School and University Fees
Planning
Planning
for education expenses is far more common than it used to
be and has become a high priority for a number of
families. Because of current pressures on the state
school system and different educational practices more
parents are now wishing to educate their children at
Independent schools and a greater number of children
continue their education into their late teens or early
twenties.
This has created new financial demands on
families, many of whom need to plan for the financial
commitment of a child's education. These new commitments not
only relate to the fees but now frequently involve meeting the
young person's living expenses whilst at college or university.
This has become particularly important since the changes to
student grants.
Making long-term provision for a child's education is easily
arranged. It could help you meet a heavy financial burden on
your family. Some of the possible ways of doing this
include:
Earmarking
capital: By putting a lump sum to one side and
investing it wisely a good proportion of the cost can be
generated from investment returns. Combining this strategy with
tax efficient investments and the use of suitable trusts can
greatly ease the burden over time.
Mortgages: Some
lenders now offer schemes which only charge you interest on the
difference between the amount you are currently borrowing and
the amount you hold in current and deposit accounts and have
flexible schemes allowing you to increase your borrowing to a
predefined limit when required.
Grandparents:
lump sum gifts to suitable trusts for the education of
grandchildren can not only assist with the payment of fees in a
very tax efficient way but can also be a useful way of reducing
the Inheritance Tax liability on their estates.
We are school fees planning specialists and are dedicated to
helping parents who choose to educate their children through
the Independent Schools sector.
We offer independent advice to parents on an individual
basis. We can produce a full school fees illustration and
bespoke solution that can include:
• Immediate solutions for current fees -
school fees special reserve
• Budgeting for future fees
• University Costs
• Immediate solutions for
current fees
Many
parents would like to know the outline costs in order to
make a decision on what schools they would like their
children to attend. We can provide you with a complete
breakdown, term by term.
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