Private school

[aging]

Im looking at secondary schools for my eldest and would like to put her forward for the local private school. We are by no means well off and wondered how bursaries work.

When talking about income is it net or gross income that they look at?
Do any benefits that we receive as a family also included?
Do they look at your mortgage payments?!

You first have an interview with the Bursar (school bank manager!) then you would fill out and income /outgoings form and it asks everything...its easier getting a morgage lol then based on the schools checks into your financial positions then based on your childs performance in the entrance exam and interview with child on what they can bring to school life etc and what schools expect from your child thehen you may be offered a bursary if all goes well..these can range from 10 % to 70% of fees I think....If your child is outstanding in a field then you may be offered a scholarship which would be full fees paid ...dont let it put you off ...go for it !!!

lazylump72 thank you. So they usually ask about outgoings too like mortgage or debt payments?

They would ask but if payments for a mortgage were high they might think you could downsize

Okay we we have been lucky that we have the opportunity to borrow the remainder of our outstanding mortgage from a family member and avoid paying interest. However although this would mean no mortgage it would mean we still owe and will be paying off our debt to the family member. It's a huge amount just over £50k. This obviously has a massive impact on our finances but how could we explain that to the school? I'm guessing family loans aren't considered. Would we be better off not borrowing the money?!

OP heres what they want to base their decision
1..income
2 property value
3 rental income
4 pensions
5 savings
6 benefits
7 other assets
all backed up with official documentation

It sounds daunting but be straight with them. I was on income support way back when ,a single mum,cleaning toilets 6 days a week for 3 hrs a day back in the 90s ...I had bugger all but I did have a son who walked the ntrance exam and I was awarded a huge 75% off the fees. Each term my bill cam ein and me, mum and dad and my brother all chipped in 50 quid every two weeks each to pay it! My son did 11- 18 then went to university. I was honest all the way. I appreciated I was really in no position to even venture into that world but I needed more for my son...He is 30 now flying!!!!