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Savings and bursaries

(3 Posts)
Pythonesque Thu 13-Dec-12 13:25:08

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.

middleclassonbursary Fri 23-Nov-12 11:42:40

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.

Maybole Fri 23-Nov-12 11:16:54

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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