Private Schools
What does it cost per year to send my child to private school?
For each year, the cost of sending a child to private school is between £4,200 and £12,000 for a prep school, and between £6,800 and £16,800 for a senior school.
What does it cost per term to send my child to private school?
The cost per term of sending a child to private school is between £1400 and £4000 per term for prep school, and £1700 and £5600 for a senior school.
What can I expect to spend on private education for one child, from the age of 4 to 18 ?
The costs of sending one child to a private school between the ages of 4 and 18 are going to be around £180,000 in total. This cost is assuming annual private school fees of about £8,000 and price inflation of about 7% per year.
Can I get help to pay for a private education?
It is possible to get help to pay for a private education in the form of scholarships and bursaries from certain schools. A scholarship is a way of a private school attracting the most talented students. It will often cover part but not all of the school fees. A bursary is a means-tested grant available for people of lower incomes.
Can I get a loan to pay for school fees?
You can get some loans to pay for private school fees and there are several specialist companies who offer this sort of loan. The only way to be sure that you have the best deal on a school fees loan is to speak to as many different loan companies as possible and compare their rates. The more people you speak to the more chance there is that you got a most competitive loan rate.
What's the best way to save for my child's private education?
The best way to save for your child's private education is to start as early as possible. The longer you have to save, the easier it will be, because you'll need to save less each month. The earlier you can plan to save for your child's private education, the cheaper it will be in the long term.
Can I get a bursary to help pay for my child's private education?
It is sometimes possible to get a bursary to pay for your child's private education. To find out more about this, you need to speak to the specific school you're interested in. They offer bursaries on a means-tested basis, typically to support parents with low incomes.
How much does individual extracurricular tuition cost in a private school?
Individual extra-curricular tuition can be very expensive. It's always best to budget around 10% of the total school fees each year to cover things like extra tuition and activities that may not be included within those school fees.
How much do I need to be earning to fund one child's private education fees?
You need to earn a sufficient on average to pay for one child's private education fees. The amount your wage needs to be will depend on your circumstances and your outgoings. It's more about having a sufficient level of disposable income than it is about having a certain level of salary. For example, somebody on a very high salary may not be able to afford to send their child to private school if they have a large mortgage to service. It's really about disposable income and low expenses than high salary.
How can I safeguard my child's private education?
It is important to safeguard against various risks that may occur to prevent you from paying your child's private education fees. You need to think about the risk of death, critical illness, and losing your income due to an inability to work after an accident or sickness. There are lots of different policies available that will provide protection for your child's private education in the even of any of those dangers.
Are there options available to help me pay for private education if I lose my job?
There are options available to you to help pay for private education should you lose your job, and there are a number of different redundancy plans. You should take all of these with a pinch of salt, because these redundancy options have a very poor reputation in the market for not necessarily having a good claims history. When you're looking for a redundancy payments insurance to safeguard your child's private education, as well as looking for a competitive rate, you should make sure that the company you choose has a good claims history.
How can I find out about an insurance company's claims history?
You can find out more about a company's claim history by asking them for figures that they have published to show which claims they've paid and what their criteria are for meeting different claims. It also makes sense to speak to an independent financial adviser who can show you independently published figures for a claims history for each company.
