Some parents choose to use independent schools for part of their child’s education, combined with state schools. They may decide to send their child to a local state school for some years, before transferring him or her to a private school for their senior years. Not all parents like the idea of the large comprehensive state schools. The child may have attended, and made good progress, at a smaller village school and the change may be something which worries both parents and child. Alternatively the decision may be made to give the child a good start at a good pre-prep school and see how it goes.

The cost of private education using an averagely priced pre-prep school from the age of four, through prep school and on to an independent senior school could be as much as £200,000 plus. More if a boarding school is chosen.

In the case of parents who have pre-planned their child’s education, it is likely that they have built provision for the costs into their budgeting and there are various products geared towards this.

Many parents, disillusioned with the state sector, come more slowly to the decision to head for the private option and therefore have made no provision for the costs. In this case, unless you dip into your savings or have sufficient income, borrowing may be the only choice.