The education special
In this special education episode, we talk about meeting the costs of education and what you will need to consider.
This article provides you with all the information you need to know, covering breakdown of costs of intuition fees, living costs, accommodation etc
Main costs you need to consider
Intuition fees: £9,250. Most universities charge the full rate allowed for tuition
Accommodation: £5,000 - £7,000. In the first year will usually be in halls and the costs will vary depending on location, facilities and décor
Living expenses: £4,400. Include books, travel, food and entertainment etc
Expect a total cost in the region of £20,000 per academic year.
Creating a budget is imperative and doing it early on is a good thing.
Tuition fee loan:a non-means tested (not dependent on household income)everyone gets this irrespective of household income
Maintenance loan:means-tested loan for full-time UK students to help cover accommodation and living costs
How will you budget?
Extra income: student may need to consider getting a job to fund the fees Family help:the most appropriate option for meeting the cost will be entirely dependent on each family situation Parents pay:out of income or savings, which they need to ensure this affordable and sustainable for them to support themselves Tax efficient ways: paying out of ISA, bond, making gifts out of current income, family trusts that are available.
This episode was recorded on 26/02/2020
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The Pulse from Smith & Williamson
Financial Planning Show: The education special
Broadcast on Smith & Williamson at 09:00, 26th of FEBRUARY 2020
Available online from 10:00 on the same day .