The current government's aim is that by 2010 at least 50 per cent of today's children will go on to higher education - but will you be able to afford it?
This calculator gives you an idea how much you should be saving to provide funds to cover a three-year college course (based on using with-profits endowment policies*).
Of course, the sooner you start saving the better the potential returns. Whatever your budget, the calculator can work out the returns for what you can realistically afford to save each month and although this may not fund the full costs of university it will certainly help.**
Click on your child's age and the current rate of inflation (below) to calculate
Estimated total yearly cost of University education(rounded to nearest £500)
Monthly payment required to fund these costs over a 3 year course
Estimated average yearly payout* for child(rounded to nearest £500)
Average yearly shortfall
**Figures are based on NUS figures for academic year 2000/2001 amounting to £5,268 (living expenses outside London) plus tuition fees of £1,050. Total figure is projected at an assumed rate of 3 per cent a year for 15 years and rounded to the nearest £500.*
*The calculator uses figures taken from Tunbridge Wells Equitable University Bond savings plan. Please note these figures are only illustrations, you should ask for a personalised quotation for full details before deciding how much to invest.
