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Secondary education

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Original poster

Independent school- Payment schedule

13 replies

11quandary · 31/01/2025 08:04

Hi all, we are awaiting school offers on the 14th Feb and I just found I am being made redundant. We wouldn't qualify for a bursary as we could use savings, not ideal but hoping this is a short-mid term situation.

We are not wealthy, don't own a big house, etc but have always been careful with money and have some savings that we obviously want to preserve.

My question is for those with children in independent schools, are there monthly payment plans available? Thank you

OP posts:
AngelsWithSilverWings · 31/01/2025 08:12

Our school started offering monthly payment options a couple of years ago and we decided to do it that way. There was no interest to pay just a straight forward division of the fees over 12 months. They did this in response to a few families struggling to find all the money termly.

dtl · 31/01/2025 08:15

Yes our school offered this option too and as the other person said, no interest.
I’d simply ask the school now you know that it is possible.

Alphabetamega · 31/01/2025 08:36

Not sure where you are based but all the London day schools we have looked at offer a monthly payment option (and our prep currently offers monthly payment too).

I think the only short term concern could be the finding money for deposits etc as some of them can be significant depending on school.

YorkshireLawyer · 31/01/2025 08:38

Our school (West Yorkshire) offers 10 x payments over the year with no interest. So almost monthly but you get a nice bonus in June and July when the fees don’t debit!

Meadowfinch · 31/01/2025 08:38

Yes, there are. Most schools offer a monthly DD option.

I had the same situation and found a new job quickly enough to carry it off without anyone noticing. Good luck.

SheilaFentiman · 31/01/2025 09:07

We make 3 payments a term, so not quite monthly, but more or less

Itwasacceptableinthe80zz · 31/01/2025 09:14

Could someone explain the advantage of monthly over termly? I was planning on termly as I can keep the school fees pot in a cash ISA account until needed (earning a tiny amount of interest). Am I missing something?

SheilaFentiman · 31/01/2025 09:17

Itwasacceptableinthe80zz · 31/01/2025 09:14

Could someone explain the advantage of monthly over termly? I was planning on termly as I can keep the school fees pot in a cash ISA account until needed (earning a tiny amount of interest). Am I missing something?

Well, if you pay fees from salary, then you are probably paid once a month.

And if you are drawing out of savings, you will get marginally more interest if you don’t pay a lump at the start of term.

Original poster
11quandary · 31/01/2025 09:26

Alphabetamega · 31/01/2025 08:36

Not sure where you are based but all the London day schools we have looked at offer a monthly payment option (and our prep currently offers monthly payment too).

I think the only short term concern could be the finding money for deposits etc as some of them can be significant depending on school.

Thank you @Alphabetamega , the deposit is around 2K, that's not an issue. It's the larger sum for the term upfront that would be stressful, so we would need monthly instalments, fingers crossed there is no interest. We are based in London

OP posts:
Original poster
11quandary · 31/01/2025 09:29

Itwasacceptableinthe80zz · 31/01/2025 09:14

Could someone explain the advantage of monthly over termly? I was planning on termly as I can keep the school fees pot in a cash ISA account until needed (earning a tiny amount of interest). Am I missing something?

Trying to to touch my ISA and paying with monthly salary. It wouldn't have made any difference to me a few months ago with 2 incomes but monthly instalments are obviously easier to manage with 1 income

OP posts:
Original poster
11quandary · 31/01/2025 09:30

Meadowfinch · 31/01/2025 08:38

Yes, there are. Most schools offer a monthly DD option.

I had the same situation and found a new job quickly enough to carry it off without anyone noticing. Good luck.

Thank you so much @Meadowfinch and everyone for replying

OP posts:
Hatty999 · 01/02/2025 21:04

11quandary · 31/01/2025 08:04

Hi all, we are awaiting school offers on the 14th Feb and I just found I am being made redundant. We wouldn't qualify for a bursary as we could use savings, not ideal but hoping this is a short-mid term situation.

We are not wealthy, don't own a big house, etc but have always been careful with money and have some savings that we obviously want to preserve.

My question is for those with children in independent schools, are there monthly payment plans available? Thank you

yes lots allow you to now pay maybe 3 instalments per term? This no doubt fits in more with one's salary as opposed to paying with savings.

OohaahCantona · 02/02/2025 08:12

If not offered by the school then open a separate savings account and set up a monthly standing order for the equivalent fees. You can then use this to pay the fees termly.
This way you'll also earn some interest.

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