School Fees Planning

How much would I expect to pay for private tuition?

Independent school fees have in the past tended to rise faster than inflation. So how much will it cost?
The average termly fee at an ISC school for 2007/2008 was £3,751 per term. In addition:

The average termly day fee at a day school was £3,023
The average termly day fee at a boarding school was £4,110
The average termly boarding fee was £7,353

School fees are typically cheaper than the average in schools in the North and at prep schools.

Fee increases in 2007-8 averaged 6.2%
Source: Independent Schools Council

Of course there are many additional extras that need to be provided such as uniform, books, games equipment and other necessities. If a second child moves into private education, especially at the higher levels, your costs can start to rise rapidly.

Important considerations

Before you start you should look carefully at your outgoing and any savings you may be able to make. Your mortgage may well be your largest expense so a good place to start is by reviewing your mortgage arrangement, we will be happy to do this on your behalf.
Check you insurance premiums many people are paying far more than they need to for their car, house and even life assurance by shopping around substantial savings can be made. By swapping to a better deal for your current account or switching to a lower credit card rate, the savings could really add up.
Once you have committed to paying the school fees ensure your family can carry on paying for school fees even if you can't. Make sure you have enough insurance to cover the entire period of private education if you die or are unable to work.

Where else could I save?

Friendly Society Tax Exempt Savings Plans
ISAs (Individual Savings Accounts)
Collective Investments
National Savings and Investments
Individual shares
Investment bonds

What if I have not saved sufficient funds?

If you haven't built up enough funds in advance, the alternatives are to pay-as-you-go out of income while your child is at school, or borrow to repay later once they have left. Most people end up using a combination of methods, especially once two or more children reach secondary school, or begin to board.

Equity Release or loan?
If you own your home, then you may be able to release equity from its value. Alternatively you may need to borrow money as a secured or unsecured loan.

Other help
Look for bursaries and scholarships or 'comp' schemes arranged by most private schools to spread the fees. The bursar will discuss savings, which can include discounts on fees paid in advance or a cap on future increases in fees. Don't be afraid to ask for discounts if you put a second child through the same school.

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How much will I pay?
Important considerations
Where should I save?
What if I have not saved sufficient funds?
equity release / other loan
Other Help