Independent School Fees/ Loan

[Howaboutnow]

Hi all,
Anyone knows of different companies offering reasonable loans to cover private school fees?
Would love to hear your experiences.
Thank you

Not sure at all but it would be a hefty loan! Do you have anything to secure it against?

I don't, but I would presume it might be easier to remortgage to raise funds against a secured asset (hence should be a lot cheaper than an unsecured loan of that size).

Have you a plan for how you would later pay off the loan?

You might have more luck trying for a bursary.

We would secure it against our home.
Bursary wouldn't be available as we earn too much

Your best bet is to remortgage now whilst interest rates are so low. You won’t find a cheaper way to borrow money at present.

Personally I wouldn't consider private education unless I had the means pay for it without borrowing. It's not just the fees, private school is a lifestyle which involves a lot of other expenditure on trips and keeping up with the Jones type stuff. Also you have to think about how many years you are planning to pay and if you have other children coming up behind.

@bonbonours

Personally I wouldn't consider private education unless I had the means pay for it without borrowing. It's not just the fees, private school is a lifestyle which involves a lot of other expenditure on trips and keeping up with the Jones type stuff. Also you have to think about how many years you are planning to pay and if you have other children coming up behind.

Thanks for that.

The fact that you're asking for loan recommendations when the cheapest form of borrowing is always going to be your mortgage suggests you're not that financially educated, so it's a very valid comment to make. And one you'd do well to recognise as such.

@bonbonours is right

Friends of ours signed their 3 children up to private school, bought a new house with bigger mortgage and then one of them was made redundant and they lost60 per cent of their income. They didn't even have 1 term of fees in savings.. I would save before you get a loan, just in case..

Thanks for all your comments

We remortgaged to raise funds for ours. I don’t have any ‘keeping up with the joneses’ things going on either. Kids whether they’re rich or poor all seem to shop at Nike, Shein & Primark anyway 🤷‍♀️ - we would have done school trips still whether they are at state or independent so that’s irrelevant too.