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Tips offered to cope with escalating independent school fees

Posted on 15th July 2008

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With recent figures from Halifax indicating that private school fees have soared at more than twice the rate of inflation, parents are having to resort to a number of different ways to meet the rising costs.

The Daily Telegraph has offered readers some tips about how to cope with the growing price of independent education.

It notes that bursaries and scholarships are becoming more prevalent and those who feel they cannot afford the payments should apply for funding assistance.

The publication also advises parents who are remortgaging to deal with the costs to consider opting for an offset deal not a short-term fixed rate, offering the opportunity to borrow equity on their home if the financial situation gets tougher.

Finally, the paper suggests asking the children's grandparents for support, noting that this could in fact be beneficial in the long term, with the potential for a reduction in inheritance tax bills.

Sainsbury's Finance recently suggested that it expects to see an increase in the number of parents taking out a loan to fund school fees.
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