Lesson for parents

Click to follow
MOST parents are now well aware of the need to plan ahead if they want to send their children to private schools. But they seem to have no idea of the cost of sending their children to college or university.

According to Norwich Union, you need pounds 10,000 to fund a three-year further education course. Assuming 5 per cent inflation, a three-year degree course starting at the age of 18 will require more than pounds 16,000 for a child who is now eight.

These figures assume that your child does not receive a grant and does not take out a student loan.

Student grants are frozen at pounds 2,265. However, only 27 per cent of students receive a full grant and 29 per cent get no grant at all.

Many will have to look to their parents for financial help. But 84 per cent of parents do not know how much it will cost to send their child on to further education, and 41 per cent have not planned to meet the cost.

Not surprisingly, insurance companies see this as a sales opportunity, and Norwich Union has produced a booklet on the subject. To obtain a free copy, telephone 0603 681938.