Student expenses soar to £50K - Savings - News - Moneyfacts

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Student expenses soar to £50K

Student expenses soar to £50K

Category: Savings

Updated: 21/04/2011
First Published: 21/04/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Students planning to go to university next year face having to find almost £50,000 in order to finance just three years of study.

The spiralling cost of entering higher education has been revealed in a new study conducted as tuition fees hit £9,000 per year.

Unfortunately, the cost of courses is just one expense that students incur – according to HomesforStudents.co.uk, accommodation will cost an average of £10,800 over the duration of a degree.

Add in living expenses and the cost of course books, and the total amount adds up to an average of £48,500, the survey suggests.

Making sure your child has the financial means to go to university should they wish will require some careful planning.

For most parents, putting money away on behalf of their children is an integral part of securing their child's future.

However, with the Child Trust Fund consigned to history, and its replacement, the Junior ISA, not set for launch until November, parents will be looking around for alternative ways to help their offspring become child savers.

Children's savings accounts are always a good place to start, offering young savers a range of different types of savings accounts.

Which type of children's savings account is right for a child depends on what they (or the parent) will want the money for.

While some children's savings accounts allow instant access to funds, there are also fixed rate bonds or accounts that can't be accessed until the child turns 18, where early access to the money is restricted.

If you've got a family and receive Child Benefit, Coventry Building Society's Family Saver is an easy access, online account paying 3.00% if your Child Benefit is paid directly into the account.

Find the best savings rates for your child - Compare savings accounts

Read our Changes to Child Trust Funds Guide

Download FREE Child Savings Plan brochures

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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