The best gift you can give your children is quality higher education
The subject of education and university fee planning is often one of long discussions and plentiful considerations. Although a key player in our children’s future, this hefty topic is often one foreseen by parents of younger children as something so far off, that it need not be even contemplated for quite some time.
This couldn’t be further from the truth. The fact of the matter is that like with retirement and anything similar, the sooner you get saving – the less you will have to pay each month – and the more you will be able to afford.
Obviously, we all want the best education for our children but can and how do we afford it? Affordability is of course a mainstream concern for most parents (and school leavers) in the world. So, what can be done to assist with this gigantic price tag that awaits us in the not so distant future?
The simple solution is early financial preparation.
Before getting started you need to determine certain factors, such as: What type of education do you want to provide? Where do you want your children to be educated? What are the best universities? And the big question of just how much will it cost?
University fee planning involves setting aside funds for a fixed amount of time that relate to a certain date i.e. 1st year of University. By setting up an effective, tax proficient and accumulative university education fee plan, you will be tending to all the hopes and dreams that you have for your children’s future.
As an expat living in the UAE, it is important that you are aware of the fact that if you choose to send your children to university back home, you may no longer be eligible for your country’s local university fee rates and may have to pay international university tuition fees, which are significantly higher. In the UK, if neither parent has resided in the country for just 6 months before the start of the child’s university, they may be required to pay international university rates.
If you have more than one child then planning for this impending cost becomes even more imperative. Attempting to scrape this money together a short time before they attend University would not be a pleasant task for most parents. Effective education fee planning will help you tackle this financial mountain early on and avoid the need for loans and financial pressure in the future.
Affording your child the ability to attend university is not just about granting them a greater future earning potential; a solid University Education will allow them to choose exactly what it is that they want to do in life. Being able to choose their destiny – one most likely with a higher earning potential – is the best gift you can give your children.
Speak to a Education Fee Planning Expert