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Original poster

Bursary Application

78 replies

samsub · 06/11/2023 16:12

HelloI am just going through the form for DS's senior school Bursary application and it asks:" Please explain any reasons why net assets cannot be converted or utilised to pay school fees."Yes in our case our only asset which has some "net" in the property (although we do have some savings (for a rainy day) which is not sufficient to pay for the entire senior school period). We recently bought our first property and there is no question of re-mortgaging the house to release equity to pay the school fees.I am not sure how the Bursar would look into our finances, but we have kept aside £40k in our savings. We have kept a portion of these savings aside, one reason is to fund non routine travel costs arising from medical emergency and ad-hoc medical expenses to support my mother who lives overseas. This may be due to hospitalisation or general age related ailment (She is 73 year old). I have allowed three routine overseas trips in a year and making it clear in my application that these are necessary trips to ensure my mom's well being. Do you think it will go against us.We recently bought our first house 3 months ago, and the equity in the house is 30%. Again, will this work against our application.I am trying to articulate in the best way possible to answer the above question.Any thoughts will be high appreciated

OP posts:
YireosDodeAver · 06/11/2023 16:32

Ignore @user18's response. It is legitimate to have assets and not reduce yourself to rock bottom before asking for a bursary.

It is also legitimate to hold equity and be working towards owning without a mortgage by the time you retire, so long as your home is modestly sized and not in the poshest area.

There is no harm in asking.

I would respond along the lines of:
"Our only major assets are (a) the equity in our home, which was a recent first-time-buyer purchase and the equity is the deposit we put down in order to secure the loan. We would not be able to restructure that loan to release that equity, and if it was possible it would be unwise as the repayments would then become unaffordable and put us at risk of losing our home. (b) an amount of £40k in savings which we have built up because we know that at some unknowable time we will need to spend it on unpredictable expenses connected to the failing health of my 73 year old mother who lives in (country) and spending that reserve on school fees woukd be irresponsible.

School bursars are human people and are fully capable of understanding the complexities of balancing financial commitments. I can't guarantee you will get a bursary but you definitely don't have to have absolutely nothing in order to be considered.

Biscuitsneeded · 06/11/2023 16:24

OP if you need a bursary to privately educate your child I wouldn't even consider sending them. When we get rid of the Tories it's likely VAT will be applied on school fees. Schools will be losing fee-paying parents who can't afford this and will be fighting to survive - they may well have to cancel any bursary places they have. Also, if you have 40K in savings I don't think you have a hope in hell!

user18 · 06/11/2023 16:15

Seriously?

You want a bursary but you have £40k sat in a rainy day fund and you have 30% equity in the house? Why should you get a bursary?