3 Vital Steps To Plan For Your Child’s Higher Education

Your child’s education is a significant stage in their life. A university education often opens up many opportunities your children will need to be financially independent and live an improved quality of life. Many parents are happy to get involved in their children’s education. However, sometimes, funding is a problem. Reports indicate that the UK’s average cost of university education is over £9,250 per year. With the rising cost of higher education, it’s prudent to start planning early to ensure your child’s future financial stability. Here are some steps to help you plan for your child’s higher education.

Start saving early

The earlier you start saving for your child’s education, the more time you give your money to grow. One popular way to save for education is through a Junior Individual Savings Account, otherwise known as Junior ISA. It is a tax-free savings account you can open for a child under 18. Any money deposited into the account grows tax-free and can be withdrawn tax-free when your child turns 18. 

Another option to consider is to set up a Child Trust Fund, a government-funded savings account for children born between September 2002 and January 2011. Assuming you start with £50 a month into a Junior ISA from your child’s first year of life, you would have saved quite a good sum by the time they turn 18. This step can go a long way to help cover the cost of tuition, books, and university living expenses.

Do your checks on application processes

An application process is a prerequisite for higher education admission. Many parents and guardians have found themselves helping their kids fill out forms at this stage. However, some higher education application processes make certain requirements mandatory. For example, many institutions in the UK demand the fulfilment of a pre-entry test checklist. These can be described as aptitude tests to ascertain potential students’ knowledge in various fields of study. It would be a good idea to start getting your pre-university child ready for these tests. Many higher education admission processes like Oxbridge applications are designed to determine where a potential student fits most in their school of choice. The sooner you begin practising, the better chances your child will have at getting a placement in a higher education institution.

Research financial aid and scholarship options

Another crucial step in planning for your child’s higher education is researching financial aid and scholarships available. Many universities offer financial aid to students based on their family’s income and assets. Additionally, many private scholarships are available to students based on academic achievement, extracurricular activities, and other factors. For example, when your child excels in a particular subject, such as math or science, they may be eligible for a scholarship from a professional organisation or foundation. Similarly, if your child has been engaged in community service from their early teens, sometimes, they may be eligible for a scholarship from a civic organisation. Although the numbers are limited for eligible awardees, there’s no harm in trying what could come from it for your child. In the meantime, it would be a good idea to broach the subject of community service with your child. Help them identify something they will love to do as they give back to society. You never know; something good could come out of it in the long run.

*This is a collaborative post