Money Matters

The mear mention of schools can be enough to send parents with young children into a panic. But when you add fees to the conversation things get even more tense.

To make it a little easier, here are a few points tips for saving for school fees*.

First, things to consider before your children start their education:

1: Look at the total costs of education before you start. It costs approximately £150,000 to £175,000 per child for a day school from 5 to 18 and over double that for boarding. Remember to multiply the number by the number of children as it can come as quite a shock when all your children are at school concurrently.
2: If your school of choice offers a primary / prep school as well as secondary, consider moving your child out of the normal windows of 7, 11 or 13 to avoid some of the competition. During these difficult times many schools have vacancies lower down the schools and will accept a child at 10 or 12 who can move to fill a place. Secondly, a few more points to consider when your children are of school age:

i: If you have more than one child you have “buying power”. Discuss with the Bursar what discounts might apply for siblings. The response may initially be “none” but push for a discount – the more children you have the bigger your “buying power”. 
ii: Shop around as different schools have different fees structures and different attitudes to sibling discounts.
iii: Ask about bursaries and scholarships. Your child may not qualify for an academic scholarship but many schools are now offering financial support for children who are talented in sport, music or drama.

Thirdly, other things to be aware of once you’re paying the fees

a: Parents should look at pre-funding options offered by individual schools to secure the amount of school fees at rates which can be discounted. Draw up a list of, say, 15 schools which would be your first choice and then see which one gives you the best terms.
b: Parent power is now beginning to come to the fore – this wont help on the basis fees but can influence future increases. If you don’t like the proposed increase in fees – complain. Recent cases where the PTA has rallied support shows that this can lead to a more realistic approach on behalf of the school.
c: Consider sixth form options carefully. By switching to a state Sixth Form College you could save 2 years worth of fees. You also potentially improve your child’s chances of achieving a place at their “University of Choice” as Universities look to positively select from the State Sector.

 * compiled with the help of Sarah Windsor-Lewis, Punter Southall Financial Management