Home > The School Years > Paying Private School Fees

Paying Private School Fees

By: Sarah O'Hara BA (hons) - Updated: 21 Jul 2018 | comments*Discuss
Private School Fees Scholarships

Research has shown that a full private education, followed by university, can cost upwards of £300,000 these days, and prices are continuing to rise. As well as the obvious approach of saving up well in advance, there are few other things you can do to make paying school fees easier, and a little more convenient. You could maybe even save yourself some money as well.

A Full Private Education?

Remember that although the £300,000 figure quoted above is a sobering one, there are no rules which say that you have to put your child through the full private system. Some parents choose to just send their children to primary school privately, and use this time planning ahead to try and get their child into the state secondary school of their choice. Others choose to just send their children to a private secondary school or sixth form college, in order to prepare them for university. Picking and choosing your children’s private education can obviously help keep costs down.

There is a risk, using this approach, that you won’t be able to get your child into your chosen secondary school though. Schools with good Ofsted reports are very popular and competitive these days.

Taxing Issues

A pension’s loophole introduced in 2006 means that tax relief could help you pay your children’s school fees. The loophole means that parents can get up to £4,000 tax relief for every £10,000 paid into a pension. Up to 25% of this money can cashed in as a lump sum before actual retirement, when they reach 50 (it will be 55 after 2010). There are no restrictions on how the money can be spent, and it’s likely that many will use it for school fees, or to pay off loans used for fees previously.

An important caveat is that by taking a lump sum early you will receive less money from your pension when you do retire.

Some families also choose to get around the problem of inheritance tax by using this money now for school fees. If grandparents or parents pay school fees with money they would have left to their families, they avoid this money incurring large inheritance taxes.

Something for Nothing

You may be surprised to know that at least 20% of pupils at private school receive some financial help with their fees. Independent schools offer scholarships based on academic talent and ability in areas such as music, art or sport.

Scholarships are often worth up to 50% of the full fees, therefore competition for them can be stiff. Check with schools on an individual basis to find out about any financial assistance they offer.

Spreading the Cost

Most schools expect fees to be paid termly. If this is a problem for parents, they may be able to negotiate a monthly direct debit payment or other installment system. With many parents paying for school fees from their income, schools are usually happy to try and accommodate their needs.

On the other hand, if you’re paying for fees from savings and are able to pay a lump sum up front, you may be able to negotiate a discount. Some independent schools also offer reduced fees if two or more children from the same family attend the school.

Although private school education is expensive, it still pays to be financially savvy and get the best deal that you can.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
I attend regents university I need help paying my tuition
Lisa - 30-Dec-15 @ 4:34 PM
Share Your Story, Join the Discussion or Seek Advice...
(never shown)
(never shown)
(never shown)
(never shown)
Enter word:
Latest Comments
  • Prince Shaheer
    Re: Education With Company Sponsorship
    Hello Me From Pakistan I passed my FSc with 83% and now wnat to study petroleum engineering abroad Anyone who want to…
    15 August 2018
  • specto
    Re: Education With Company Sponsorship
    I am a ghanain and have gained an admission to study MBA at the Tianjin University with a total cost of $14,600 for the…
    14 August 2018
  • radi
    Re: How to Apply for a Student Loan
    my father died recently 26th july, am doing jrf, am having financial problems , may i get any loan to solve these problems
    13 August 2018
  • FundingEducation
    Re: How to Apply for a Student Loan
    Gossy - Your Question:I am trying to apply for a student loan, which I have never done before; as I am embrtking on a…
    27 July 2018
  • Gossy
    Re: How to Apply for a Student Loan
    I am trying to apply for a student loan, which I have never done before; as I am embrtking on a undergraduate degree with the…
    27 July 2018
  • anuj
    Re: Education With Company Sponsorship
    I am Anuj and I want sponsors for my further studies I m pursuing fashion design and I can't afford to pay the fee as I…
    22 July 2018
  • Mimz
    Re: Out-of-School Learning
    I’ve finished beauty school level 3 I’d like to do a DEploma which is a 2 year course on ODP nursing course , I’m not working and I’m…
    17 July 2018
  • Nikita sharma
    Re: Education With Company Sponsorship
    I'm a girl and indian . I want to study. In nay college. I want to become a teacher . I scored 78.4% PCM in 12th Im a…
    7 July 2018
  • Chinnu
    Re: How to Apply for a Student Loan
    I am studying b.tech 2 nd year now .I want sponsorship for my education .I want to complete my engineering so please try to…
    5 July 2018
  • Samrat
    Re: Education With Company Sponsorship
    I am Indian student from class 12th PCM.84% in CBSE.I want to study marine engineering in UK.Is anyone help me. I belong…
    20 June 2018
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the FundingEducation website. Please read our Disclaimer.