The Brightstar Group has announced plans to launch The School Fees Company, a new advisory service designed to help parents manage the rising costs of private education with regulated financial advice.

The advice service will offer guidance and practical financial solutions for parents concerned about covering private school fees, particularly in light of rising costs and the application of VAT.

At the start of the year, the average annual private school fee rose to over £22,000, according to the Independent Schools Council, which represents a 50% increase over the past decade.

The new service will allow parents to explore a range of funding tools including remortgage, further advance, second charge mortgages and equity release.

For example, there are products that can reduce interest costs and provide flexibility when planning for multi-year school fees.

The official company launch will follow on the 17 October at the National Schools Rugby Festival, at St Joseph’s College, Ipswich.

The Brightstar Group chief executive Rob Jupp says: “Tens of thousands of children now face an uncertain future for their education. Hard working families who sacrifice so much to prioritise their children’s education need support and clear options.”