Acceptance deposit- how does it work?

[Malina1]

Being a bit dense today whilst looking into private schools.

Looking at some London schools (Channing and Highgate) and they want a 5k acceptance deposit. How do these work? Is it refunded when they start or kept and refunded when the children leave the school? I have two children and would be applying for a bursary so working out financials. Not sure where I'll find this 10k from and unfortunately didn't factor this in.

Are you sure you can afford the schools at all? In comparison with the fees £5k isn’t that much. Especially when you consider the cost of uniforms, PE equipment and school trips.

You get it back when they leave, usually knocked off the last term’s bill.

My DD is at a through-school, so they’ll be getting a hell of a lot of interest on my £5k from when she’s 5-18!

You get it back when they leave - but it may be that you pay a lower deposit if you get a bursary (as presumably you would only accept the place with a bursary - ?)

Yes, off last bill. Ours was just £100 though!

Yes off the last bill which feels like a bit dodge all round given inflation but it is what it is. £5k is quite a chunky deposit. We’ve just paid £1k which feels a bit easier. Ours also seems to ask as standard if you’d like to donate it at the end of school too.

Ours will keep the deposit by default if you don't request it back when they leave, so.make sure you add a reminder to your calendar already!

£5k is a huge deposit. Are you an overseas border?
This was some years ago but ours was £300 and we got it back when they left.
Never heard of a deposit being this high before.

Assume 2.5k per child? Refunded when you leave assuming you've given the correct notice. Tell them you're applying for a bursary and see if that changes it.

Some schools now charge upwards of 15k deposit, but that's going to be the big boarding schools with international students - it's to deter parents from accepting several school places and paying several deposits, and then pulling out at the last minute (which forfeits the deposit). Schools often charge a lower deposit for successful bursary students, so that might well be the case with yours. Also, you might want to check it's not an 'acceptance fee', which some schools have now introduced - that's an admin fee not a deposit, and you don't get it back.

Is it all deposit? Sometimes part is an acceptance fee which is non refundable, the rest may be offset against last term’s fees.

With respect, if this is outside of your means I would be seeking a state school. Bursaries are not guaranteed

You need to read the terms and conditions , such as for Channing https://www.channing.co.uk/wp-content/uploads/2023/07/Terms-Conditions-22.docx.pdf it is put as credit on the fees account but may be repayable after your dc leaves. It is something of a gamble to expect to rely on bursary funding throughout for two.

I don’t understand how you can contemplate private school for two dc yet not have access to 10k…it just doesn’t add up at all. Sorry @Malina1 and I say that as someone who has over 10k to access but is well aware I can’t afford private schooling for my dc! So it’s not a given either way I suppose…

@Budgetquery Hey, I do have the 10K available but didn't factor in a non refundable deposit. Both currently at private with a small bursary though current school had no deposit required.

Then factor it in…if you have it.

@LIZS I'm sure i read this wrong earlier as my impression from how it was written was that it was completely non refundable. It seems that it's refundable when they leave the school. 10k will be two children.

This is what confused me

but I think they just meant if you cancel and don't pay last term, they keep deposit

Think if you pay to secure the place but then withdraw they retain it.

It may also not be refundable if you leave before finishing the school.

Wow, our acceptance deposit (this year) was only £500 per child. Refundable when they leave.

Yes, I think this is what they mean. You give the notice and then they use the deposit as the last term of fees.

Not helpful at all but if one of mine got into Channing I’d find the deposit!

I wonder if all north london schools are like this!

We paid a £3k deposit - £1k is taken off the 1st terms fees and then the £2k is taken off the last terms fees when they leave. none of it is retained by the school. They retain the £2k if you leave and don’t give notice.

It’s a London girls consortium school.

assume if a bursary place there maybe different arrangements though.