Just wondering if I could hear other peoples experiences of bursary applications as I'm feeling really stressed and down at the minute. My daughter applied for a music bursary place for September 2016 at a well respected independent school on the recommendation of her current music teacher as she is considered musically gifted and plays two instruments to a high standard for her age (8) as well as being able to sing very well. Had she not suggested it, it would never have crossed my mind to apply. The places are means tested and designed to help talented youngsters access tuition and opportunities that would otherwise be out of reach financially. The audition went really well and the music master said in front of DD that he would be recommending that she be offered a place. All good so far. I was then given the bursary forms which I've filled in and have provided evidence of my and DH income etc.. which amounts to just under £30K take home. The full fees at the school are £15K for day pupils so well out of our reach. We worked out that we could afford the fees if they offered us 50% taking into account fee increases vs projected salary increases(they offer up to 100% bursaries). We've submitted bank statements, mortgage statements, the full works. We have very elderly cars and no valuables of any sort. Our only asset is our house which still has 20 years left of a 35 year term (£140K to pay) on the mortgage but equity of around £130K due to rocketing house prices in our area. We tried to release 5K equity last year to pay for a new boiler but because of the changes to mortgage borrowing were told we wouldn't be able to borrow anything so in the end we had to take a personal loan. As such we know that we can't release that equity without selling our house and as it is only a small 2 bed cottage on a busy main road with no parking we could not free up that equity and then buy anything else with two bedrooms as literally all we would be able to then afford in this area based on our income would be a studio flat. Rent is extortionate around here too and we have to live within 5 miles of my DH work due to the nature of his job so we can't move to a cheaper area. It would cost more to rent a 2 bed flat than we pay on our current mortgage so financially it wouldn't make sense.
We won't know the outcome for a while yet but I now wish we'd never applied as DD loved the school and is desperate to go there but from everything I've read on here and online generally since I submitted all the forms, bursaries will take account of any property equity and expect that to be used to pay the fees but without living in a tent there is just no way we could do this. Don't get me wrong, I understand why property equity is considered and that if that sort of rule wasn't applied then someone living in a mansion with no mortgage but a low monthly income might well qualify for a bursary too.
Has anyone else ever actually been offered any sort of bursary whilst owning their own home (albeit mortgaged?) and having any sort of equity in it or am I right in thinking we have no chance and I've been stupid to even think this was a possibility and am going to have to deal with a heart-broken DD?