Saving for University?
They may not know what they want to be when they grow up, but when they reach age 18, a savings pot will help open up a range of opportunities. Further education at university is one of them, however the costs can be daunting.
A three-year course for the 2021/22 academic year could see students leaving university with a debt of £46,026 (outside of London) or £54,537 (living in London).
With a tuition fee of £9,250 per year, this means that a maintenance loan for someone living outside of London is £18,276 – that is £6,092 per year and splitting that to per month means a student gets £507 to cover rent, academic bills, to eat and socialise. For someone living in London this is £26,787 for the three years, £8,929 per year and £744 per month.
So, although most students will be eligible for a loan from Student Loans Company which they will then pay off once earning a certain salary, a savings pot at 18 can provide that extra income each month. This money before university could take those money worries of every student away and not have to live the stereotypical student life of pot noodle for dinner 7 days a week.