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Writer's pictureNihinlolawa 'Lola' Sanni

Choosing Between Sending Your Kids To Private Secondary School and University: A Financial Perspective for Medium-Earning UK Families

As parents, we all want the best for our children—particularly when it comes to their education. But in today’s economic climate, making choices about schooling can feel like navigating a financial minefield. For a medium-earning family in the UK, the decision to invest in private secondary school versus saving for university can be particularly challenging. Both options promise to open doors, but they also come with significant financial commitments. In this blog post, we'll explore the pros and cons of each route from a financial perspective, offering some insights that might help you make this difficult decision.


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Financing Private Secondary School vs. University- Moneydextrous

The Cost of Private Secondary School

Private secondary schools in the UK are often synonymous with high academic standards, smaller class sizes, and a host of extracurricular activities. However, these benefits come with a hefty price tag. The average cost of private schooling is around £15,000 to £20,000 per year, depending on the school and location. This figure doesn’t include extras like uniforms, school trips, and extracurricular activities, which can easily add several thousand pounds annually.

For a medium-earning family, let’s say a household with an income of £50,000 to £70,000 per year, this is a significant expenditure. After taxes, bills, and living expenses, allocating upwards of £15,000 per year for private education could be a stretch. And if you have more than one child, the financial burden multiplies.


The Long-Term Financial Impact

Choosing to send your child to a private secondary school means a long-term financial commitment. If your child attends from Year 7 to Year 13, you’re looking at seven years of tuition fees, potentially amounting to over £100,000 per child. That’s a significant investment, and while the benefits can be substantial, it’s important to consider the opportunity cost.

One key question is: what could that money do if it were invested elsewhere? For example, if you were to invest the equivalent of private school fees in a diversified portfolio, the returns over time could potentially grow into a substantial sum—perhaps even enough to cover university tuition and living expenses without taking on debt.


Saving for University

On the other hand, if you decide against private secondary schooling, you may have more financial flexibility to save for your child’s university education. While tuition fees for UK universities currently stand at £9,250 per year, living costs can add another £10,000 to £12,000 annually. Over a typical three-year course, the total cost of university education could reach £60,000 to £70,000.


Note: University tuition is free for Scottish students, as well as students from other EU countries who are permanent residents in Scotland & who enrolled up to 2019. Those from other parts of the UK (England, Northern Ireland, Wales) studying in Scotland, England, Wales & Northern Ireland can get charged up to £9,250 per year and the same fees also apply to Scottish students should they choose to student anywhere else in the UK.


For a medium-earning family, the idea of saving this amount in advance may seem daunting. However, there are various ways to make university more affordable. Student loans are available to cover tuition fees, and maintenance loans can help with living costs. While these loans do need to be repaid, repayments are income-contingent, meaning your child will only repay a percentage of their income once they earn above a certain threshold.

By prioritizing savings for university over private school fees, you may also be able to provide more financial support for your child during their university years. This could reduce their need for loans and ultimately lessen their financial burden after graduation.


The Value of Education: Quality vs. Cost

Of course, the decision isn’t purely financial. It’s essential to consider the quality of education and the impact it will have on your child’s future. Private schools often offer advantages like smaller class sizes, more personalized attention, and a broader range of extracurricular activities. These factors can significantly enhance your child’s educational experience and open doors to top universities and career opportunities.

However, it’s also worth noting that many state schools in the UK offer excellent education. The gap between private and state education is not as wide as it once was, particularly in areas with good state schools. If you live in an area with high-performing state schools, you may find that your child can receive a top-tier education without the need for private schooling.


Balancing Your Financial Priorities

Ultimately, the decision between private secondary school and saving for university comes down to your family’s financial priorities and circumstances. Here are a few key questions to ask yourself:

  1. Can you afford private school fees without compromising your family’s financial stability? If private schooling would require you to take on debt or make significant sacrifices, it may not be the best choice.

  2. Are there high-quality state schools available in your area? If so, you might be able to provide your child with an excellent education without the cost of private school.

  3. How important is it to you to support your child financially during university? If you’d like to minimize their need for student loans, saving for university might be a higher priority.

  4. What is your long-term financial plan? Consider how investing in private education might impact your ability to save for other goals, such as retirement or buying a home.

  5. Have you considered all the costs? Both private schooling and university education come with hidden costs. Make sure you account for everything from extracurricular activities to accommodation expenses.


Consider Other Options

It’s also worth considering alternative options that might allow you to strike a balance between private schooling and saving for university. For example, some families opt for private education only during key years, such as GCSE or A-Level years, rather than throughout a child’s entire secondary education. This approach can reduce the overall cost while still providing the benefits of private schooling during crucial academic periods.

Another option might be to explore scholarships and bursaries, which can significantly reduce the cost of private education. Many private schools offer financial assistance based on academic merit or financial need, so it’s worth investigating these opportunities.


Conclusion: There’s No One-Size-Fits-All Answer

Choosing between private secondary school and saving for university is a deeply personal decision that depends on your family’s unique financial situation and educational values. Both options offer distinct benefits, but they also come with significant costs.

For medium-earning families in the UK, it’s essential to carefully weigh these costs against the potential benefits, considering both the short-term impact on your finances and the long-term implications for your child’s future. By taking a balanced approach and considering all your options, you can make a decision that aligns with your financial goals and ensures the best possible outcome for your child.

Whatever you choose, remember that education is a long-term journey. Whether through private schooling, state education, or university, the most important thing is to support your child in reaching their full potential.

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