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University tuition fees advice please

3 replies

nostaples · 03/01/2020 11:35

DD1 will be leaving for university in September. I know all the advantages and disadvantages about paying tuition fees up front but on balance still think it will be worth it in this case. Just wondered whether it's possible to pay for just one year's fees up front and not the other two? Does anyone have experience of this? TIA

OP posts:
Melancholymuffin · 03/01/2020 12:19

Yes - when she applies for student finance it will ask her to confirm how she wants to pay for the tuition for the year.
She has to do a student finance application every year of uni (they open in January) and can them opt for the loan.
As somebody with a higher level loan, I really wouldn’t pay the fees upfront: they’re wiped after 30 years and the repayment are very little until you’re earning big money. I’d stick the money in a high interest account

ElluesPichulobu · 03/01/2020 12:20

it is possible but it is genuinely pointless to pay just some of the load upfront.

either pay all of thre tuition fees and fully fund your DC's living costs for the 3 years, or don't pay a penny upfront and let DC take on the maximum amount of debt.

this is because your DCs repayments will be exactly three same whether the debt is £18,000 or £50,000. there will be no difference so all you did was donate your money to the government.

ElluesPichulobu · 03/01/2020 12:23

much better would be to put the money in a savings account and let DC use that money to pay their student loan repayments from until they are earning decent money, and use any remainder to be a house deposit.

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