Just pulled this off the website of one of the Private schools near me re Bursaries, in case it helps some posters to distinguish between Bursary and Scholarship 😉(FYI, the Scholarships - music, sport and academic - at this school are worth 5% of annual fees):
Both Entrance and Hardship Bursaries are means-tested using an application process through Bursary Administration Limited (BAL). On behalf of the School, BAL interview and assess each new applicant, generally with a visit to their home (by telephone under pandemic conditions), before assimilating the information into a short factual report and a sheet summarising the financial information from each application. The School’s Bursary Committee use the information from BAL to inform their decisions on the level of Bursary assistance to award each applicant. As part of the application process, parents will be asked for their consent for us to share their contact details and data with BAL.
The household income from all sources will be taken into account along with the value of monthly commitments, any investments, equity value in the home and level of mortgage. As a general rule, those with second/investment properties (unless it is their business/source of income), will preclude a Bursary being awarded. Likewise, a significant value of equity in the family home, a below average level of mortgage (related to earnings), any higher than normal levels of pension fund values, and more general lifestyle choices will all be factored into the Committee’s decision making.
The paperwork required to support an application consists of the following for each party to the application:
Most recent 3 payslips; most recent P60; most recent audited accounts/management accounts (as appropriate); most recent income tax self-assessment; Schedule D self-employment income declaration; 3 months’ bank/savings/loan statements; proof of value of investments; most recent pension and/or endowment valuation; any benefits letters; most recent mortgage statement/rental agreement; most recent contents insurance schedule; details of any legal financial agreements.
Some applicants have said they felt the process was intrusive and uncomfortable but in order to ensure our limited funds are prioritised we need to be rigorous in the means testing process.
The level of Bursary award for each pupil, which may be up to 100% in exceptional circumstances, will be reviewed annually through a means-tested review carried out by BAL (normally a desktop review). By recommendation of the Principal and at the discretion of Governors, a Scholarship or Award may be supplemented by a Bursary.