Bursary question

[educationQ]

Ok, so we have registered our dc in for a local prep school. We have been to the open day, had some pre testing etc, and a meeting with the head where I said that we would be applying for a bursary if she got in. He was extremely fine about that as it is a very selective prep and money not really an issue. The chances are, from the discussions we have that she will be offered a place. We have no savings and a fair amount of outgoings and annual salary between us of around £35000. The school suggests that under £65K not to even consider applying, but how, roughly does the system work? Is it merely income and savings or are outgoing taken nto account? I know this is a bit of a 'how long is a piece of string' question, but we would seriously need over 90% to have any hope of her being able to attend.

You'll have to talk to the school's bursar. Every school has different thresholds and assess income in different ways. Also, the likelihood of getting a bursary depends on the number of other applicants, and the size of it on the size of the fund underpinning all the bursaries. Having a look at what they ask on the form will give you clues about what they are looking for (if they ask about outgoings, there is a good chance they are taken into account), and the bursar should be able to tell you what size are the largest awards they have given in the past.

Thanks - I know the bursaries are between 5% and 100% - I must contact them soon anyway, just wanted to know if there was any kind of formula!

Att dds school you pay 100% fees at approx £55K income and 0% fees at below £15K income, with a sliding scale inbetween. Outgoings are not taken into account. Assets are not taken into account (unless you have a £500K house, no mortgage, yacht on the drive and several millions in the bank). Seriously I have no idea about what assets are disregarded as we have nothing spectacular, a very average house in a non affluent area, affordable mortgage with a fair bit of equity due to being bought 12 years ago, & not huge amounts of savings.

You have to submit LOADS of evidence, bank statements, P60s, mortgage statements etc etc so can't really hide much. Schools do differ slightly in what they look at, offer as they have different amounts available.

The head said basically they need to know we haven't got loads of savings, which we haven't!! Thanks for all the help. I'll get the forms from the school and have a look - it's all a bit new for us!