Planning for the future

[Loulabelle]

Hi everyone I need some advice re financial planning for the future please

 

My DD plans to audition for Vocational school for Yr10 and if not successful then, for sixth form. I have read up on MDS awards and found the information available fairly straight forward. However I do have a few questions that I thought some of you experts with DC's already on MDS/DADA's would be able to help me with. She will not be able to go without financial assistance, but am thinking ahead and trying to put aside some money now to help in the future.

 

When calculating the amount of MDS or DADA (I appreciate DADA'a are a up in the air at the moment) are the amount of savings you have taken in to account?

 

Is it worth trying to save now in order to help with fees? or is it counter productive as in the more you save the less grant you will get?

 

Do they include any savings/investments in your childrens names in the calculations?

 

If you own property other than your main residence, is the capital value of this included?

 

Sorry if these questions have been answered before, I had a trawl through but couldn't find anything specific.

Thanks in advance

[hfbrew]

I don't remember having to declare savings as such but did have to declare any interest earnt- in our case it was pence!

[Karen]

When we completed the MDS application, there was a set of guidance notes which told you what had to be included in each section. I don't want to give you wrong info that may not be correctly recalled, but I am happy to dig them out and scan an email to you if you would like to pm me your email address. I am away for work and collecting dd for Christmas hols (hooray!) so it will probably be the weekend before I get a chance.

[Loulabelle]

Thankyou Karen, that would be great will PM you.

[balletla]

I think it is based on an assessment of ALL your gross income (i.e. before tax). Therefore you wouldn't be assessed on savings but on any interest you get from savings as hfbrew said. You wouldn't include the capital value of a second home but would need to include any income you gained from the home et. etc.

[Loulabelle]

Ah I see, I was worried that if my other non dc's had savings in their names then that would be taken into consideration. I don't have any income from my other property as a relative lives there rent free. Thanyou for your help.

[Moneypenny]

I seem to recall that we had to declare savings income for dependent children. You basically have to bare your soul financially. They also take into account the value of taxable benefits/benefits in kind, ie. company car, medical insurance, any salary sacrificed into a pension etc, bonus payments and back it up with copies of payslips, p60, p11d. It certainly helps if you have time to put some savings away beforehand!

[Stirrups36]

savings... what are they exactly? now if they took into account interest PAID...

 

Be prepared not just for the costs of the school tuition and boarding, but also the extra costs - some schools MDS cover physio, RAD exams and training, 2 different music lessons, dance clothing and footwear, others don't. Those alone are probably £3-4k.

 

then also add in costs of travelling at start/end of half terms, and costs of coming home/returning for leave out weekends. And then also costs of activities (often about £25-30 a pop, maybe once/twice a term).

 

and they will ask for ALL details. You do get some allowance for other dependents at home. If they earn anything (interest from savings, fees from performing - well, you never know, that gets asked for as well).

 

is it all worth it... YES.

[taxi4ballet]

Savings - what savings?......!!