How do you fund your school fees?

[slummymummy36]

Hello, I am still quite new to these boards but wanted to ask parents with children at fee paying schools how you fund the fees.

Our 2 dds are at a boarding prep school. We are a service family so get a substantial allowance from the MOD. However, there is a substantial shortful and the substantial extras on the end of term bill.

Up until now we have been just putting aside X amount every month and then paying the fees 3x a year (start of every term) which has is working fine. However, now we are beginning to look at at senior schools the MOD allowance (grateful that we are for it) does not seem to go anywhere near as far against senior school boarding fees. So with 3 years to go we are thinking about starting to put some by to help alleviate the full burden later on, especially bearing in mind everytime we move hosue I have to give up my job and find a new one. With current interest rates falling etc - its hardwork fining somewhere safe for our money to grow.

I know some people start saving as soon as a pregnancy has been confirmed but we kind of slipped into this due to my DH career and our nomadic lifestyle. I would never had beleived anyone 5 years ago, if they had said both my girls would be at boarding schools!!

We are also considering the few state boarding options (substantially cheaper) but location is paramount as I want the girls to be close to my family incase we end up overseas, this sadly limits our options.

So I was wondering how everyone else funds their DCs education in fee paying schools.

Sorry its so long(and nosey)!

We just overpay the mortgage (mortgage/current account combo thing) and then pay the fees out of that account since the interest we don't pay on that far outweighs what the money could earn in a savings account - but I guess if you are in rented quarters that may not work for you?

It's worth looking around at a selection of independent schools as well - it seems to me that fees vary hugely and high fees do not neccesarily equate to good school.

One dd in a day school, we pay out of income.

Don't most mothers go into high-class escort work?

We pay out of income (luckily had help from Grannie last year). All my income for the last 10 years has gone towards school fees.

Slummymummy My DH was a forces child and went to boarding school for a while.

As well as the contribution from the MOD have you looked at schools that have a sort of bursary were they take a percentage off the fees for Forces families.
Some boarding schools offer better deals than others.

Where abouts are your family based?
Are you family absolutely settled in one area or are they likely to move?
This happened to my in-laws there family near DH boarding school moved as they started caused a bit of bad feeling.

Edinburgh boarding schools a particularly good to Forces familys.
FETTS (they follow the English A levels instead of Scottish Highers) offer 12.5% off fees for forces families.

We pay out of income too (although we do have a slush fund - saved over many years - in case work goes pear-shaped).

we pay out of earnt income - ouch it hurts . second the comment about looking for schools were there are bursary/help for forces children , where abouts are you looking ?

We have five children in the system, and pay out of income. If we are short one month, we can borrow from the mortgage.

One ds, pre-prep, paid out of income. Planning to save in case I have to fund beyond 11.

OP - can you consider a state boarding school like Cranbrook School?

Out of income.

TBH would be pretty worried if we couldnt afford to do it that way

Out of income.

A lot of parents I know were getting help from Grandparents who were taking equity out of their home. Unfortunately that source of income is being withdrawn as Grandparents houses are now falling in value and that is going to be a major factor in kids being withdrawn from school in the coming year or so.

Oooh lots of replies!! Thanks everyone for your input.

TBH - we have no idea where we will end up over the next 10 years. We have lived all over already. I feel more comfortable looking at schools within 2 to 3 hours drive of Bristol and Bath as that is where I have family, sisters and dd godmother. I like to have family that the girls know well nearby incase we end up abroad at some point.

We have looked at 2 schools so far Westonbirt and Haberdashers Monmouth girls. We really liked Habs and the fees are within our comfort zone - leaving some spare for those millions of trips they all seem to do! However, I have heard some negative things about boarding there which is making us a little uneasy. We have at least 1 year before we need to make a decision so are going to do the school open day thing this year! Am open to suggestions - we seem to be leaning towards girls schools but have not ruled out co-ed. Choosing a bs is a nightmare as there are more things to consider. Feel like we have only just finished choosing a prep school!!

I am aware some school do offer bursaries to service families but also some fees are in excess of £9000 a term and I know there will be some trips (i dont intend to let them do them all) and the extras bill is always a bit choker on the end of term bill, so its about being realistic. Add that to me not working constantly because of our frequent moves (i have to move and accompany dh for us to qualify for the CEA/BSA). I am just trying to get some funding behind us to help with it all and prevent any sleepless nights about money!! LOL

Thanks again everyone!

Doesnt Christs Hospital have both bursaries for forces families and the fees are means tested anyway - might stretch the distance limit from the West Country but worth looking into.

slummymummy I have similarly heard not-so-great things about boarding at Monmouth girls - boarders in the minority, very clique-ey, 'cool' girls, etc etc... a friend's DD went at 13 having stayed to the end of her prep school and hated it so much they had to move her after 1.5 terms. I am sure it works for some, but not for her.

Income/savings

We have two DCs at prep school. We pay fees out of income including two rental properties. One of them - a holiday let - pays one lot of fees. Anything beyond that comes out of savings, which get smaller term by term. I sold my car, which paid for one term!

Very best of luck to you and your DDs .

DD is in day prep school. We pay out of income, 3 times a year.

You could look at The Royal School, Haslemere - which was formerly The Royal Naval School. Fees are around £7k per term and they give bursaries of up to 15% to Forces families. It's a fab school.

DD is at day school - Y7 - and we've always paid out of earned income, over 10 months by direct debit with a termly extras bill - about £150 per term per instrument and a few other bits and pieces e.g. reeds for sax, music exam fees

She could, at this school, board from Y9. It would cost about £14,500 per annum to board (£15.5k from Y10). Most pupils board weekly, going home after lessons/sports matches on Saturday. Fees include all food/meals, term-time trips, books (to Y11) and exam fees (not re-entries).

East Mids though so prob not for you. There is a girls' school locally which has similar fees (headline for boarding, not sure what extras there are). I'm sure there must be others elsewhere in the country at this fee level.

We have 2 DC currently in private school and previously paid out of income/savings. We are currently overseas and get an allowance like you slummymummy but like you say, it doesn't cover it all.
DD has gone back to a UK state aided boarding school which is significantly cheaper than other schools and she is doing really well there. The fees there are just over £3,100 per term which is fantastic when you compare to other schools. DS is returning to the UK in September for A levels and his fees are just under £8k per term so even with the allowance we get from DH's job, and the academic scholarship DS obtained it still leaves a shortfall of around £650 pcm. we have decided to pay this out of our income (which means us having to stay working abroad for 2 years to cover it) but we decided it was money well spent.
We have two younger DC and are starting to save for their future education in case we decide to educate privately when we return to the UK. We have taken out some 10 year savings plans over the years and are trying to save as much as possible towards it.

I appreciate that you want your children to be near family, but it isn't always necessary. we don't have family particularly close to DD's school and it isn't an issue.
Someone has already mentioned Cranbrook School in Kent which is a fantastic state aided boarding school (around £3k per term) and another one worth looking at is the Royal Alexandra & Albert School in Reigate, Surrey. Both have really good reputations.
On the compound where I live there are quite a few MOD families and I know several who have considered both these schools. Good luck