So university fees seem to be going in only one direction … and that’s up!
From September 2017 fees will rise to £9,250 per year, and that is purely for the education element of the experience – it does not include the cost of living per student per year. So before considering how they will maintain themselves, a student on a three-year course is already in £27,750 of debt.
Maintenance loans are means tested, but currently stand at a maximum of £8,430 per year outside of London and £11,002 in London itself. So, for the full shebang over three years you are looking at a total £53,040 for universities outside of London and a staggering £60,756 in London.
Now, it used to be that those already enrolled were not subject to the annual increases, but news reports back in July suggested that existing students will also be subject to the increase in fees. A bit of a liberty really!
The tuition and maintenance loans start to be repaid when the student earns above £21,000 and are subject to inflation as well as a maximum of 3% interest.
Today, your children’s education is just one more thing to start saving towards, so if you want to put money aside for future education needs and have it protected, then please get in touch with us to see what we can do to help you.