SFS News
Drowning in school fees hidden extras.
Posted on 14th March 2008
The chances are that you have gone through the rigours of selecting a school for your child already. Whatever your priorities were during that process, you will be far too aware of the high burden of costs you now face term after term. Or will you? Recent reports suggest that parents with children at independent schools are not made fully aware of the extras charged by schools, which can inflate the already increasing fees by as much as 20 per cent.
The most recent publication of The Good Schools Guide highlights a “common misconception” that extras add only 8 to 10 per cent to the bill, when “the reality is that it can be much more”.
Let’s put this into perspective. If you send your child to a boarding school you could be looking at termly fees of £8,000, or £24,000 a year. Over three years that is the same amount you could expect to pay for a new Mercedes-Benz SL 500 at £75K. If you are lucky enough to fit this profile, then you would not expect to be charged for extras such as air conditioning, satellite navigation and CD player etc… When spending these large sums of money, you naturally expect your purchase to be on the road with all these extras as a standard fit.
However, this is not always the case with school fees. We are all aware that school fees rise each year and for sound reasons: they need to reflect rises in teachers’ pay which often exceed the state sector in order to attract the very best talent; they need to accommodate teachers pension costs and, of course, they need to invest in capital projects. So what are these extras that appear on school bills?
A selection of added costs
These are just some of the added extras commonly found on fee bills:
- Lunches
- Clubs and activities
- School Fees Insurance (often introduced on an opt-out basis)
- Charitable contributions (also introduced on an opt-out basis).
- Music lessons
- “Unusual subjects”, such as exotic languages taught in small classes.
- Uniform or sports wear
- Books and stationery
- Trips
- Capital levies to pay for new buildings
- Transport
Keeping your head above water?
The biggest non-fee based cost can be “keeping up with the Joneses”. Apparent status can be responsible for so many unnecessary costs, from a child’s personal possessions to fad lessons just to remain part of the in-crowd.
Most parents wouldn’t disagree with any Bursar or Headmaster who says that some extras represent “value for money” but parents should be urged to keep a close eye on the bottom line to ensure the extra meets their expectation.
One of the more usual additions is insurance. So how can parents obtain the cover they need at a cost that offers them the security of knowing that their child will remain in their chosen school no matter what happens.
SFS Group is one such company that offers a bespoke range of insurance products to cover families as their children progress through the independent education system, protecting personal possessions, health, life and finances against unwanted and unexpected interruptions.
In particular, parents can choose a life and critical illness policy that will pay the school fees in the event of an insured parent’s demise, right up to a child’s 18th birthday with an option to extend the cover into a gap year and through university for as little as £7.20 a month.