University Fees Planning

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University Fees Planning

Since the mid 1980s the number of students entering university or college has doubled in the UK.

It is becoming increasingly more difficult to pay for higher education as grants have been replaced with loan schemes.

Parents deemed to be wealthy are now expected to pay the tuition fees together with up to 25% of living expenses with the remainder being funded by the students themselves in the form of a loan.

From 2006 the Government das introduced "top up fees" of around £3,000 a year. Unlike the old system, these fees will be deferred until the graduate has begun to earn £15,000 or more. It is quite likely that the amount of the top up fees will rise in the future. You will also need to take into account living costs, which the National Union of Students currently estimates at £12,000, which excludes tuition fees.

University expenses

By the time you have added all these expenses together, the typical 3 year degree course will cost a student somewhere in the region of £19,000.

There are many forms of savings and investment accounts suitable for school/university planning (an IFA will be able to advise in individual circumstances), including Friendly Society Plans, National Savings, Individual Savings Accounts, Unit Trusts and Investment Trusts to name but a few.