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Private School Fees"UK Private School fees vary widely" A first-class education is one of the most valuable gifts that parents or grandparents can give to children. Wherever you choose to do so in the private sector, it is also one of the biggest financial commitments a family can make. Costs are substantial, have tended to rise faster than other forms of inflation in the past, and are likely to continue doing so in future. For example, if you take fairly typical boys' preparatory school fees of £2,400 a term and assume inflation of 6 per cent per annum, then the total cost over 16 years of sending one boy to prep and senior school, followed by university, is almost £300,000 (or £297,500 to be precise). Since the abolition of student grants, funding education has become an issue for everyone who hopes their children or grandchildren will attend university. Indeed, those with children in private sector schools sometimes wryly remark that one of the advantages of paying fees is that it prepares you for the cost of university.The average graduate now begins working life with £12,500 of debts - and the average graduate salary is just £14,000 before tax. The good news is that inflation over the years of education plays a major part in creating that daunting total of about £300,000 to fund prep and senior school, followed by university. So the cost in today's money would be substantially Iower. This raises the important point that by planning to fund education and implementing a savings strategy now, time will be on your side, instead of working against you. In other words, investment growth may match or exceed inflation over the period and help you meet costs as they arise. Fortunately, various tax relief remain available which can help families fund private school fees. While it is never too late to benefit from some of them, the sooner you start to plan how you are going to pay for this commitment which may, depending on the age of your child or children, stretch out over a decade and a half or more - the greater your choice will be about how you do so. Pre-Prep (age 2-7) £700 to £1200 Junior/Prep (age 7-13) £1400 to £2500 (Day) £2700 to £4000 (Boarding) Senior (age 11/13-18) £1700 to £3000 Girls' day £3100 to £5600 Girls' boarding £1700 to £3500 Boys' day £3200 to £5600 Boys' boarding Extras can add considerably to the bill (perhaps another 10%), depending largely on activities in which your child chooses to take part (such as instrumental tuition, School trips), Find out what you may have to pay for books, entries for public examinations, stationery, medical supplies. Uniforms can be a substantial cost. Many Private schools have their own second-hand shops selling uniforms and other clothing which save you money. Many fee paying schools offer scholarships to attract bright or talented pupils to the Private School. They are usually awarded after a competitive examination, for academic, musical or artistic merit. Scholarships vary in value but rarely cover the whole fees. Many Private schools also have bursaries - grants from the Private School - to help you pay the fees. These are often awarded after a 'means test' of family income. Some Private schools offer grants to children of clergy, teachers and those in the armed forces. Others give help to children of former pupils, single parent families and orphans or concessions for brothers and sisters. You should contact Private schools to find out the details and how much awards are worth.
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More information on school fees
