Should we go into debt for Private School?

[Chocolateporridge]

Our daughter has been offered a 50% bursary at a nearby Private School. She's a highly able learner and is struggling at her current school because she's not being pushed enough. She loved her visit to the Private school and we know she'd absolutely thrive there, but to be able to afford the 50% fees we'd need to borrow massively against our mortgage.

It would mean no foreign holidays and really cutting back on little luxuries... is it worth it long term?

I think it sounds massively risky

As a private school parent no I honestly wouldn't, it sounds too risky. We saved up through state primary to ensure we had 3 years worth of fees saved up by Yr 7 private secondary.
It isn't just the fees, does the bursary cover uniform/transport/lunches/trips etc?
Remember if Labour win the election there will be 20% VAT applied to the fees plus fees increase every year.
Although we love DDs school we wouldn't get into debt for it.

I wouldn't. What do you hope to gain from a private education? Is it a better academic experience? Higher exam results? More extra curricular activities? Social network for later life?
Look at ways that you can fulfil this with the money that you do have available.

A friend whose daughter went on a bursary felt that they were massively out of their depth as the daughter expected a lifestyle similar to her friends - skiing in Feb, Caribbean at Easter, a month in Tuscany in August, a new car and driving lessons at 17 etc whereas friend was reeling from the cost of the fees plus expensive uniform / sports kit / musical instruments / exam entry fees etc

She's struggling in what way? What's happening? There may be a different solution.

Nope- people aren’t doomed to fail in life because they go to a state primary. I’d rather give my child an annual holiday etc.

Is she your only child?

Why isn't her current school meeting her needs? They most certainly should be! Have you had a meeting with the headteacher about your daughter's situation?

No. That's a big financial risk for an uncertain if any benefit.

Fees go up above inflation as is and are likely to continue to, potentially even more with VAT.

Puts a lot of pressure on her, even if you don't directly tell her.

In one word. No.

You don't know what the future will bring and with COL etc.

How old is she?

No. School costs will rise. And in this uncertain world your income may not.
There are also more costs to private education than just the fees.

If your DD is bored there are lots of extra curricular ways you can stretch her - eg things like coding dojos.

If you go into debt getting her through school will there be anything left to support her through university? What will happen if Labour go in to office immediately swinging for charitable status exemption?

How much are these fees (@50%) if you have to borrow massively on your mortgage and also cut out foreign holidays and luxuries?

What’s your income versus fees?

Lots of families in (predominantly) day schools do cut out foreign holidays and luxuries to afford fees, but I don’t think many would also be borrowing heavily on their mortgage.

No, put the extra money into extra curriculars and trips and visits in the holidays.
The other school should be meeting her needs, they may not be able to venture too far from the curriculum but there are competitions etc she could be getting involved in.

If she's highly able then honestly she'll be fine at the state school. In terms of pushing she only needs to be pushed to get 9s and A stars, which presumably she'll manage since she's 'able'. Both my children were academics stars and managed this feat at a school which didn't push them. One of their friends is now lecturing at Stamford following g his PhD at Oxford. Able students push themselves.
Don't go into debt.
And do remember the school
Is getting something out of this - they want your daughter's stellar exam results in return for that 50%. Let the state school have them, and sleep at night!

If she is highly able she is not likely to be struggling, more like not meeting her potential or bored. You can do outside of school learning and tutoring at a much cheaper cost if that would help. Consider that she may benefit more from private schooling at secondary age, so that would give you more saving up time.

I think fees will go up quite a bit over the next few years.
I wouldnt get into debt for it, except if i really felt i had a child with asd at high risk of burnout/lifeling trauma and I could prevent it.

No I wouldn't. If labour get in the fees will be exorbitant. I suggest you use your cash to get her some private tuition if you think she is not being stretched enough at school. Also university places are more available to applicants from state schools and some even reduce the grades required if the school is in a postcode that is considered to be socially disadvantaged ( a contextual offer).

if I had a school age child who was academic they'd be in an average performing school in the middle of a council estate and they'd be having private tutors.

In what way is she struggling?

What are the local secondaries like?

Many more able kids aren't pushed much in upper primary. It does tend to improve at secondary as they are more likely to set and have more opportunities as they are bigger.

How old is she? The school she is at should be doing more, if she’s in secondary and they set then she should be in top set if she’s as bright as you say.
Don’t get into debt for this, spend the money on tutors, extra curricular etc which will be a lot cheaper.

If you have to get into debt, then definitely not worthed.
can you explore other ways in which to stretch her academically?

Don't risk your home like that! You never know what field she'll go into, what she'll do with her life. Securing her home is way more important.

Is the bursary set until she'd leave post gcse or a level ?

Could you borrow and pay fees ahead for a discount though might be taking mick given you've got a bursary.

Seems too risky to me quite honestly but I get why you are considering it

It’s a massive risk especially with vat set to rise. Be very careful.