School Fees Finance Spread
the cost
Gavin Worrall, head of School Fees at Close
Brothers, explains how their monthly payment scheme works...
The average price of independent education increased by 4.5% over the past 12 months. In spite of this, the ISC report showed rising
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pupil numbers at independent schools for the first time since 2008-09. But closer inspection reveals it was an increase in the number of incoming students to the UK that caused the rise in attendance – with Hong Kong, China, and Russia contributing most. When counting only pupils from the UK, student numbers
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he Independent Schools Council (ISC) released its annual census of members last month, and revealed that parents are facing another sharp rise in school fees.
slightly decreased this year. However, what is abundantly clear is that
parents see the incredible benefit an inde- pendent education gives their child and even in tough times, they are committed, deter- mined and prepared to work harder than ever to find the money required. Further, our own experiences with parents demonstrate that they often have an enor- mous and an admirable feeling of responsi- bility regarding their children’s education, and will do what they can to make the funds available, if at all possible.
The Chairman of the Independent Schools Council, Barnaby Lenon recently pointed out
that: “At a time of recession, when very many parents are struggling financially, it is clear that finding fees for their children’s education remains a priority for very large numbers.” But are schools doing enough to give
parents a helping hand? For the period between 1997 and 2007, the
average school fee increased by 86% (Halifax Financial Services); almost three times the rate of retail price inflation – and while the economy was booming – there was sufficient demand to support these prices. But when pupil numbers started to decline after the economic crash, a gulf emerged between what schools were charging and what parents
Summer 2012 FirstEleven 45
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