Planning for school and university fees
If you want to send your child to a private school, or you'd like to help them financially through university, then it's worth planning for this as soon as possible.
School fees vary greatly. Depending on the location and quality of the school you can expect to pay anything from £650 to £2,000 a term for day pupils, or between £1,500 and £3,000 for boarders. Adding in annual price rises, which generally outpace inflation, your child's education from age five to 18 could cost anything from £35,000 to £180,000 plus.
Even three or four years at university can be pricey. In 2001, estimates of graduate debt ranged from £6,000 to £12,000 and this figure is set to increase rapidly in the future. Barclays Bank predicts that by the time a baby born in 2001 goes to university the cost of their degree will be around £38,000, rising to £47,000 if they go to college in London.
There are four main ways of paying for your child's education:
- You can save now so you have enough capital when your child starts school or college
- You can take out a loan when you child starts school or college
- You can pay fees out of your income
- You can use a combination of these methods
Check the other ways of paying the fees
(loan, paying out of income or a combination of both)
Further information
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