Advance Fee Payment Scheme
The Scheme has been set up to help parents who wish to prepare in advance for the payment of school fees by a one off capital payment in advance of a child’s entry, at entry or even when at the School, to help meet the fees to follow. The School Governors believe that it represents a worthwhile saving for parent, guardian or grandparent, particularly as under present tax regulations the discount allowed is free of tax. It should, however, be noted that there are other ways of meeting the costs of a child’s education and parents should seek the advice of their own financial adviser.
The Scheme provides for specific guaranteed amounts each term towards the total cost of a named child's education. An illustration can be prepared for you based on a fixed lump sum to help towards fees over a given minimum period of two years. The Scheme is flexible and can be varied to suit individual circumstances.
The discount rate used in the illustrations is fixed for the period covered by the Scheme so that termly sums provided will not be affected by any changes in national interest rates. We cannot, of course, predict what the fees will be in future years and so an annual fee increase of 4% is automatically built into the calculations if applicable - this figure can be changed if you wish.
If there is a shortfall between the guaranteed termly sum and the full termly fees, the parents will be responsible for paying this. Conversely, in the event that the guaranteed termly sum exceeds the fees which are due, the surplus can be used towards the bill for extras or can be carried forward to the next term.
Should a named child not enter the School, or leaves the School for any reason during the period of the Scheme, as specified in the enclosed Terms and Conditions the relevant unspent portion of the lump sum payment will be returned but without any addition of interest, after the deductions permitted by the Terms and Conditions of the parent contract, including fees in lieu of notice, where appropriate.
If you would like an illustration please let us have details of your requirements via our Quotation request form. A full set of the Terms and Conditions of the Scheme will be sent out with the quotation. Should you have any further questions please email our Deputy Bursar Mr Stephen Oliver; tel. 01480 862221.