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How to fund a university education

028th November 201720th December 2018
By Oakwood Mortgage ServicesIn General

Before the introduction of student loans you may have left university with a bank overdraft. But the sum owed probably paled into insignificance compared to the five-figure debts faced by the coming generation of graduates.

According to the Institute for Fiscal Studies when added to university fees, the average student starting their degree course this year will face a potential £50,800 of debt on graduation, taking university fees and the cost of living into account.

Financial burden

According to the Universities and Colleges Admission Service (UCAS), there was a 5% decline in the number of UK students applying to university for courses starting in 2017. The figures show a 7% drop in applications in Wales, 6% in England and 5% in Northern Ireland. This could be partly attributed to the loss of grant system, as the decline was only 2% in Scotland where fees are paid by the Scottish Government.

Evidence also suggests that fewer students are combining part-time work with their studies. During March to May 2017, of 2.04 million full time students 890,000 took part-time jobs. This is down 41,000 on the same period the previous year.

The combination of increased fees coupled with the reduced number of students taking part-time work, could create a greater financial burden on parents who want to support their children, or result in a bigger loan amount faced by students when they leave university.

Investing for your children’s education

If you want to fund your child through their degree course, there are plenty of options to consider. But there are also a number of considerations that it’s important to be aware of, including ownership of the investments and the impact of tax.

Two principles which apply to many aspects of financial planning are particularly relevant when planning for your children’s financial future:

1. The sooner you start, the better. The longer the timescale, the more scope there is for investments to grow (although there is still no guarantee that they will).

2. Take expert advice before making any decisions. The right investment set up in the wrong way can be worse than the wrong investment set up in the right way. DIY planning is not to be recommended, given the potential pitfalls.

If you’re looking for advice on how to invest to support your child’s education, please get in touch.

The value of investments and any income from them can go down as well as up and you may not get back the original amount invested.

The value of our advicePeace of mind for the cost of a coffee

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In these current times Stuart has assisted me with a temporary solution to my mortgage issues which went very smoothly. I will be working with Stuart again very soon to change mortgage product completely. Thank you Oak wood Mortgage Services
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I would like to say a huge thank you to Oakwood Mortgage Services and in particular to Richard Burley who seems capable of working miracles, particularly when dealing with the complicated applications of a sportsman. Richard’s calm manner and problem solving have been brilliant over the years and allowed both Katie and I to stay relaxed and in control during stressful house buying moments, as well as helping us to navigate the the complex buy-to-let market! We owe a huge debt of gratitude to Richard and Oakwood mortgage services ahead of moving house next week, and I would highly recommend their services. In particular I would recommend them to other sports people who have previously struggled with mortgage companies based on our short contracts and the potentially volatile nature of our work. Thanks again Richard. Ben and Katie
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I gave Stuart at Oakwood Mortgage services a challenge of finding me an impossible mortgage. I knew I wouldn't get exactly what I wanted, but he came up with some nice surprises. He explained everything, not pushy at all, a friendly and professional approach. Thank you
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We were first time buyers and dealt with Richard around the mortgage application. He helped us understand each process, explaining everything thoroughly and came to meet us twice where he was very personal and efficient. Dave took us through the building and contents and life insurance process, again coming to meet us in person and took us through the options, step by step. Dave was very communicative and answered any questions we had.Emma was there throughout this process and on hand with any urgent queries we had and was a delight to deal with.They managed to make it all happen, even during lockdown!Highly recommend Richard, Dave, Emma and Oakwood. We are very happy in our new home!
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Daniella Castro Gouveia
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I have worked with a number of the Oakwood team over many years and they are all excellent and totally professional at what they do. Dave came to our family home a few years ago to discuss and advise us in terms of financial insurance. He was very knowledgeable, really easy to talk to. Sometimes discussing financial things can be quite tricky to understand, but I felt at complete ease with Dave. I would highly recommend speaking to him if you need insurance or even need a mortgage as he covers both areas. Thanks for all your support Dave. It's always good to have someone who has your back!
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When we started looking for a house, we contacted Stuart based on a work colleague's recommendation. Having not bought a house in the UK before, we had a lot of questions.Stuart guided us through the process and was always available to answers questions and provide advice that was easy to understand.We had a protracted period between initial contact and purchase, in this time Stuart was patient, professional and provided us with a high level of confidence that we were in capable hands.A huge thank you to Stuart and the staff at Oakwood, we would not hesitate to recommend them.Ian and Yoosun
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