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In the UK, the most recent application statistics from the Universities and College Admissions Service (UCAS) show a 6.3% drop compared to the same time last year. The application deadline for the intake of students for the 2013/14 Academic Year is fast approaching and experts are predicting a marked fall in both applications and admissions.
Over the last two-year period, the UK has seen around 40,000 fewer university applicants and the fact is, less Brits are going to college. In many ways this large decline has not come as a surprise. The large increase in tuition fees, with just 65 universities not applying the £9,000 ($14,500) maximum amount for domestic students, has resulted in tertiary education being judged as too expensive. It appears that a tipping point has been reached and many families have concluded that a university education no longer offers value for money.
For many expats in Asia, measuring the cost of university fees against value has long been a calculation they have had to make. Most expats are in the unfortunate position of having to pay the full overseas rate for tuition fees, even if they are nationals of the country where their children wish to study. For example, British expats sending their children to a UK university at the £9,000 domestic rate would actually be a considerable discount.
The cost of college across the world has been rising relentlessly for years. However most parents still see university education as essential for their children. Not only is a degree statistically likely to result in a better job and prospects, the university experience is also, for many families, an important part of growing up.
So, how do families contend with rising university education costs without going through years of financial pain or lumbering the student with a mountain of debt? The most sensible solution is to start an education fees saving plan as early as possible in a child’s life. Routinely putting money aside throughout an entire childhood can build a significant pot by the time they finish their school years. Reinvesting the returns on those savings will allow the money to continue to grow until it is needed.
At Infinity we know the pressures involved when it comes to saving for university education. Our experienced and personable advisers offer individually tailored fee planning which meets each individual family’s needs. We are able to identify all aspects of funding to help expat students and their families establish a tax efficient regular savings plan. If you would like to know more, get in touch to see how we can help you.
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