Sending your children to private schools can give them the best possible start in life, but it doesn’t come cheap.
The BBC reported * the findings of a survey where 34% indicated the attraction of smaller class sizes was a major consideration and almost a quarter said they sent their children to private school for the connections their children would make.
Research indicated that the average cost of putting a child through 14-years of private education in the UK stood at £286,000 for a day pupil and £468,000 for a boarder (July 2015).
How SFIA Work
SFIA can make school fees affordable using a variety of strategies bespoke to your needs.
We design plans to help you pay your childrens’ school fees conveniently and continuously. Here is some of the ways we make it possible:
Many parents who approach us have equity in their property. When school fee payments are required immediately, increasing your mortgage is an efficient way to obtain the necessary funds. SFIA will arrange a competitive mortgage for you and ensure that it is flexible so that funds are released when you actually need them to minimise the interest you pay.
We help you generate funds by constructing an investment portfolio that is as tax efficient as possible, produces an excellent return and is suitable for you.
School Fees Pension Plan
One of our most efficient school fees planning strategy is to use the tax free lump sum when a pension matures to pay off any loans for school fees. We help you build a pension fund while paying your children’s school fees. In some scenarios, a school fees pension plan can generate more tax relief than the school fees themselves.
School Fees Insurance
It is important to ensure continuous education for your children. There are several schemes available to protect your childrens’ private school fee payments against loss of earnings due to critical illness, marriage break-up, redundancy and other factors.
Life assurance schemes will pays out a lump sum or a guaranteed salary for an agreed length of time. Permanent health insurance (PHI) schemes are designed to kick in when you fall ill and pay you a proportion of your income. Critical illness insurance (CII) schemes pay out a lump sum when triggered.
* BBC reported research carried out by Killik and Co – http://www.bbc.co.uk/news/education-33535216