Martin Bamford (Independent Financial Advisor and Director of professional advisory firm Informed Choice) gives expert video advice on: What does it cost per term to send my child to private school?; Can I get help to pay for a private education?; Are there options available to help me pay for private education if I lose my job? and more...
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.
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.
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.