Another bursary question

[Loopylooni]

Currently on bursary of 25% school fees which will be reviewed. Looking at more expensive schools where the threshold is much higher (they said unlikely for them to offer when your salary is 4 times the fees - mine definitely isn't plus I'll be sending 2). Due to this threshold, i think id be more likely to get something compared to current school.

As it stands i couldn't afford the more expensive schools but I'm thinking to ask the bursar whether they have ever tried to match what I'm on now in the event of child passing all the tests/interviews. If im no worse off, I'd definitely seriously consider moving. But if not, I'd stay and hope i get something.

Is this a ridiculous ask?

My immediate question is why are you looking at more expensive schools…more expensive doesn’t always equate to better …. are your children not thriving at their current school? What is the reason? Your new school will contact your existing school for a reference etc. are you not concerned in the current climate of VAT and lots of parents struggling that your existing school may reduce the bursary as you aren’t committed etc.

Is this a move from prep to senior? Or day to boarding? Or is there some other reason you’re considering a new school?

It isn’t really a question of ‘matching’ the bursary you have now. Another school will make decisions based on what they have available, how much they want your child and your income and assets.

Hi, it's just that they are all more expensive rather than me specifically wanting it. I like the school but I think it has its constraints and so im looking elsewhere. I think my children could do better elsewhere

I have three kids on a similar sized bursary to you. Bear in mind also that while bursars tend to consider the size of the family a bit, they don’t see it as a hugely influential factor in assessing income, as the number of kids one has is the choice of the parents, if that makes sense!

Obviously it’s difficult to advise without more information but - assuming you’re at a day school - you could almost certainly expect a larger bursary from a boarding school. But then the whole fee would be substantially higher.

I’m not sure how easy it would be to coax a bursary out of another school outside the normal transition years - unless the child in question has significant, noticeable qualities that would make them particularly attractive to a specific school.

Bump, any further thoughts on this? Still looking at slightly more expensive schools but worried the new school won't offer any bursary at all.

Have you had any conversations with bursars or admissions staff?

Hi @Bailiwitch, I emailed them to get info and they mainly pointed me towards the notes saying if you have equity in your home, this would be one of the key considerations. I went back to them to say I did but that as I wanted to send 2 children, would that change things in terms of the threshold (ie would it double it!), and also that I currently get around 25% off each. I asked whether still worth applying and they said yes but felt like they were just giving a standard answer. I would only move if I got a similar bursary really as i cant stretch to much more, this is almost all my monthly income however my home is paid off.

I wondered if anyone was in a similar position and what the outcome was.

Most schools are likely to have less in the bursaries pot (depending on how it’s funded - those with endowments may not be affected but for those where bursaries are paid for by fees and/or donations there is almost certainly going to be less money available) and most schools state that they prioritise existing students rather than new ones. It will also depend on whether the school you’re interested in has a policy to award fewer, larger bursaries or more, smaller bursaries.
So basically it’s very school dependent but with more families seeking bursaries and potentially less money to go around it’s probably harder than it used to be to secure one.

I’m surprised if you have the full equity in your home that you are able to get a bursary at the moment. I thought all schools expected you to max out existing options before you could be awarded a bursary (ie remortgaging) but perhaps I’m wrong.

Depends on the school, a relative has a big bursary despite being mortgage free. I do think it’s a bit odd as plenty of families with higher incomes wouldn't qualify despite having mortgage payments.

Hi - yes so usually you get priority if you rent. I received 25% because of this, at the time i wasnt working but the bursar explained that those who rent, were more likely to be given 100% bursaries. I then found work but i pay most of this towards the fees.

If you currently pay 75% of the fees but that takes up almost all of your salary, how are you paying your bills, food etc.? Is someone else paying these or do you have another income stream?

To add, UCL published a report on bursaries earlier this week. I haven’t read the full report yet, but the headline figures was the average bursary awarded in recent years was 27%.

Hi @LadyLapsang - i take home circa 4800 a month, then 3500 goes on basic school fees - i then live on the remainder, so no car, we try a european break each year or in the UK. Foodwise i cook at home. WFH so little travel costs. If i had a mortgage, i couldnt do it full stop. I do go overdrawn each month but i try and limit this and stay within my means.

3500 goes on basic school fees

Is that for 12 months? If so, 3500 * 12 = 42000 and if you're on a 25% bursary, are the full fees £56,000/year?

@user149799568 fees are usually 9K a term approx, each, I pay for 2 kids

That sounds very, very tight, unless you have family that would act as a safety net. Thinking of all the extras, such as school uniforms, school trips and instrument tuition. Are you a widow or does their DF not contribute anything? Are you overhoused with potential to release money by downsizing? I knew someone on two 100% bursaries and she lived in a 2 million + house. They are rightly much stricter now.

Hi @LadyLapsang , im a single parent, so their dad doesnt contribute anything. Equity probably around 600k though. I can remortgage but just want to see what other options there are, if any

Im really confused, higher up you said you got the bursary because you rent, but then you say here you own a 600k house outright with no mortgage?.
How did you go from renting to owning a property outright

Hello @pragmatismuniversalsentimentalist , no, i always owned. The comment above was when i spoke to the bursar at the time, and she said people who rent get more than those who own, regardless of salary. At the time, my job wasnt secure but i owned my home outright. I queried why the bursary figure was so low and she said it was because of the house