Funding options for paid-for education
When it comes to getting an independent school education, one factor that parents can find daunting is cost. But, with some planning and budgeting, it can be less of a reach than you might think.
Fees for one academic year can stretch to tens of thousands of pounds, depending on the school and whether a pupil is a day attender or boarding.
Family matters
Having a conversation as a family cannot just help you decide whether an independent school is suitable for your children, but also how best it can be paid.
Many families save from a child’s birth to put towards their education. Utilising high-interest savings accounts or ISAS can be a good way to accumulate that money.
Others have help from grandparents and other family members who are able to contribute towards the costs.
Financial support
There are also lenders who can give you a loan for the fees, which you would then pay back per the agreement.
If the school you are interested in can’t offer ways to pay the fees in instalments, this could be an alternative option, although terms and conditions (and often interest rates) will apply. However, there are ways that families can get help towards the costs of school fees, equipment, uniforms and other essentials.
According to the Scottish Council of Independent Schools, “in 2019, 24.5% of students attending independent schools received some form of financial support from their school, and 3% of students had their school places fully funded by the school”.
Qualifying criteria
How much assistance a child will receive, and the qualifying criteria, will vary for each circumstance and each school. But it usually takes into account household income and other financial commitments the family has.
There are also charities and organisations who can award grants and scholarships to help those from disadvantaged backgrounds or minorities. They can also reward high-achieving children, whether in academics or sport. They would be applied for separately and each will have their own criteria for eligibility.
So, if sending your child to an independent school is a question of money, speak to schools you are interested in and do your homework. It might be more manageable than you think.