“One more child at a fee-paying school could break us!”
Sarah (48) lives in Pymble with her husband Mark and three children, David (16), Archer (14) and Amelia (9). Sarah works as a graphic designer three days a week for a local advertising agency and earns $40,000 a year. Mark is an accountant and for the past five years has worked for an international IT company where he earns $200,000 a year.
With an outstanding mortgage of $600,000, a car loan and an increasing credit card balance, Sarah and Mark are struggling to manage their weekly living expenses, let alone pay the combined yearly fees for their two eldest children.
“Things were a little stressful, to tell you the truth. I couldn’t work any more hours due to family commitments. After paying our tax, mortgage, utilities, car loan, insurance and superannuation, school fees and living expenses, there was very little left over in the family budget for luxuries. We were regularly missing our monthly credit card commitments and having a family holiday was an impossible dream.
“I was talking with a friend in the school car park about the upcoming school fees and stressing about if I could even afford to send Amelia to a private school.
“My friend told me about School Fee Finance. She explained that School Fee Finance pays the school fees to the school up front, and lets you spread the repayments over up to 5 years.
“I applied and had my loan approved within a few hours. The fees were paid directly to the school, and now we have a much more manageable amount to find each month.
“School Fee Finance has dramatically reduced the stress in our household. We’re no longer feeling the horrible financial pressure and are planning a family holiday.”
Please note: These are fictional scenarios for product clarification purposes only.