The cost of privately educating a child through to their 18th birthday could hit £360,000 as one private school increased their rates to a whopping £30,000 a year.
Winchester College increased their annual charge by 4.6% for the new school year, to £31,350 per pupil, the first school in the country to break the £30,000 mark.
With others, including Eton charging a fraction under the £30,000 mark at the moment, it will be interesting to see if they follow suit and break the barrier when they announce next year’s charges next week.
Over 12 years of schooling, parents will now face having to fork out over £360,000 to privately educate their children, with university fees to come if their children go down that route meaning they’ll potentially have to save £400,000.
The Institute of Fiscal Studies carried out research last year that showed the huge widening in cost of independent schools over the past 20 years.
Between 1992 and 2008 they found that average fees rose by 83% at day schools, and 65% at boarding schools. The increases, from £5,280 to £9,650 for day’s schools and £13,400 to £22,100 for private schools opened up a huge gap in who can afford to privately educate their children, with many families not even earning the £60,000 a year it would require to send two children to Winchester.
During the same 1992-2008 period average household earnings increased just 30% from £14,500 to £18,900 after tax and benefits are accounted for.
With many other schools bucking the trend and charging more than an inflationary increase independent school applications are still rising suggesting many parents are still saving for their child’s school fees.