Adding up the cost of accommodations and materials, it’s been found that the cost of a three-year degree course could cost a staggering £54,000.
Graduating with that amount of debt means that young people will have a disadvantage saving for a car, a wedding, or a house deposit in order to get on the property ladder – and parents, understanding this, have clamoured for a way to save well in advance of graduation day.
Shepherd’s Friendly, which has been offering savings and investment products since 1826, has answered this need with the launch of a new product, the Shepherd’s University Savings Plan.
The product allows parents to save anywhere from £100 to £200 a month, as well as choose when the plan will pay out (from the ages of 18 to 21). This means children can be in line for a memorable coming-of-age present, or parents can choose to wait until after university in order to ensure that their child doesn’t splash out on a fast car or lavish party instead of their education. Alternately, parents can allow for withdrawal in stages throughout the child’s degree programme.
Arabela Velasco of MyEggNest.com, a leading UK children’s savings comparison website, said: "After the rise in max tuition fees, saving for university became more important than ever, and Shepherd’s is continuing to meet the changing needs of Brits with the launch of this product. It’s encouraging to see the rise of savings products that are tailor-made for university saving, as regular payments into a tax-free account over a long period is the best way to build your child’s nest egg. MyEggNest welcomes this new way to save for university and hopes every parent will consider starting a ‘college fund’ like this to ensure that their child is not priced out of university."
No matter what university savings plan parents choose, the most important thing is to contribute regularly and treat the years before children turn 18 as a tool for building a child’s nest egg, Velasco continued.
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