Most parents would agree that a good education is vital to their children’s hopes of finding a good career. However the recent rise in the cost of university fees, on top of increasing living costs around the world, have taken a generation of parents by surprise.
The importance of planning well ahead to help your children avoid large debts in the future is clearer than ever before.
If your children are young now, you could be looking at paying £100,000 / US$150,000* to cover fees for a three year university course.
Yet, a good education can be a stepping stone to a satisfying career, higher earnings and a self-sufficient future, so the end results often justify the expense.
There are seven vital questions you need to ask yourself:-
Even a standard education comes at a price now.
if your children have a unique talent that needs a more specialist education, the costs can be very high indeed.
Take a look at the Manchester University 2020 fees below - these are actual fee figures and do not cover such items as student accommodation , food and general expenses - these are contained in the second set of figures.
Being clear as early as possible about the sort of education your children will require, will hopefully put you in a much better financial position to save the desired sum to cover the costs..
Don’t look to the short term in education. Fees now will be vastly more in 10 years’ time
Don’t forget living expenses, these can virtually double the yearly cost of fees.
Don’t make assumptions about the sort of education path your child will choose. Be prepared for every eventuality.
As you will have learnt from the facts and figures above - costs of a good education need to be planned and budgeted for.
Let us help you through the process to ensure your children obtain the education you seek for them.
If you would like to keep up to date we include articles of interest related to school fees and student accommodation in our blog pages.
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