According to new research, children who go to private schools are more likely to do better than their peers who go to public schools in terms of qualifications and, later, high-paying jobs. They have a better chance of getting into Oxbridge and can get in with lower grades.
In the United Kingdom, there are about 2,400 schools that are privately run and paid for. Children as young as two can start going to pre-prep school nurseries. When they turn five, they can move on to prep schools, which are also called preparatory schools. Preparatory schools are called that because they get kids ready to go to independent high schools when they turn 13 or 14. In order to get into many high schools, kids have to pass an entrance exam.
Some schools have special programmes for kids who are talented in a certain area and can give them special training on top of a regular academic curriculum. Others just give kids what their parents think is a better education all around and a better start in life.
Many parents spend a lot of money to send their kids to private schools because they are unhappy with public schools. About a quarter of these parents have incomes that are about the same as or less than the average.
This kind of education costs about GBP1000 to GBP1500 per term, or GBP3000 to GBP4500 per year, for a child between the ages of 2 and 7. When it comes to boarding schools, the average cost for girls is about GBP20,400 per year, while the average cost for boys is GBP21,600.
Parents have different ideas about what age is best to start private school. Some parents first hear good things about the local kindergarten and may think that sending their child there for a year or two will give them a head start when they go to state primary school. Some parents decide to go all out right away and start planning for their child's education as soon as they are born. Many likely turn to the private sector for help as they become more and more unhappy with their child's progress and opportunities at the local public school. Parents who went to private school themselves are probably more likely to send their own kids to private school at some point.
It's important to note that most independent schools look at the curriculum set by the UK's education departments as the bare minimum.
About 620,000 kids are now getting their education in private schools. In the past year, a lot more people have asked Sainsbury's Bank for loans to help pay for school, says a bank representative. They, like other lenders, are sure that more and more parents will take out loans for this purpose.
When it comes to money, you're going to need help unless you've planned ahead and saved up for the fees. Even if parents have made plans through different programmes, the rising costs of private teaching may mean that they need to add more money. If you can't pay the fees with your income or savings, you may be able to borrow the money you need.
If you own your own home, remortgaging is usually the cheapest way to get cash. Most of the time, mortgage rates are lower than those for credit cards and personal loans. You could also trade in some of the value of your home for a lump sum that could be invested to cover the fees over time.
If you aren't a homeowner or would rather not go this route, an unsecured personal loan might be the best option. Loans can be used for almost anything, and there are a lot of different ways to pay them back. Go online to find out more about it. An online broker will be able to give you all the options and advice you need with as little hassle and form-filling as possible.
No matter what you decide, the future of your children is the best investment you can make.
A word of caution for your child, though: my son's teacher once told him, "Even if your parents can pay for you to go to a private school, that doesn't mean you don't have to try. Believe me, you will!" - And he did.
