University fees gift

[Ragdoll77]

My DPs are elderly and very wealthy and have very kindly offered to gift money to their grandchildren to cover their university costs & prevent them from accruing debt.
My DS has just started Uni and took the loans, but my DPs would now like to pay them off and then fund each year going forward.
The other grandchildren are under the age of 15 so it'll be a few years before they start uni.
My DPs would like to ensure each grandchild receives the same gift for uni. Has anyone else's DPs done this and if so, how did they go about doing it? Would trusts be the best thing to set up?

I'd suggest they gift the money for house deposits instead. The debt repayments will be minimal for a newish graduate but it will take a long time to save a deposit.
Some people will never pay back all their loans.

They would be way better giving it as a deposit for a house.

This isnt necessarily true for those starting since 2023.

what happens if any of the other children don't go to university?

they can set up a trust with funds to cover university for the grandchildren perhaps but better to leave it flexible in case they don’t go