Education Fee Planning
We all want the best for our kids and being able to give them the best start in life begins with the best education. We have been helping families for over 20 years to understand the increasing cost that this brings when it’s time for your not so little ones to start University whether that be locally or internationally.
The media has reported that the UK is now one of the most expensive destinations to obtain a degree where average costs can run in excess of €25,000 per year and the effects of Brexit are likely to have an even bigger impact for International Students.
- When looking at the cost of a higher education, it’s not just tuition fees that you need to consider. How much will it cost for housing, food, utility bills, study materials and socialising.
- If your children do decide to attend University in a different country to where you reside, how many times a year will they want to come home to visit. Often this will be in the holiday period where transport can cost far more. This may seem like a small thing to consider but can often run into thousands per year.
- Whilst the UK is one of the most expensive places to attend university, it is by no means “The” most expensive. If your children decide to attend University in The States, Australia or the Far East the annual cost can easily run past €40’000 per year per child.
- How old will you be when your children look to attend University? Often we are reaching an age where we are looking to increase what we are saving towards our own retirement pots or making those changes to our homes we have been waiting years to complete. A significant drop in disposable income at this time in life is often the last thing we need.
- What will the cost of University be by the time your children are at the age of attending? Between 2000 – 2018 the average cost of education rose by 5.59% annually whereas overall inflation rose by 2.12%. This can drastically change the amount you need to budget.
Having children is one of the most rewarding experiences of your life but it’s also one of the most expensive. Setting out a financial plan for what will be your largest expense after your house purchase is crucial to ensuring that you have the resources available when you need them most.