Saving for University Fees

With  even more students applying for higher education places at University, and the topic of tuition fees very much on the news agendas, the need for sound financial advice is as keen as ever.

The costs don’t stop at the tuition fees either. Many students will move away from home to attend university as part of the “growing up” process and a step towards living an independent life.

With maximum tuition fees for the academic year 2010/2011 set at £3,290, and adding even basic living expenses on top, the costs mount up over the length of a typical degree course.

There is potentially help available from the following sources:-

• Student Loans, for both tuition fees and maintenance. These are charged at low interest rates (around the cost of living) and you pay it back at 9% of your salary once you start earning over £15,000 a year

• Maintenance Grants & Special Support Grants, and Bursaries from universities or colleges, none of which have to be repaid

The main problem is that in most cases, graduates are going to start their working lives deeply in debt and it may take a great many years to clear the debts.

In many cases, help may be forthcoming from good old Mum and Dad, or perhaps grandparents.

If you’re a parent needing to help meet the costs for a university education (or maybe several if you have a larger family) you need to make sure that you get the most for your money, and that the fruits of your labour help your children’s education and not the taxman.

Whether you are looking at immediate needs or planning for the future, our advisers can help you devise a strategy to make sure that your money is working in the most tax efficient way and will be available at the right times.

A good education is one of the most valuable gifts that you can make to your children and we can help you put those plans into practice.

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