The education special



In this special education episode, we talk about meeting the costs of education and what you will need to consider.

View our 'An education in university fees planning' article

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.

Loan types

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.

For more information on Financial Planning, visit our service page or get in contact with Anne McClean or Leigh Cecil.

Financial Planning Show

This episode was recorded on  26/02/2020

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Podcast information:

The Pulse from Smith & Williamson

Financial Planning Show: The education special

Episode 2

Broadcast on Smith & Williamson at 09:00, 26th of FEBRUARY 2020

Available online from 10:00 on the same day .

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