Ted Spear from Island Pacific School and Jason Campbell of First Credit Union have announced a savings plan designed to help young families save up for IPS tuition fees. First Credit Union is offering competitive interest rates on Tax Free Savings Accounts and will get new families started with a $25 credit. Island Pacific School will take $175.00 off the IPS application fee, for a total start-up savings of $200.00. In addition, for a limited time only, First Credit Union is able to offer up to $200 dollars to any new customer who opens up an account.
Spear pointed out at the recent Ed Talk that the 2015-16 fees at Island Pacific School will be $13,000 in 2015 and will likely go up $500 a year to keep staff salaries competitive. He sees the First Credit savings plan as a good second mechanism to enable a broad range of families to attend the school. He describes the first mechanism as the IPS Financial Aid program that has been in place since the school began 20 years ago. Jason Campbell has made clear that the TFSA’s are not locked into IPS tuition fees. “If the time comes and you decide you do not want to attend Island Pacific School, then you have a tidy sum saved that you can employ elsewhere.”
Spear also indicated on Wednesday night that “the word has got out about Island Pacific School,” and that, consequently, more and more people are making enquiries and completing advanced applications. At present, 50% of IPS students come from Bowen Island, while the other half come from off-island. Spear predicts that, next year, the mix will likely be 60% Bowen and 40% from the mainland. The school currently has three admissions cycles in any given year: “early”, “regular”, and “late”. This year, early admissions were completed by December 5th, and the regular admissions applications are due February 13th. While there are always a few shifts in numbers in May and June, Spear expects that the bulk of the 2015-16 admissions will be completed before Spring Break.
