to £15,000 or more in London and day fees for senior schools can range from £10,000 to £20,000 per annum. The average senior boarding fees are around £30,000 p.a. but some senior boarding schools are now exceeding £40,000 per annum. Indeed if you do want to board your child you can easily be looking at a total cost exceeding £300,000, making your children’s education probably the second most expensive expenditure in your life.
School fees are obviously linked to factors like a) Location (and the demand in your area), b) Academic track record (being near the top of the league tables creates more demand and increased prices) and c) Facilities.
Fees increase by age in a child’s life stage of education, so you should ensure you can afford the anticipated fee rises. Having to withdraw a child on cost grounds just as they are approaching a key exam stage can be a disaster.
One thing is certain – everyone wants to minimise their school fees, whether they can afford them or not. We have written a unique eGuide for our bespoke advice clients “How to reduce your school fees”.
eGuide on How to save money on school fees
Every parent wants the best education for their child, but there is no doubt that UK private school fees can be very expensive. Fees for a child in a day school from 5 to 18 will likely exceed £150,000 while for a boarder from 7 to 18 fees will probably exceed £300,000. Additionally neither of these figures take into account inflation or extras such as school uniforms etc. This is why we have written our eGuide on How to save money on school fees
This eGuide will be given without further charge to our bespoke school advice clients where we are finding the best schools for their children. It is not for sale on its own.
The themes of this eGuide are:
1. Means tested Bursaries for financially disadvantaged.
2. Scholarships on Merit
3. Grants from Education Trusts, LEAs, philanthropists
4. Pay several years in advance (composition fee)
5. Reductions for certain professions
6. Sibling discounts
7. Financial and tax planning
8. Contributions from other family members such as grandparents
9. Help from employers
10. ASK and NEGOTIATE!
Appendix A . List of Trusts which may be prepared to help with school fees
Appendix B . Sample of bursary questionnaire
Affordability of education is something we discuss with bespoke advice clients. If you would like to find out about becoming a bespoke client, phone us on +44 (0) 1622 813870 or complete an Enquiry Form
Most schools have a bursarial fund to help financially disadvantaged parents, for which you should read this section.
For those UK parents considering an outlay totalling more than £100,000 over their child’s lifetime attendance at private schools, we suggest a detailed analysis by Independent Financial Advisers using tax planning techniques which can sometimes save up to 50% of school fee liabilities – see this section
For more information phone us on +44 (0) 1622 813870