On average, a three-year degree in the U.K costs £36,000 in tuition fees alone. For international students, fees can be as much as £38,000 per year for a top university. The cost of education continues to steadily increase over time, and whilst it seems unimaginable that it could be any higher than it already is, that could well end up being the case.
The most common thing we hear when bringing this up with a client is that they don’t think this will be an issue for them or their kids. Typically, British expats are unaware of the rules around how fees are applied to students. Many people wrongly believe that as a British citizen, they will be regarded the same as Britons in Britain, when in fact, they could be stuck with international fees.
Qualifying for ‘Home’ fees is not based on citizenship but rather on residency. To further complicate things, England, Wales, Scotland, and Northern Ireland all have different qualifying criteria for home fees. To make things even more complicated, each university will interpret the rules and regulations differently. Ultimately, the university will have the final say. So, whilst expats can apply for home fees directly with the university, this doesn’t guarantee that your child will be accepted.
Predicting the exact cost of higher education is very hard to do. The accommodation costs and tuition fees can be drastically different depending on what course it is and where the university is located.
Generally, tuition fees can be anywhere from £10,000 a year to £38,000 a year with the current average at £12,000. The cost significantly increases for degrees which are clinical or lab-based.
The cost of accommodation is of course dependent on the location, with universities in London costing students an average of £182 per week and students in Northern Ireland paying an average of £90 per week.
The biggest issue comes when trying to get student financing as an international student, which is near enough an impossible task. The end result is that the parents have to foot the bill.
Whilst this can seem like a daunting prospect, it’s the same as anything, the earlier you start the easier it is.
If you would like to speak to one of our advisers to find out more about the best ways to save towards education fees, get in touch with us today.
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