Planning for Higher Education
Every parent wants to provide their child with the best possible start in life, and this undoubtedly includes considering the possibility of higher education to empower them in their career and journey to financial independence. With the cost of studying at university constantly increasing (particularly if your child is hoping to study elsewhere in the UK, where the raising of the cap on tuition fees has led to the majority of higher education institutions charging £9,000 per year), seeking financial advice regarding investing for your child’s education is a wise decision.
Higher Education Funding
If your child is considering university study, your initial instinct might be to begin saving to pay their tuition fees. For higher education study in Northern Ireland, this is likely to cost around £3,925 for each year of study. There is, however, a tuition fee loan available to scholars in both Northern Ireland and the rest of the UK; it is far more sensible to take this loan than pay the tuition fees on your child’s behalf. This tuition fee loan will only be repaid once your child is earning above a threshold income. In addition, a student loan will not have a negative impact upon your child’s credit rating, while funding higher education without this support offered by the Department of Education is likely to put a significant strain on your own finances.
An education planner will be able to offer advice regarding any additional support in the form of grants or bursaries which your child might be eligible to apply for, reducing the financial pressure even further.
The availability of student loans, however, does not mean that your child will not benefit from your careful investments and planning. Graduates today are entering an increasingly competitive job market, in which employers expect considerably more than a degree in applicants. Talking to a financial adviser about investing for your child’s future could provide them with the funding they need to succeed. Your planning could enable them not just to survive at university, but provide them with opportunities to undertake internships, voluntary work and travel, all of which are likely to better equip them for the workplace than higher education alone.
Financial Foresight
For more information on Education planning, contact us today and book a free consultation.
