Sorry to ask but how are people affording private education?

Income of £150k, low mortgage and live up North so fees lower

Honestly, I don’t think many people realise how some people paying for private school are living to pay for it.

My very good friend has 2 sons and a kid ranking private school. She goes without everything, literally. No holidays, very old car, no takeaways, worn clothes that really have seen better days days.

Ffs my income is 24 thousand a year I’m single and you ask this question

Plenty of private school parents use one entire income to fund the fees and live on the other parents income.

The idea that they all go skiing or buy luxury cars is a mile off.

‘Sacrifices’ don’t you know?🙄 We’re constantly told that private school parents make lots of these, but what it actually boils down to is forgoing both a ski holiday and a fortnight in the sun, not putting quite so much into savings or perhaps having to make do with last year’s model of luxury car.

For many people it would be the equivalent of their monthly take home pay.

Very much dependent on County. In many Counties the 11+ and State grammar schools have long gone, and the only Grammar Schools left are very much private.

It’s not all about exam results, it’s about 14 years of experiences.

It’s akin to suggesting that all holidays are the same because we all end up at home in the end or that all cars are the same because they all get you to your destination.

I'd always worry I'd scrimp and save pay the fees ans they still fail their exams. I went to uni with someone who went to a very good private school and ended up at the same uni as me ( which was a shite one) . I'd feel I'd wasted all that money.

We've discussed this if my OH gets a job he's applied for.
Neither my two will get into grammar
They won't study or do the work. State equivalent isn't great but I think when exams are looming I'll look at tutoring instead

Depends how many children too. The more kids, the more it might make sense to pay to move into a good cat he meant area rather than lay multiple fees. But if you have 1 child, staying where you are and paying fees (especially in a scholarship or bursary might be possible) might be better.

Those choosing excellent state schools over private, often can’t understand why people don’t move and avoid fees. They forget that there are a no of reasons why people choose private over good Comps or Grammars and also that different area schools might have different strengths or weaknesses in the private/state sector. Results is one way to look at schools, but other things such as SEN provision or Saturday sport or the different experience might be deciding factors. People value different aspects of schooling and also other elements of their life such as holidays, cars etc etc differently and also the sacrifices needed for fees varies from person to person.

It would cost us over 150K to move house whereas 75K for fees is half the cost. No brainer really

No foreign holidays, no renovations, no designer goods, no gold jewellery or expensive watches.

Good point well made @bermudatriangel

I am not at all sure that my friend who sent her DDs from age 4 to age 16 and drove 30 mins each way twice a day to facilitate this has had serious benefit (or rather, whether her DDs have). Certs if they had moved instead to be near a really good secondary in the town, they would now have a house worth ££.

The advantage of buying a house near a good comprehensive school is that you have an asset that you can sell at a time of your choosing. Unless the performance of the school nosedives, the house is likely to retain or increase its value.

In contrast, money spent on private school is gone. The only "return" you will get on it is the advantage you think your child may have drawn from it compared to a good state school option. For some people that may feel significant, but much less so for many others.

Work pays for ours, otherwise we wouldn’t be able to afford it without some lifestyle changes.

I know people who have done it on incomes below £100k. For them, the key was having paid off their mortgage early. That freed up a considerable amount towards fees each month. Additionally, they had a good chunk of savings and drew several hundred pounds per month from that towards the fees.

These are people who have had decent public sector jobs but have never quite got into higher tax rate territory - but with 2 of them earning just below £50k each they also receive child benefit. They bought fairly young, had some benefits of rising house prices and overpaid their mortgages,so by the time their kids entered private school (into Yr3 - did infants in state schools to save fees and vice more time to built the savings pot) they were in their early 40s and had just become mortgage free. With the mortgage payments still there, they wouldn’t have been able to do it.

These are also people who will look to retire early. They’ve maintained paying into their public sector pensions and by mid to late 50s will be able to stop working.

Years of frugal living despite above average salaries. Pensions/mortgage/ISAs are looking healthy in our mid 30’s. We can stop saving for a few years while the kids are in education, then start up again after.

For those saying giving them a house deposit is better, I disagree. Education is priceless. Hopefully they’ll go on to earn multiples of what we earn.

Very interesting.

@Rosesanddaisies1 also this isn't a post discussing the pros/cons of private school so your comment is unnecessary

DS won a scholarship, so I pay half fees. I'm a single mum and have an income of about a third of yours.

I knew ds was bright, but the local state schools were not good, so I started saving when DS was in year 3, scrapped holidays except school trips completely, cut back on my spending where I could.

By the time he started in year 7, I had three years' fees saved. Now he's doing his gcses, I have enough in savings to cover the A'level years plus a little extra. He's on track for 8s & 9s. We're nearly there. 🙂

🤣
You know the opposite argument to this is "all state school kids end up on the dole" don't you?
How many privately educated people do you actually know? What experience do you have of private schools?

move somewhere with good comprehensive options. All private school kids end up as awful adults.

OP,
At the heart of it, it is priorities!

For many, it is a considered decision. Not just a default one.

Some decide to put their money into private schooling for a variety of reasons:their perceived benefits, in some cases due to poor schooling in their area and in some cases due to additional needs and a host of other reasons.

When a family have the extra cash, some choose to put it into pensions, better holidays and better housing and lifestyle.

I know of a family who have a daughter in grammar but were not sure if the younger sibling will get in. So, they decided to bid a house close to a very high performing comprehensive. The reality is these houses don't come cheap. They certainly have the money to send both to private ( their new house is million plus, in the poshest street in town), but have chosen not to.

If you are reliant on the household income, in the case of Day private schools, many parents are making lots of balancing budgets and using monthly payment plans. It may be different for the boarding types, where the fees go significantly higher even for day pupils.

Things might be different if you have a lumpsum and there may be clever investment options. Not sure if it brings any tax benefits though. Someone else might know more.

OP, how much equity is in your house? If you move, could you reduce your mortgage payments and opt for private if the kids don’t get into grammar or a good comp?

@New2024 i can’t speak nationally but in my local authority area, the the comprehensives in the grammar school area do better than the comprehensives in the non-grammar school adjoining local authorities.

That’s despite the comprehensives in the grammar area ‘losing out’ on the top students. So in my area at least the existence of the grammars seems to raise attainment for all the schools