Education Fee Planning

Every parent wants to provide an independent education for their children; it will provide an excellent starting platform for them to develop knowledge and values. Education fees are rising above the cost of inflation and families with more than one child can find it hard if not impossible to fund these fees out of income. In addition to these fees, funding for extracurricular activities such as music lessons, team sports and educational trips will also have to be provided by you. Parents with more than one child will find their spending power may begin to dwindle, which could well affect their own plans for the future.

Credenda Associates recognize the fact that the world is getting smaller, families now work in different continents and children attend schools not in their own country which then leaves someone to pick up the costs. In the past expatriate contracts provided a free education package for all children up to the age of 18 however most companies are now realizing the huge costs involved and are re-structuring salary and benefit packages. In essence the free ride is close to an end and planning in advance to make sure that the necessary funds are available is essential. It can mean financial freedom for yourself whilst at the same time providing an excellent start in life for your child. Savings plans for education fees are tailored to help bring the cost of your child's education within your reach.

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Most parents are aware that higher education can open the door for their child to a wide choice of career and provide the cornerstone for a prosperous future. However, maintaining a child in higher education comes with a high price tag if financial support cannot be obtained. Your child's examination success may not therefore be a cause for total celebration unless they get a free scholarship too! However, planning in advance to ensure that funds are available to cover educational fees eliminates the need for financial juggling at what can be a very stressful time for both you and your children.

Credenda Associates have access to update information on education fees and can help you to make the correct financial decisions for this very important area. We are able to work out the costs for each year and factor in living costs, inflation, and additional tuition fees.

The most important step in planning for a University education is to start early even prior to the birth of a child. University costs are increasing each year at a rate far more significant than that of inflation. We can calculate the amounts you should set aside based upon ages of children and the location of the education.

It is important to provide for college education for the children and therefore the amount of insurance taken out should take into account all assets and future liabilities. Insuring a sum equal to this figure and then factoring for inflation will address the problem, we can address this issue for you.

The most important aspect of planning for education costs is to insure that funds are available to be drawn over a period of time, usually a longer period than contributions are made. It is often beneficial to place these funds in a trust to negate future tax liabilities.

Please contact us for a comprehensive review of your circumstances; it is never too early to plan.


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