We were all at school once. July was often the month when it felt like the hard work was done. With exams out of the way and final assignments handed in, we could look forward to the thrill of the summer holidays. It’s also the perfect month to start planning for the new school year. We all understand the value of a good education, but do we really know the cost?

Recent research shows it comes at a price:

  • Average cost of sending one child to ‘State school’ from year 1-11 = £1,579 per year (£17,374 total) *
  • Average fees of a private school (day only) are £14,289 a year **
  • A university course costs on average £18,540 a year ***

‘State schooling’ still requires uniform (£70), tech (£85), after school clubs (£106), packed lunch (£585), commuting (£60), school social events (£55), and childcare (£220) per year. These figures vary on a personal basis of course. The research does show that the most expensive times are years 8 and 11, due to school trips.

With ‘Private schooling’, all the above ‘extras’ of State schooling still apply – although school outings, after school clubs and uniform are likely to cost more. On average, you can expect to pay £11,565 for boarding, £6,402 for a day pupil at a boarding school, and £4,763 for a pupil at a day only school – per year. These fees can reduce with scholarships, bursaries, sibling discounts, and up-front payment for the year rather than term-by-term. That said, fees have risen faster than inflation every year for the past 10 years, so be prepared for further increases in the future.

For University, a typical three-year course is £55,620 (UK tuition fees of £9,000 a year, plus the average annual cost of living of £9,540). To help, ‘Tuition fee loans’ cover the full cost of the course and won’t have to be paid back until the student is earning above a certain level. There are also ‘Maintenance loans’ and ‘Student Grants’ that are means tested to help with living costs. Tuition fees depend on what country the University is in, and your home location. see(https://www.ucas.com/finance/undergraduate-tuition-fees-and-student-loans).

Planning is key

Clearly, when it comes to your child’s education there’s a lot to think about. As always, planning is key. Pre-funding and saving for this, using the many available tax allowances, can help with all of the costs we covered above. Taking expert financial advice can help demystify the technical jargon and find a way to help you plan for your children/grandchildren’s future education.

For help with planning for your children/grandchildren’s future education, contact us today on 01732 834834 or email advice@citrusfinancial.co.uk

Tax treatment varies according to individual circumstances and is subject to change.

* Provident research of 2024 parents in 2020.
** Independent Schools Council Census 2019 of 1037 schools.
*** National Student Money Survey 2020