September arrives. The school uniforms are crisp, the morning rush is back, and the calendar is already filling with term dates, parents’ evenings, and sports fixtures.
For some parents, it is also a subtle but important reminder: next September, your child will not be putting on a school uniform. They will be packing for university.
That might feel a long way off. But if your child is in their final year of sixth form or college, the decisions you make about funding their degree need to start now. Waiting until an offer letter lands in the spring can mean making a major financial choice under pressure.
The reality of the costs
In England, tuition fees can be up to £9,250 a year. Living costs of accommodation, food, travel, and books can easily add another £12,000 annually, depending on where they study.
Student loans are designed to cover these costs. Repayments only start when your child earns above a certain threshold, and any remaining balance is written off after 30 years.
On paper, it looks simple. In reality, this decision can shape your child’s future, and your own, for decades.
Paying the costs yourself
If you can afford to pay the full costs, your child starts their career without any repayments. For some parents, that peace of mind is worth it. But it’s essential to check whether this would affect your retirement plans or your ability to cope with unexpected expenses.
Would this give you peace of mind, or put too much pressure on your own finances?
Using a Student Loan
A loan allows you to keep your savings invested or available for other priorities. The repayments are linked to income, so if your child earns less, they pay less. In some cases, they may never repay the full amount before it is written off.
This approach gives you financial flexibility while your child shares some responsibility for the cost of their education.
A middle ground
Some parents take a blended approach. You might cover living expenses while your child takes a loan for tuition fees, or vice versa. This can reduce the total debt while keeping your finances intact.
Questions worth asking now
Before you decide, it helps to pause and ask yourself:
- Will paying upfront compromise your financial security?
- Could your savings work harder elsewhere?
- How much of the loan would your child realistically repay?
- Would combining both approaches give you the best balance?
At Four Oaks Financial Services, we know that no two families are the same. The right choice is the one that supports your child’s ambitions while safeguarding your own financial future.
If your child is heading to university next year, now is the time to plan. Speak to us today for a no-obligation conversation about the best funding strategy for your family, so when they take that first step onto campus, you can both feel confident about the years ahead.