“We like the idea of private school, but is it a realistic choice for our family?”
Emily (43) is married to Harry (44) and they have one son Oliver (6). Both Emily and Harry have their own businesses Emily earning approximately $140,000 p.a. and Harry around $60,000 p.a. They have an outstanding mortgage of around $400,000, no credit card debt, $20,000 in savings and a car loan of $10,000. Their weekly expenses are around $1,000.
The family lives on the Central Coast and Oliver currently attends the local public primary school. Neither Emily nor Harry went to private school, and they have previously been happy with the idea of their son going to public school, but since moving to a new area they haven’t been able to find a school they like.
Emily has visited the local independent school and would love to send Oliver there, but she’s unsure they can afford the fees. Currently, they have a relatively comfortable income, and only having one child means they are able to have regular holidays and a good lifestyle.
“I’ve always been a huge advocate for public schools, I went to one and turned out just fine! But the schools in our local area don’t have a great reputation, and it’s made me rethink.
But one thing I wasn’t willing to do was sacrifice our lifestyle. We eat out regularly, go on a few holidays a year and generally don’t have any financial stress, I was worried that a private school would change all that. I guess it was the long-term commitment that worried us so much. As we’re self-employed our income can fluctuate, and also our financial options are more limited as many big banks only want to lend to those is standard employment.
Put simply, we like the idea of private school, but is it a realistic choice for our family?
When I visited the local independent school, I picked up a leaflet for School Fee Finance and then visited the website. I liked the way that they offered us the flexibility to spread the school fees over a period of time – up to five years – rather than having to pay big lumps at certain times.
Obviously, it’s a few years until Oliver goes to senior school, but knowing that we have the School Fee Finance option gives us more choice in his future education – which is a huge weight off my mind.”
Please note: These are fictional scenarios for product clarification purposes only.