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Education Fee Planning
Parents always wish to ensure their children receive
the best education possible. The cost of education,
whilst variable, can still be a substantial financial
burden if not adequately planned for. This burden
can be doubled or even tripled depending on the
number of children you have, their proximity in
age and where you wish for them to be educated.
Often one family will have 2 to 3 children at
high school or university simultaneously. This
may be a tremendous burden on a family’s finances
and wellbeing if this needs to be funded through
disposable income.
 Where
you wish to educate your children will dictate
the cost. The cost of educating a child in the
US is far greater than, say, Australia/New Zealand
or United Kingdom for example. Often parents do
not have a clear idea of where their children
will eventually go to university or school. Given
the broadly similar cost base location becomes
less relevant in financially planning for the
event.
We
can assist you in planning for your children's
school and university costs and in order to provide
a rough idea of costs please see the table below.
You can then use the on line calculator for an
estimate as to the monthly premium required to
achieve your objective.
| High
School Costs |
Country |
Tuition
Costs – Day School (including living costs) |
Tuition
Costs – Boarding School |
| United Kingdom |
£0 - £15,000 |
£15,000 - £25,000 |
| Canada |
C$0 - C$15,000 |
C$15,000 - C$40,000 |
| USA |
US$15,000 - US$40,000 |
US$20,000 - US$50,000 |
| Australia |
AUS$15,000 - AUS$25,000 |
AUS$15,000 - AUS$40,000 |
| University
Costs |
Country |
Tuition
Costs |
Living |
| United Kingdom |
£3,500* - £20,000 |
£9,000 - £12,000 |
| Canada |
C$15,000 - C$40,000 |
C$9,000 - C$12,000 |
| USA |
US$20,000 - US$50,000 |
US$9,000 - US$12,000 |
| Australia |
AUS$15,000 - AUS$25,000 |
AUS$9,000 - AUS$12,000 |
It is also worth
noting that inflation on school fees is significantly
higher than general inflation rates. Please also note
that depending on your age, when your children go to university
you may already be retired or close to retirement and
/ or you may have relocated back on shore and thus have
a lower disposable income. Trying to fund these major
expenses from monthly income can become a very onerous
task. Planning can remove this pressure from your daily
lives.
Please
check our online calculators to assist you in your
financial planning needs
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