How To Save Money Sending Your Child To A Top-Tier University

The quality of university that your child attends can make all the difference when they start looking for a high-powered, high-earning role.

Sending your offspring to an elite university can be costly, but by being savvy and choosing wisely you can find ways to save yourself some of your hard-earned cash.

In this article we share some of our top tips on how to make university cheaper for you and your child, whilst still ensuring that they enjoy the best possible experience.


Start Their Savings Account Early

Parents should set up a fund for their child’s education as soon as they’re born, if possible. It should be placed in a high-interest savings account, or an ISA, so that it can earn as much interest as possible. If your child is already older and you haven’t established a nest egg for their education, then don’t worry; invest in bonds and stocks to grow your money quickly and create wealth that they can spend on their education. You can take the six financial steps to make sure you are better prepared for your children’s education fund.


Find Accommodation With All Inclusive Facilities

Where your child lives during their university years is an important part of their educational experience. To ensure that your child makes the most of their time at university and networks with all the best people, you should search for accommodation that has social spaces and facilities included in the accommodation fees. Properties provided by premier student accommodation provider Collegiate have a range of amenities like private cinemas, gyms and dinner party rooms, so you can rest assured your child is mingling with the crème de la crème of university society in a high-end space.


Review The Fees

Tuition fees and the cost of living are the two biggest expenses for any university student, so the first thing you should do is learn more about the fees charged by each of the world’s top universities. You should also explore the bursaries, grants and low-interest loans available to students to see if there is any way to reduce these costs. By knowing what the costs are ahead of time you’ll be able to plan long before your child even applies for university.


Give Them An Allowance And Stick To It

Students often struggle to budget when they’re at university, particularly if this is their first taste of freedom. Even if you have a lot of money to lavish on your child, you should give them a set allowance every month or quarter to give them the chance to practice managing their money effectively, and to teach them the real-world value of currency. Sit down with them before they attend university and devise an allowance that will give them the chance to enjoy their lives whilst learning to budget and use their money wisely.

The university experience is about much more than just the education your child receives; it’s also about the chances they have to network and connect with some of the world’s future leaders, thinkers and pioneers. By following these tips, you can help your child to attend an elite school and save some money for their future.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.