University Fees Saving for them.
University fees and other education fees are going to continue to rise in real terms, at least until the economy improves dramatically. So creating savings for uni and school fees for children and grandchildren has never been more important. Every family needs its’ Family Bank© – and it is mainly the wealthy who have made use of these to preserve assets from generation to generation.
Whatever the advantages of the new student university fees finance scheme, the fact remains that students will leave college with mountains of debt. Would it not be great to be able to tell them that they can wipe that debt out at a stroke? And that they could perform the same trick for their children and their children’s children?
It looks like a typical year at university will rack up debt of around £18,000 – more if they are not able to get a part time job to subsidise themselves. Having just shown my second youngest around several universities, these costs are pretty standard:
Fees for tuition: £9,000 a year.
Accommodation, heating, lighting: £6,000 a year (42 weeks).
Books, stationery, software, pc: £1,000 a year.
Living expenses: £4,000 a year.
Travel: £2,000 a year.
Fun (it is traditional!) £2,500 a year.
That all adds up to £24,500 a year, so to get down to the suggested £18,000 a year of student debt, they will need to earn £6,500 with part time and summer jobs – if they are available. In some areas costs will be lower, in others higher, and Student Finance Loans are unlikely to cover everything except for students who have no social life, no car, live within walking distance of the university and do nothing other than work or study.
Most traditional methods of saving for university costs are just not going to prove adequate, and parents will be put under increasing pressure to remortgage or trade down to release cash. This will affect their own retirement prospects. However, The Family Bank© can lay the foundations for the future: where the grandparents (or great grandparents or other relatives) are still healthy and have (say) their own home or other assets, t hey could establish a branch of The Family Bank© at relatively modest cost. This would make the real benefits of The Family Bank© available that much earlier.
The Family Bank can help with University Fees
If you feel there are young people in your family or wider circles that you might wish to help one day, why not have a look at The Family Bank© now and see whether you would like to ensure the right people benefit from your assets in a far, far more effective way than doing so in a Last Will and Testament.
From here, you can have a look at The Family Bank and how it can help the generations of your family get a university education.