A good education is an investment for the future, the return of which is almost impossible to estimate. However, it doesn’t come cheap: the cost of private and university education in the UK or USA is continually rising. For secondary education at most international schools today, you can expect to pay around £12,000 per child per year.
In order to help you meet these costs, we can offer very flexible investment accounts that allow you to build up the capital you will need to pay for the education (we’ll advise you how much you’ll need to save, by when), take regular withdrawals on a termly basis (to coincide with university or school terms) or quarterly, annually or as one-off withdrawals.
Calculating the Cost of School and University Fees
It all starts with the present age of your child or children, the current cost of the target school or college. We will calculate, including the inflation on education fees, what your future educational costs will be. Starting your funding plan early (the sooner the better) will increase the likelihood that you will have all the funds you need to support your children through their whole education journey.
What You Need to Consider
The following list will help you avoid missing some of the costs that have the potential to shock you when the time comes to start paying for your children’s education.
It’s not just the USA where costs of university have increased. In the UK grants no longer exist, fees have sky-rocketed, and loans can turn into huge debts.
The Push University Guide predicts that average debts may reach £53,000 for UK students starting in 2015, double the figure for 2011. The same survey says average annual debt rose 6.4% in the past year: faster than inflation. Education inflation is also running at an average of 7.5% p.a.
Even if fees are capped, there’s the rising cost of their accommodation, computers, transport, and food to consider. If your children are young now, those costs could rise to over £100,000 for three years of UK university education in the not too distant future. It’s best to be prepared. Start saving early.
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