Saving For your Child’s Education
Tim Aldiss writes on behalf of Enjoy Education – London private tuition consultants.
Between 2007 and 2013, average school boarding fees rose from £ 6712 pounds per term to £9 204. The average cost of private education rose even faster than inflation. The fees for private schools increased by 10 percent each term over one year (2007-2008), while inflation was only 3.6 percent for the same period.
No parent needs to be told that (private) education has gotten more expensive, but how do you meet these rising costs and ensure your children still receive the best possible education?
This article will provide a few tips on how you can fund your children’s education in cost-effective ways.
Bursaries and Scholarships
The good news is that schools have increased the amount of assistance they give to students. Bursary provision has risen by 31 percent since 2011 and in 2014 UK private schools provided nearly
£350 million in assistance to their students. There are also a number of scholarships available for promising students from low income homes. As many private schools have charitable status there is an added incentive to provide support for students from disadvantaged backgrounds.
There are also esoteric scholarships. If you are a member of the clergy, a bar owner or single mother, there may be a bursary available for your family. There are also internal scholarships available for students in the Sixth Form. Here are some schools that offer 100 percent remission fees: Merchant Taylors School, Northwood; Reeds School, Surrey; St Albans School (Hertfordshire) and Latymer Upper School.
Don’t forget, some schools have lower admission rates than others, like single sex schools in remote areas. This is where parents may have some negotiating room for lower fees.
Charitable trusts also exist to assist students in need, but the need has to be genuine and they generally have certain criteria as to what consists of a genuine need:
• Children whose homes are unsuitable environments due to mental illness of the parents or physical disability.
• Unforeseen disaster that affects the income of the child’s family such as the death of the breadwinner
• Change in parental circumstances which threatens the child’s ability to continue education.
• Learning disability that warrants the need to be placed in a special school
For further information on these scholarships and grants you should use the following resources: The Guide to Major Trusts; The Directory of Grant Making Trusts and The Charitable Digest.
Saving for your child’s future
There is help out there, but parents still have to pitch in to fund their child’s education. There are some practical ways in which this can be done. First off, start saving as early as possible. And, if you are lucky enough to have parents who are still alive then do talk to them about your goals for your children’s education – grandparents can give gifts up to £3000 per year tax free.
- How to keep down the costs of your child’s private education
- Good Schools Guide: Choosing a School
- How can you afford top-quality education?
- Cost of private education nearing £1 million, study finds