Education

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Private School Fees... Holy Moly!

Opting for private education for your children carries financial implications, shaping your overall financial strategy and requiring meticulous planning to manage the costs.

Published on
August 9, 2024
Private school fees... holy moly

As we know, sending your kids to a private school is not cheap!

That's the reality of choosing to send your kids outside of the public system.  

Plain and simple.  

If that's what you and your partner truly want for your kids, you take that into account as part of your wider financial strategy – so that you can afford to.  

Now, depending on which school, private school fees can cost anywhere from around $10K a year to around the $35K-plus mark.  

Per child.

Which, at the mid to upper end, is a significant amount of money you need to account for each year they're at school.

Particularly if you have, say, three children.  

Get this, though.  

Earlier this year, some schools – not all – announced some of the most significant fee increases in five years.  

At the upper end of the spectrum, Geelong Grammar increased its fees from $41,792 to $46,020, bearing in mind that it's for day-boarding Year 12 students.  

Still.  

Eye-watering, I know.  

Let's put all that in perspective for a moment.  

If, for instance, you had three teenage kids at Geelong Grammar at the same time, during that window, you'd need to cover over $100K at the peak.

Crazy.  

That being so, it's not surprising then that one in 10 parents with children in private schools are considering switching to the public system, according to reports.

However, if you do want to send your children to private school, it is achievable with early planning, sound investing and reviewing strategies to reduce tax. And potentially a lot of sacrifice as well.

Book in a time with a Vista Financial Adviser if you want to discuss this your options in more detail.

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