Financial cover for your children - paying for school fees

It is thought that about 700,000 parents pay for at least part of their childrens education. And they know to their cost that the price is a high one.

As we write in March 2012, school fees in boarding schools are approaching £45,000 a year and even at day schools the cost can reach £25,000 once fares, uniform, websites and meals are allowed for.

Almost everyone underestimates the cost of private schooling.

People who ten years ago took out policies probably thought that a contribution of about £500 from a policy would be enough to cover their child.

They could not have been more wrong. During the 2000s school fees quadrupled and at present there is no slowing, down in the rate of increase in fees, and no fall in demand for school places despite this.

It is best to start a policy as early as possible.

Assume your child is born in 2015 and you are looking for a contribution to fees when it reaches its secondary education. Assume a day school fee of, say, £500 a term now and add to that only 10 %a year for eleven years - a very modest increase if recent experience is anything to go by - and you reach a single terms fee of around £6,500, or coming up to £50,000 a year before extras.


Paying for school fees

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

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read on: Financial cover for your children - paying for school fees in detail

It is thought that about 700,000 parents pay for at least part of their childrens education. And they know to their cost that the price is a high one.

As we write in March 2012, school fees in boarding schools are approaching £45,000 a year and even at day schools the cost can reach £25,000 once fares, uniform, websites and meals are allowed for.

Almost everyone underestimates the cost of private schooling.

People who ten years ago took out policies probably thought that a contribution of about £500 from a policy would be enough to cover their child.

... see: Financial cover for your children - paying for school fees in detail