In today’s ultra-competitive world, many parents find choosing a private school education is a crucial step in ensuring their children’s success. It’s not difficult to understand why they feel the need to veer away from state sponsored education and place their trust in independent institutions. How many successful politicians, businessmen, and other world leaders have a private school education? There are many well-known benefits of receiving and education from a private school. Smaller class sizes, dedicated, more qualified instructors, abundant resources, and top quality facilities are just a few private school perks. Not only do private school students have a wider range of education opportunities, they also have been shown to do better on standardized tests.
Private school may seem like a no-brainer for any parent who wishes to enrich their child’s educational career, but in the past few years, this dream has become difficult to attain. More parents are having difficulty paying the rapidly increasing costs of a private school education. According to the Independent, private school fees have increased by 550% over the past 25 years. Today, it costs over £30,000 to send your child to a boarding school and over £15,500 to send your child to a day school —and these numbers don’t appear to be dropping anytime soon.
Bustling cities like London are the most expensive, with non-boarding school coming in at £15,500 a year. Even the cheaper places, such as Scotland, are still not too far behind, with tuition being roughly £10,400 a year. You’re not alone in thinking that private school may no longer be a feasible option. With the constantly rising fees, what was once an option for many middle class families now seems unobtainable. In fact, the overall numbers of students enrolling in private school may be up, but the number of UK students attending these schools is declining.
The above information may be anxiety-inducing, but higher fees shouldn’t be a reason to deter you from giving your child the best they can have. Etweducation.com was created to help parents and guardians navigate their finances to secure the means needed to enroll their children in a private institution. The aim of this site is to provide helpful insight to our readers, and through this insight give them the necessary tools to begin planning for their children’s futures. Throughout this site we will show you a myriad of ways you can start planning for your child’s future, and you won’t have to sell all of your belongings to do so.
Failing to plan is the same as planning to fail: there’s some truth in this old saying. Deciding to put your child through private school should not be a decision made lightly —most parents don’t have the freedom to wake up one day and decide to drop £30,000 on whim. Foresight for your child’s education is crucial, and even more so if you are planning to enroll them in a private institution. The best case scenario is to begin discussing and preparing for your child’s education before your child is born. This may seem a bit extreme, but it’s better to be over prepared than under prepared. Remember, the sooner you begin mapping out your steps, the easier school fee planning will be.
When talking about finances, it is hopefully obvious that a certain amount of financial planning will need to take place. In a nutshell, financial planning is a complete understanding of your current finances and a general prediction of what your future finances will be. Financial planning takes into account salary, investments, expenditure, and more. Not only is it important to comprehend your assets, but determining how and where you spend these assets is critical as well. Once you have your financial goals in place, it will be easier to calculate ways to manage school fees.
A couple of facets of your finances can have a large impact on your overall financial health. Debt is one of these facets. Paying off or having minimal debt can help alleviate some monthly costs that could instead go towards school fees. Investments can be another great way to positively affect your finances. Be sure that you do your research, and perhaps even sit down with a financial advisor. Having a firm grasp of your assets and budget will better help you visualize the steps necessary for your school fee planning.
One less obvious route to take when discussing school fee planning is saving on your taxes. This is where planning far in advance can really pay off. Many families choose to have income passed down through generations. For example, with enough advanced planning, grandparents or other older relatives could potentially pass money down as financial aid to their grandchildren’s education.
It’s also important to remember that many private institutions offer financial assistance. According to the Independent Schools Council, over one third of private schools offer financial assistance, and in the year 2016 over £850 million was used towards helping students with fees. When asking about a bursary, it’s important to keep a few tips in mind. The earlier you begin researching, the better, and you should be prepared to begin asking schools about bursaries two years before you plan on enrolling your child. Also, if your child shows proclivity for a certain area (sports, music, or art) it may be in your best interest to see what schools offer skills specific bursaries. Don’t be afraid to explore lesser known avenues. Many schools give out scholarships based on where you’re from or where you’ve worked.
Despite the rising cost of school fees, private institutions are still an achievable future for you and your children. Etweducation.com is dedicated to giving families the tools they need to succeed in their school fee planning. A private education should not be restricted to only the wealthiest of our society. Any parent who takes the time to plan and prepare for their child’s schooling should have the opportunity to pick an independent institution. The information our site provides can help you develop a school fee planning strategy that suits you the best.