School Fees
Parents who wish to educate their children in the independent sector, whether as day pupils or boarders need to start planning at the earliest opportunity. Financial Planning is not only needed to cover the fees, but also the "extras", such as uniforms, sports equipment, trips and music lessons which can be very expensive.
Flexibility is an important factor in any investment for education funding. Circumstances can change and there may be other demands on the family that cannot be met while the money is locked into a school fees plan.
At LEBC Group we are able to design a bespoke savings and investment strategy as part of your provision for private education.
Higher Education
One area that the majority of parents will need to consider is supporting a student through university. This is a huge financial commitment for parents and students.
In planning for university you will need to consider not only the costs of accommodation, food and drink!, travel, books and equipment but also tuition fees. For the 2010/11 academic year the maximum contribution to tuition fees you could be asked to make is £3,290. Lower income households can receive help towards these fees.
These higher fees will not have to be repaid until the student has completed the course. Student loans are available to cover the fees and to support living costs. These loans, plus inflation, start to be repaid in the April after the student graduates and earns above the minimum salary (currently £15,000), the higher the salary, the higher the repayment amount.
Many students will leave university with significant debts unless some form of financial planning has been undertaken. As with all planning to meet objectives, the earlier you start, the more prepared you will be.
The FSA does not regulate some forms of school fees planning.