Bursary - How much savings is considered too much?

[hermanmunster]

Hi somewhereinmiddle - good to see you back - I was worried that the thread had got a bit heated and it might have scared you off!

I think one of the points to consider is that we are all having to make vast contributions to our children's education - that is when they go to University. So don't stretch yourself too far because there is little in the way of help later..

I remember a friend who had had two boys flexi boarding at a public school - he said he through that that was the most expensive thing he would ever do ... then he sent them to university and he really found out what expensive meant!

We all want to do the best for our children and no more in the educational field but I am always concerned when people sacrifice all else to an extreme and hence there is a risk of resentment developing.

The kid may feel obliged to pay back later or support parents in their retirement - and if they don't then there may be perennial call of "after all we've done for you".

[nissi]

Good point H

I think most of us know that our kids don't actually owe us any thing.It would be naive of us as parents to expect our kids to look after us in our old age, but nice to think they will want to- if need be...

We make these choices with our eyes wide open for the most part. We
decided to have them and do our best for them as we see fit. None of us know how our kids will turn out or what the future holds(Oh for a crystal ball!). We are all just hoping that helping them along the way with a decent education will give them some sort of leg up in this world.

[mike1880]

Perhaps because they are widowed. Oh what fun it is to pontificate from the comfort of a shiny happy nuclear family.

Indeed, I apologise to anyone I have offended with my rather thoughtless unqualified comment.

Mike

[Sally-Anne]

Perhaps because they are widowed. Oh what fun it is to pontificate from the comfort of a shiny happy nuclear family.

Indeed, I apologise to anyone I have offended with my rather thoughtless unqualified comment.

Mike

We know you well enough to understand that Mike.

Sally-Anne

[Third time round]

just to clarify the situation for those wondering about absent fathers.....I am a single mum who is applying for bursary help, my husband having set up home with a young lady when my son was three. My earnings are calculated and then the maintainance paid by my ex husband is included in the calcualtion. If no maintanance order exists, the foundation can investigate the absent parents income and reduce the bursary accordingly. This is how the absent parent's income is accounted for. I have two older children at wilsons and nonsuch, but my youngest child simply hasn't managed to pass the grammar school tests so far,otherwise I wouldn't dream of asking for a bursary. In fact, my elder son received a very substantial offer of help from trinity which I declined on moral grounds as he had a place at wilsons. I think that whenever there is a large pot of money to be shared out for something as emotionally demanding as children's schooling then there are bound to be strong feelings. If we are lucky enough to get help I will feel guilty but this time I will accept it because this time I really need it.

[T.i.p.s.y]

Do not feel guilty, you are a deserving case and doing all you can to bring up well-rounded decent kids. Be proud of what you have achieved.

[Ed's mum]

Personally, I feel it's a shame that 'guilt' needs to be felt. These schools only offer a bursary if they want your child. It's a win/win situation - you get the financial assistance and they get your child who will help to give them much needed good results.

[Snowdrops]

TTR, you have nothing to feel guilty for.

If you didn't meet the criteria they wouldn't offer it.

If offered please accept it and let your child have their rightful place.

[PrettyWoman]

I have recently applied for a bursary and am still waiting to hear. The form was quite detailed and asked for savings, value of home, value of contents of home and liabilities (mortgage).

Net assets were then calculated and the school assumes an income of 5% on the value of the net assets above the average house price in the area.

There was a box to complete to say why this income could not be generated. So if you were sitting on lots of equity or had valuable paintings the school would expect you to re-mortgage or dispose of goods before they offered financial assistance.

We have no equity having released it previously for prep school and no valuables. Our net assets were well below the average priced house in the area and our savings have all gone on previous school fees.

We would happily re-mortgage again to continue our DC's education but can't at the moment because of the recession. This is the sacrifice we have chosen to make, an ever increasing mortgage, and we hope the school will support us until we are able to pay the fee's again ourselves.

If we were fortunate enough to have savings I would fully expect the school to tell us to use those first.