Would private schools expect us to remortgage before offering a bursary?

[Tootandcomeinagain]

Hi - seen a lot here about bursaries and wondered if anyone has remortgaged for school fees - we live in a 700K home (all paid off) in London. Salaries 90K gross. Potential school fees are 12K a term so 72K a year for 2. Would we qualify for a part bursary or would we be expected to remortgage? Do they look at the home first? Id be interested in any bursar views as there have been a few posting?

Because your higher earnings mean that you have the potential to have higher assets in future. OP doesn't have as much potential on her salary (which is still high for most people) especially since she is already paying towards school fees so cannot invest that money. I guess she could have invested the money that paid off her house, but then she'd have a mortgage to pay which would probably wipe out the earnings from any investments. Your higher earnings also mean you will have more left over to spend on food, holidays, material possessions, whatever floats your boat.

OP probably hasn't shared all kinds of details with us. She doesn't have to.

On her very decent salary she's chosen to pay towards education rather than lifestyle. She is spending £50 a week on food to eat at home for her family. Do you think those who have said they can't afford school fees but are on a higher salary are doing the same? I bet they are not! I also bet they are not living in a 700K house and I think they are unlikely to be only having one holiday per year. Their other outgoings may also be higher which is absolutely their choice. Not everyone has to have the same priorities or choose the same things in life.

If your house is worth less than 700K, I am guessing you are not in London. A 700K house in London is not a big house. It's one of the cheapest houses you can get in many areas.

We all make choices. I can’t afford to live in London. I can’t afford a 700K house and private school. That is what the OP wants. Bursaries should be for people on low incomes that have no way of funding it. Not people who have chosen to put all their money into a house.

Most people who aren’t from rich backgrounds won’t be able to afford expensive houses and private school fees. That’s what the people on higher incomes are saying.

If you have a higher income than the OP and want to live in London, you can. But you might have a lot less money to spend on things other than housing which might not be to your taste. I have a lower income than the OP and live in London. There are absolutely tons of people on low incomes who live in London.

If you want a 700K house in London, then you might be able to do that if you want to as you are on a higher income than the OP, especially if you have good prospects and a decent deposit (you probably do if you already have a house of whatever value or size). Maybe you don't want that. That's fine! It's not compulsory.

The OP has no way of funding full school fees and her children will be competing against everyone who wants to apply for the school, no matter what their income. Bursaries for children who pass the exam will be awarded on need as well as performance in the exam. If a child whose parents earn £25K each does a lot better, maybe they will get a bursary and the OP will be lower down the list. Maybe there are a lot of bursaries available but people aren't choosing to apply for them where they might and prefer a grammar or a good comprehensive if they are lucky enough to live near one. Maybe you don't really know how this actually works or what the OP has chosen to put her money into. For all you know she's inherited the actual house and just decided to live in it rather than selling it.

I don't think OP is likely to get a 100% bursary but she might given what she has said about spending £50 a week on food which is extremely low as a weekly food budget by anyone's standards. Who knows.

Ultimately schools give bursaries to children they think would benefit from attending the school and who cannot otherwise pay the fees and it is their decision. There is a cut off but this is obviously higher in London as there are higher living costs. Nobody is stopping children from much lower income families applying, or indeed children from higher income families applying. The cut off for a bursary at some London schools is around £120K because these people would otherwise be unable to afford to spend £30K per year per child on school fees. And it might be higher if they have more than one dependent child.

You might think that bursaries should only be for children from families on very low incomes, but the school just want the children who will benefit most from the education offered. Some schools in London are really very selective. They will just choose the most intelligent children that they can, regardless of income.

Sorry, v long.

There are full bursaries available for some children but often a school will offer partial bursaries if they want the child/if the parents can afford to pay the remaining amount.

Yes we do live relatively frugally. The house is small but in a decent location. If we have to remortgage, then ill most likely have to find the funds elsewhere.

How would you find the funds elsewhere?!

As I said I couldn’t afford a 700k house and private school fees…

I wouldn’t expect to be funding people who have chosen the 700K house option.

Quite, I’d be annoyed if I was funding a bursary place for a child whose parents had a considerable asset, whilst I’m still paying my mortgage off AND full fees.

Work - that's the only option, or else remortgaging, but i dont want any risk on the house

Who is funding a bursary place? You aren't. At the schools I'm talking about the bursaries come from donations and investments.

Affordability is different for different people. You've made your choices and the OP has chosen something different.

Some schools do ask for current parents to contribute to the bursary fund. And alumni, former parents, etc. Part of general school fundraising, on top of the fees.

As uncomfortable as it is, the reality is that unless your parents are part of the establishment before you even step foot in the door, you are unlikely to benefit much from networking opportunities or door opening.

People who consider themselves elite (emphasis on consider) can smell middle class opportunism a mile off. They'll support their own, but not the children of middle class professionals who have little to offer them.

In my experience children tend to form groups strongly tied to socioeconomic and social status from secondary school onwards. In my experience the Camillas, Fenellas and Prunellas at my school had no interest in friendship with the children of middle class professionals.

Without the networking benefits and door opening, you are left with smaller class sizes and better facilities. Great for some children, particularly those with SEN, or if someone prioritises private schooling above all else and understands the financial impact. A bright child living in an area with a good state school is likely to achieve their potential without the need for private education and attending independent school can set them and their family back financially. Private school may be a dream missold to the middle classes, who (as in this case) may struggle to afford it and often cannot realise its true benefits.

As middle class professionals, we opt out and our children will have access to rowing, shooting, opera, music, gym & sports lessons as these are our hobbies/interests. We can give them whatever holidays and enrichment activities we can offer, but it won't be costing them hundreds of thousands of pounds in opportunity cost and we won't work ourselves into an early grave to pay for their education. We live in a smaller house than we would like in an area with a good state school so we can get our children into our local secondary (appreciate that is not an option open to all). By not paying for private school, we can spend more time with our children, and that is what they will remember when they are grown.

Middle class parents who can barely afford fees can make whatever decision is right for them and their family but ignorance of the financial ramifications/social dynamics of the system could ultimately stop their sacrifice feeling worthwhile.

Go for it OP….if you don’t try you will never know, nobody on Mumsnet knows definitively what the outcome of a bursary application would be…and those that tell you they’d be pissed off if you were getting help because you are mortgage free…that’s their problem!

The only thing I do know is that no school will turn round and say you need to remortgage….all they will say is you are or aren’t eligible for a bursary….i have no idea if they even give explanations for either outcome!

Remortgaging would be your choice based on the fact there is no other way for you to pay the school fees - I wouldn’t do this personally and I know exactly what an expensive education provides and for all its brilliance sacrificing your very stable family home is not worth it. Keep your DC where they are.