Bursary help!

[Motherduck9]

I've just read on the school bursary policy that savings over £3500 means you can't apply for a bursary, but I have been saving for the school fees incase I'm not awarded a bursary and have managed to save £20k (not even a years' worth of fees and it's taken me years!)
Does anyone have experience of this or can I explain this to them? Or will they expect me to pay for the first years' fees (which I am fine with) and then apply again for bursary when my account is at £0? Please no judgement or hate as I am just doing what's best for my child and trying my best. Now I wish I'd not saved at all if this will go against me!

@PosterBoy exactly, every school follows different rules so how could you call me a liar? You don't know our school or their rules.
I really don't have to explain why we changed our original school option and therefore the rules for bursary options changed.

You obviously just want an argument so I'm out.

I didn't say all of them were on full fee remission, I said the majority were on full fee remission. It is a matter of public record, I'm not just making it up!

I don’t mean to sound arbitrary, but with a two million annual busrary budget, to support 100 full bursaries are unrealistic for London day schools, while 51 full bursaries with other range offering are feasible.

A typical well finance London independent usually gives full bursaries to 5-8% of the students in each year, combined with other bursary and fee assistance would add up to 10-25% of the year group. At the higher end, to support 25 students out of 100 students year group at the highest level of assistance, nearly four million pounds per year would be required for some schools.

It’s a myth that most private schools will ask for main and only residence to have equity released. This is perhaps envy wishful thinking. It would depend on whether your income would allow a higher mortgage and other things. I believe every school looks at things slightly differently and has very different cut off points. They also want ‘different skills’ in their bursary kids. Currently going through this

Clearly, you have some issues with reading comprehension since I have explained twice that not all of them are full bursaries however the majority are (as stated by the school itself). I have no idea how the finances work but am using the school's own records as my source. It isn't 25 children per year in any case, you just plucked that one out of thin air since I have told you that the number of children is somewhere near 100 (can't recall the exact figure) and quite obviously 100 divided by 7 is not anywhere near 25.

Please do crack on making things up but it's clearly a bit pointless for me to keep saying the same things again and again.

My intention was not to confuse you with my point, I just wanted to clarify that the higher end number 25% is not relevant to the school you brought up.

I don't think it's me who is confused. You are the first person to have mentioned 25%.

Please read again if not clear

A typical well finance London independent usually gives full bursaries to 5-8% of the students in each year, combined with other bursary and fee assistance would add up to 10-25% of the year group. At the higher end, to support 25 students out of 100 students year group at the highest level of assistance, nearly four million pounds per year would be required for some schools

In my dd's school you either get full fee remission or nothing in Year 7. I was terrified when they then insisted, 3 years in, that both parents' incomes needed to be assessed from then on because that would put us well over the threshold, but it turned out that, although they don't advertise it, there is a scale for fee remission once you're being reassessed in future years. So she's currently on 90% remission. I still think it's ridiculous to be assessed on her dad's income when he has very little to do with her and his only financial contribution to her life is already declared as part of my income. But I do understand the school's pov that it's not their fault my child's father won't step up and support her, and they don't really care who pays the fees as long as someone does.

Anyway, what I found out from doing the rounds of applications in Year 6 and then the annual reassessments is that every school operates slightly different policies. You're better off speaking to the Bursar at the school you want to apply to. Find out what their written policy is and how they would be likely to apply it in your case. There's no one answer that fits every school.

@Epanouie You're better off speaking to the Bursar at the school you want to apply to.

Definitely agree with this. It is well worth asking to meet up and go through finances in a bit of detail. Any good school will be happy to look at your figures and explain what you might or might not be eligible for.

Don't be daft - no school would ever suggest equity release. For a start you need to be at least 55 and even then you would only get a minuscule percentage of the house value at that age. Most people eligible for equity release don't tend to have children at school. If you mean remortgaging to release equity then that wouldn't work either, as if they had the income multiples to borrow enough extra capital then they would likely be able to afford the fees without a bursary in the first place.

@Unicorn2022 I will tell my school they are wrong then, because you said they are. FYI some of us have very low LTV on our mortgages because we aren't in London.

I would suggest that you write to the bursar. Explain that you have saved up £20,000 over 5 years specifically to help with whatever portion of fees cannot be covered by a bursary and so can realistically contribute £4000 pa from your income. Dividing your existing savings across 8 years of study would be £2,500 pa so you can contribute £6,500 pa in total and would need a bursary for the remainder. Ask for clarification of the savings policy given that your savings and income together are clearly inadequate to self-fund.

Bursars are human beings and will happily explain and usually have the flexibility to find an appropriate balance. It might be that if you deposit the full amount of your savings to then under their advance-fee-payment programme (many schools let you deposit several terms worth in advance for a discount) then they will assess you as having zero savings and allow you to recieve a bursary based on your income alone, and then meet your share of the fees via a combination pf what you can manage from your income plus a regular draw-down from that lump sum.

Thanks everyone. The school uses an external bursary company to do all of the means testing and then tells the school their views / outcome so it’s very official. I am waiting for them to clarify what the £3500 per year savings means but I think it’s what you have divided by how many years of education but unsure whether it includes 6th form?

A lot/most schools use a company, it's still the school that sets the criteria and applies them. Do talk to the Bursar.

It is definitely worth talking to the bursar, and @YireosDodeAver's post is really sensible. I would think the bursar will be really happy to clarify for you.

Bit of a strange comment and assumption? So because I can’t afford full fees for private school I am automatically claiming benefits? 🫣