As you are no doubt aware, the best schools and universities demand the highest fees to allow your child to attend and while twenty years ago a standard university education was more affordable, the abolition of grants and the introduction of university fees, as meant that ensuring you have sufficient capital has becoming tougher.
The best education can require significant investment and ensuring that you are able to support their development requires specific education fee planning.
The most accurate plans require a strong understanding of the objectives and planning education is no different. It is important to understand both what you plan for your child and also anticipate the specific demands of your child as, even though you may have their life planned out until they graduate, it may not be quite as straightforward as that.
Education planning: More than just education fees
It is also important to remember that education is not just about fees. The requirements of attending school is growing with technological advancements.
What will your children require when they attend school. Clothes, books, Kindles, iPads, laptops, mobile phones, accommodation? It all has to be carefully planned and catered for as the costs mount up.
Specific savings plans for education
There are a number of different savings plans specifically designed for parents planning to pay for their children’s education. These include single lump sum investment plans, plans with regular/irregular payments and schemes which are a mix of savings and borrowing.
Get help to create your education plan
If you would like assistance understanding your options on which schemes and plans to consider, complete the form and one of our independent financial advisers will contact you to discuss your situation.