The cost of higher education is often a big worry for students and their parents.
Recent proposals to increase the cost of tuition fees at some Universities, combined with changes to the rules associated with student loans and grants from next September, are likely to add to this worry.
From September 2012, the maximum annual tuition fee increases from £3,290 to £9,000.
When considering the cost of higher education, it is important to consider the total cost involved, including living expenses.
New research from Virgin Money has found that nearly one in four parents and grandparents are already saving in response to higher tuition fees in the future.
A further 11% have plans to set aside money to help students with higher tuition fees.
We recommend that parents should have a full and frank discussion with their children about expectations for funding higher education, so there are no nasty surprises once children finish college.
Whilst the cost of higher education looks set to be much higher in the future, it can remain affordable if the cost of this is incorporated within a long-term Financial Plan.
Photo credit: Flickr/James Almond
