University fees and saving up for them

[passmyglassplease]

My dd is 11 years old and has already started making plans to go to university!

This has set me thinking about how will we be able to afford it?

Is there anything ie savings plan etc that can help us save for her educational future?

Is anyone on mn aware of any schemes I can look into?

TIA

ISAs are good, also you can get her a savings account, or bond that she can't access until shes 18.

your bank will have lots of info on products availiable.

Places like MoneySavingExpert website is good or do a review with your local bank / BS manager. Good idea to look at savings - our 1st of four is just in process of applying - we've worked out we need around £50k over the next 16 years - just for the maintenance part only. Luckily in some pays only one wil be at Uni at anyone time so it helps to spread the burden a bit - the grants stuff don't take into account how many you take through over the years!!

thanks for the replys

how do ISA's work?

do you have to get a new one every year or can you keep on contributing to the same?

dumb question I know but I have always wondered

There are cash ISAs and stocks / shares ISAs. Each ISA has its own limit for the tax year - and they are changing next year. Most people usually have one ISA per tax year but doesn't have to be like that. There are also rules about withdrawing in a tax year and not being able to top it back up again. It can be a little daunting - the MSE guide is quite good or pay a visit to your bank / BS and they will explain the products they offer.

For long term savings ISA should work well and rates are better on longer term fixes.