Savings and bursaries(3 Posts)
We have significant savings in ISAs built up before my children were born, that I had viewed as an alternative to pension investments. Actually they've been raided for school fees already the last 3 years; hopefully I'll get back into work soon. They have definitely contributed to us not getting additional support for one child (a boarding chorister). If we had paid them into a pension fund they would be out of consideration, which is mildly frustrating. For senior schools I think we can assume scholarships but, particularly for girls, the levels are low and I will in due course be trying to work out what % we could reasonably hope for as I suspect it could be cheaper to use a local day school that has no yr 9 entry scholarships at all but lower fees ...
I think different schools have very different cut-offs according to their resources and overall fee levels. You can only ask! For one school locally, I know that anyone living in a house worth more than a minimal level (for the area) is likely to be expected to downsize before bursaries become available.
IME the main reason why people don't get bursaries is that they have significant assets savings. We get one because although we have a reasonable income not anywhere enough to pay £33000 PA but we have nothing! Ive never been able to test out what happens if you have even meagre savings but I suspect schools that are generous with bursaries would allow you a small amount I'm pulling numbers out of thin air but maybe £5000 (in my dreams) because we all would benefit from one of those in the event of a disaster but I suspect anything more than that then you would be expected to contribute it towards the fees. There is only one solution for your problem ask the bursar.
Would savings lower my chance of receiving a bursary? While I mean to fully declare them and am happy to put them towards DC1?s education (also have younger DC2), they would run out after a short time, after which we would be left with my, very low, salary.
My question is: would those savings disqualify me automatically from receiving a bursary? Or would school just take them into account and adjust bursary accordingly (assuming a scenario where a bursary would be otherwise available, and school was keen on DC)?
Would be grateful for opinions/experiences.
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