Do we stand a chance of getting a bursary?

[ifonly4]

DD is adamant she wants to apply for a music scholarship for sixth form, this has come from her not us and isn't something we'd planned for. Obviously she has to get one first, but just wondering what others think are our chances of getting a partial bursary to assist. Local school would cost approx £27,000 pa and other choice approx £34,500 pa as she'd have to board and fees are higher.

Gross income is about £37,000, net income about £2,600 pm plus child benefit. House worth about £260,000 (very much an average price in the area) with a mortgage of £37,000. What we do have is approx £40,000 saved, no policies or anything else though. To our minds these savings are earmarked for money in old age (I do not have a pension), new (well second hand car) as our present one is 10 years old and has cost us approx £1000 in repairs over last year, money for maintenance/repairs (of which we are sure to need a new roof in the next couple of years, as we've had three repairs already and roof is leaking again). I know we have money to their minds and will certainly have to contribute but just wondering if anyone has any ideas if we could obtain a bursary and any likely percentage.

Hi ifonly, You are correct that the equity in your house and savings could well count against you, especially as you'd only have to find two years of fees. Also, and this depends very much on the school and their individual bursary policy, the music scholarship may not be enough; you do not state how academic your DD is.
However, whilst that may all sound negative, if you don't ask you don't get.
Many schools use an independent assessor to look at bursary applications, it is always worth contacting your chosen schools and asking for information on how this works and what they are looking for.
In my experience, and I do have some, most schools will allocate their bursary funding in order of academic success in the school's exam or other assessment. So each applicant is assessed and the amount of bursary decided then they work down the list and when the money is gone it's gone.
Some schools prefer to give full a full bursary, others more part funded places. Again ask about he policy as you'd probably have more success with a part funded place.
As you have savings to pay part and it is only for 6th form it's definitely worth looking into. You may also be able to do the financial assessment early so that your DD has more idea of her chances ahead of time.
Hope this helps a bit.

I used to audit bursary applications many years ago for a top London day school.

Your £40,000 savings would go against you. Whilst in your eyes it's your safety net, from the school point of view it's cash you have sat there and could be used. Why should they subsidise fees if you have the money but you want to spend it on other things?

Your loan to equity value on your house would also go against you. You could remortgage to cover the fees for two years and still only have a 50% mortgage outstanding on your house. If you still had a huge amount outstanding then it would be looked at differently.

It sounds harsh but your situation sounds very much like you do have the money on paper. The sad facts are that practical realities are usually not taken into account when making these assessments.

I would take time to talk to the bursar at each school and get a proper idea. You may find that if your child blows them away with their talent that there's some room to wiggle. At the place I worked, sadly not.

You can afford the fees, you just don't want to pay them

Pressed post too soon.

I don't think you would get a bursary