Make private school affordable
You may be in the lucky position of having fantastic state schools on your doorstep but if you don’t and think you may want to send your child to a private school at some stage then read on. There are ways you can cut the cost…
Save up
If you’ve got time to save up then get some advice from an Independent Financial Adviser to start an investment that suits your needs and your pocket. ISA’s (cash or stocks and shares) are the “best vehicle for most parents as the growth within the plan is tax free and so are the proceeds,” says Kevin Tooze, director of Equity Partners.
Ask Granny and Grandpa
Grandparents can often invest more tax efficiently than parents and help cut their potential inheritance tax (IHT) liability. Individuals can give away up to £3,000/year IHT free plus numerous small gifts of £250 can be made.
Scholarships
If you thought your child had to be a budding genius before he or she would be considered for a scholarship then think again. Scholarships nowadays range from music and art to sport and technology. Most schools offer scholarships of between 10-50% off the fees.
Bursaries
Bursaries are means tested and, in general are given to children with high academic or other promise although some are awarded on social need alone (contact the Joint Educational Trust (JET)). This academic year more than 31,000 pupils received bursaries totalling some £210 million, according to the Independent Schools Council. Bursaries are also given to military personnel (HM forces bursaries), clergy, and siblings of pupils already in the school, as well as teachers who have children in the school itself.
Pay up front
If you’ve got some spare cash then consider paying a year or more of your child’s school fees in advance in exchange for a discount. Just make sure you can get your investment back though if your child changes schools, gets sick or the school goes closes down, warns IFA Kevin Tooze.
Sibling discounts
Many schools give discounts if more than one child from the same family goes to the same school. Some operate a sliding scale depending on how many children you have at the school. Discounts generally range between 5- 20% so don’t be afraid to ask.
Payment schemes
Most schools ask for payment at the start of each term but some offer monthly instalments, which can make it easier to spread the cost. Ask the bursar what payments methods the school has.
Compare fees
Check you are getting value for money by comparing the fees of a number of schools in your area. For example the Girls Day School Trust high schools, such as Wimbledon and Portsmouth not only have an excellent reputation but they are also are well known for charging a lot less than other private schools.
Home Educate
Join the growing numbers of families that educate their children at home. You have the legal right to do so and don’t have to be a qualified teacher. For more information visit www.direct.gov.uk, www.heas.org.uk and www.education-otherwise.org.uk.
From the June 2009 My Nametags newsletter