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all know that the Government inflation figures often bear little relation to our own living costs, and if you have your heart set on educating your children privately, it may come as a shock to learn that fees are accelerating at nearly twice the official rate of inflation. According to 2006 figures from the Halifax, school fees have risen by 43% since 2000. Putting your child through a pre-prep in the Home Counties from the age of three, then a prep school, and finally a boarding school, would cost £326,000, says Paul Farrow in The Sunday Telegraph – assuming fees rise by 6% and extras, such as a uniform and school trips, cost another 8%. And even if you only put your child into the private sector for secondary schooling, if she boards you’ll still pay £211,000.
That is a huge amount of money, so it pays to start doing your sums as early as possible. If you’ve left it to the last minute, your only option is going to be cutting your current expenditure as much as possible and borrowing the rest. You can get personal loans at around 6% if you have a perfect credit rating, but most people will probably be better off remortgaging. Many lenders now allow you to make a drawdown arrangement so you don’t pay interest on the whole lump sum all at once.
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