Can we afford private school? Start with the whole bill

Start with the bill you would actually receive

Find the fee schedule for the relevant year and entry point. Check whether the figure is per term or per year, what it includes, and whether VAT is already included. Multiplying a termly fee by three can be a useful starting calculation where a school charges for three terms; it is not the whole family budget.

Since 1 January 2025, private-school education and boarding covered by the measure have been subject to VAT at the standard rate of 20%. HM Treasury’s policy explanation sets out the scope. Do not automatically add another 20% to a figure already advertised as VAT-inclusive.

At a boarding school, add travel home and ask about charges outside the normal boarding period. The same headline fee can support very different household budgets.

Learning-support costs need particular care. Required reasonable adjustments are not simply optional extras to add to the bill. Our learning-support guide explains that distinction and the questions to ask about any separately charged provision.

Our view: if the calculation works only by assuming no extras, no fee increases and no change in your income, it is too fragile to count as a settled plan.

What help are you asking for?

A bursary is means-tested financial assistance. A scholarship recognises ability or achievement, such as academic work, music, art or sport. The Independent Schools Council explains both forms of support and notes that they can be awarded together.

The name of an award does not establish its cash value. Ask what it reduces, whether it can be combined with a bursary, and what participation or performance is expected. You can simply ask, “We would need financial help to accept a place. What bursary support is available at this entry age?”

Fee assistance can vary by school and age of entry. Do not assume a bursary available at 11+ is also available at 7+, or that support at sixth form will be offered to an existing pupil on the same terms as a new entrant. Check the policy that applies to your child.

What does a bursary application involve?

Expect a financial assessment, not simply an income figure entered beside the school application. For example, the Girls’ Day School Trust describes evidence of income and assets, with documents such as payslips, tax records, bank statements and mortgage information. Its process also requires families to meet the individual school’s deadline.

Prepare a secure folder and follow the school’s own document list. If your finances are unusual—self-employment, separated households, a recent redundancy or assets that do not produce ready cash—ask how to explain them. A generic online eligibility estimate cannot settle how the assessor will treat your case.

Ask whether there is a separate portal, whether both parents must supply information, how confidentiality is handled, and when you will hear the funding decision. Never send bank statements through an informal social-media account or to a consultant who does not need them. Use the school’s verified process.

Financial eligibility is not the same as a funded place. The GDST says academic performance is a consideration and the amount available depends on demand and funding. Treat published income guidance as an invitation to enquire where appropriate, not a promise of an award.

A worked example: the headline award isn’t the final number

This is a fictional budget to show the calculation, not a quote from a school. Suppose the annual VAT-inclusive fee is £30,000 and a confirmed award covers 60% of that fee. The family contribution to fees is £12,000. If uncovered lunches, transport and other required costs total £2,400, the annual amount to find is £14,400.

Dividing that by twelve gives a planning figure of £1,200 a month. It does not mean the school lets you pay monthly.

Now change one assumption at a time. In this fictional example, a 50% award would leave £15,000 in fees, or £17,400 including the same extras. That is £3,000 more than the original budget.

Alternatively, keep the 60% award but raise the fee to £33,000. The family pays 40%, or £13,200, plus £2,400 in unchanged extras: £15,600 altogether. These are planning examples, not forecasts. If only the original award makes the place affordable, ask carefully about renewal and what happens if your circumstances change.

For two children, model the overlapping years, not just the first child’s first term. Check any sibling discount directly and whether it applies alongside a bursary. Avoid counting unconfirmed help twice.

What happens in the second year?

The GDST reassesses bursaries annually and says an award may go up or down as circumstances change. Other schools have their own terms. Read the actual award letter and policy rather than treating “up to 100%” on a website as the amount or duration your child will receive.

Ask these questions before accepting:

• Is the award a percentage of the fee or a fixed amount?
• Does it continue into the sixth form, and what conditions apply?
• When is the reassessment, and what changes must we report sooner?
• What happens if income falls or a parent becomes unable to work?
• Which extras are covered, and how does our child access that help privately?
• Who can explain a decision or review information we think has been misunderstood?

The last question matters. You want a workable relationship with the bursary team, not just a number large enough to make the first year possible.

Could our child take part without feeling different?

An award covering lessons but leaving essential participation out of reach can still be difficult for a family. Does a parent have to request help every time? Who is told? What happens if a cost arrives unexpectedly?

GDST states that pupils receiving a full bursary also receive help with uniforms, lunches, travel and trips. That is a specific published example, not a sector-wide guarantee.

Our judgement: the way a school answers these questions is part of school fit. You should be able to discuss money without your child becoming a public example of the school’s generosity. Do not mistake a polished fundraising story for an explanation of daily support.

Before you accept the place

Comparing an offer with another school or a waiting list? Our offers companion helps you organise the reply deadlines and questions about acceptance before making a commitment.

Read the offer, award letter and parent contract together. Check the deposit, refund conditions, notice required to withdraw, and any amount payable if you change your mind. Do not assume a later bursary or state-school offer cancels a contract you have already accepted.

This guide is a planning aid, not individual legal or financial advice. Where the contract or financial commitment is unclear, obtain an explanation from the school and take independent advice if needed before signing.

For a family that needs substantial assistance, we would prioritise schools with a clear funding route at the right entry age over schools where the only prospect is an unspecified scholarship. Keep an affordable alternative open. An offer you cannot sustain is not a decision your child should have to carry.