{"id":12192,"date":"2024-06-18T14:50:59","date_gmt":"2024-06-18T06:50:59","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=12192"},"modified":"2024-06-19T13:20:32","modified_gmt":"2024-06-19T05:20:32","slug":"education-fee-planning-advice-for-parents-preparing-to-send-their-children-to-university-in-the-uk","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/education-fee-planning-advice-for-parents-preparing-to-send-their-children-to-university-in-the-uk\/","title":{"rendered":"Education fee planning: Advice for parents preparing to send their children to university in the UK"},"content":{"rendered":"

A UK-university education is highly regarded and many local and international families in Asia desire this for their children. But it\u2019s not cheap and needs careful planning! We\u2019ve put together this brief guide for parents preparing to send their children to university in the UK. <\/em><\/p>\n

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The UK: a study destination of choice around the world<\/strong><\/p>\n

A recent report from UCAS<\/a> \u00a0(Universities and Colleges Admissions Service) in the UK reveals that international students still view the UK as a study destination of choice. Here at Infinity, we know the UK\u2019s strong academic reputation attracts expatriate and local families in Asia alike because it is a key element of financial planning for many of our clients.<\/p>\n

But a university education in the UK does not come cheap and working out just how much it will cost is not an easy task.<\/p>\n

This brief guide is a useful starting point for parents preparing to send their children to university in the UK. You might want to check it out even if your children are still in nappies \u2013 the longer you have to prepare for this major financial undertaking, the better.<\/p>\n

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How to prepare for university in the UK<\/strong><\/p>\n

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  1. Start saving early<\/strong><\/li>\n<\/ol>\n

    With minimum tuition fees<\/a> of \u00a39,250 for most students in the UK (some exceptions apply) and annual rent topping \u00a36,000 in even the least expensive towns (over \u00a310,000 in London), a university education is costly, and rising year on year. Even for those eligible for fee and maintenance loans \u2013 and many international students won\u2019t be – this is increasingly putting a financial strain on parents and graduates alike.<\/p>\n

    That\u2019s why we recommend that parents hoping to fund a university education for their children, should start saving early. If possible, from birth. It\u2019s never too early to start.<\/p>\n

    Spreading the cost over 18 years is much easier than trying to come up with tens of thousands when your child is on the cusp of adulthood and about to fly the nest. Saving earlier not only gives you longer to save but you\u2019ll also benefit from compound interest to boost your savings.<\/p>\n

    To give an example, if you save just \u00a3100 per month over an 18-year period, total savings come to \u00a321,600. With a 5% return, which should be achievable with the right investment advice, this can be boosted to $34,000<\/a> \u2013 enough to cover a significant chunk of the cost, depending on fee status (see below).<\/p>\n

    If you\u2019re looking to explore setting up an education fee fund to build capital for your child\u2019s university education, benefit from our expertise to maximise your return<\/a>. We\u2019d love to hear from you.<\/p>\n

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    1. Understand fee status<\/strong><\/li>\n<\/ol>\n

      Undergraduates in the UK are deemed to be either Home or Overseas students and the fees payable are very different. In contrast to the figures outlined above, overseas students will pay between \u00a336,000 and \u00a3384,000 in fees (2024 rates) and will have no access to student finance.<\/p>\n

      Here\u2019s a comparison of Home and Overseas fees from UK Study Options<\/a> (UKSO), one of Infinity\u2019s trusted partners:<\/p>\n

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      Myths abound regarding fee status for UK nationals. These are some of the most common ones according to Sam Goodwin, Head of Global Engagement at UKSO:<\/p>\n