Can I Afford Private Schooling for My Child?

You don’t need to be wealthy to give your child the best start in life with a private education

As the Finance Director of an independent school, I understand that choosing an independent education is a significant financial commitment. The first question you’ll probably ask is:

Can I afford private schooling for my child?

Parents often think only the super-rich can afford independent education, but the reality is quite different. The majority of independent school parents are both working, are in mid-level professional or management roles, or own small or medium-sized businesses, and work hard to ensure their child or children can benefit from all that private school offers.

The parents of pupils at Lichfield Cathedral School include those in professional services (e.g. lawyers, accountants), NHS staff, teachers at other schools, and managers in construction, financial services, civil service, and manufacturing along with many more.

The advantages attained by privately educated children are numerous and therefore many families view the significant financial commitment as an investment over a lifetime. When viewed like this, the affordability equation can often change dramatically.

Not all private schools are the same

It is important to note that not all private schools are the same and this is reflected in fees that can range from £10k per year to over £60k a year. Lichfield Cathedral School believes that private education should be available to as many families as possible and therefore our fees sit near the lower end of this spectrum. This can mean that payments start at around £1,000 per month, no doubt a large sum but attainable to families with two reasonable and achievable incomes should they choose to prioritise their child’s education.

People make the difference

We believe that the key difference maker in your child’s life will be the people they meet, be it adults or other children. This is the real super-power of private schools. Not only will your child be surrounded by numerous teachers and adults who know them as an individual, but also other children who come from aspirational families and for whom hard work and setting challenging goals are the norm. At Lichfield Cathedral School, over 75p of every £1 we receive in fees is spent on the staff who will shape the children’s lives and ensure a happy and successful school career. Unfortunately, this means that if you are looking for a school with a Golf simulator that will only benefit a small fraction of the pupils, you will have to look elsewhere (and be prepared to pay for it!).

Financial options

The LCS fees range from £4,590 - £7,160 per term depending on the age group, rising with age. There are several ways that these fees can be reduced for parents, be it via a scholarship (maximum 20% reduction), Choristership (maximum 100% reduction, means tested) or means tested bursary (generally no more than 50% reduction). On top of these, automatic remissions for parents who are members of HM armed forces (25% reduction) or for siblings (from 5% reduction) are also available. This means that the average fees paid by our parents are below the headline rates.

When fees are viewed as an investment in the future success of your child, this means that methods other than paying out of income become more palatable. The most common of these is to release equity in a home, allowing the fees to be paid off over the length of the mortgage, rather than as they fall due to the school. The next most common method is to utilise future inheritance from grandparents, where available.

And finally…

I often speak with parents who know that independent education is the right path for their child, but are afraid to take the final leap and enrol, simply because of the uncertainty of what the future might hold. They have done their calculations and know they can afford it based on current circumstances, but ask the question “what if something changes? I don’t want to have to disrupt my child’s education because fees suddenly become unaffordable”. The answer to this is that LCS believes exactly the same: we do not want children to be adversely affected by unexpected hardships, and therefore we make means-tested bursaries available to such families. These can be short-term to help with a redundancy or to bridge a tough time, or ongoing, often in the case of a family separation. This is when a child needs stability the most, not to be forced to move school. At LCS, children are our priority and this is reflected in how we handle these situations.

Please do reach out for a conversation with me if you would like to discuss anything further.

Ed Fenn, Director of Finance
e.fenn@lichfieldcathedralschool.com