We are all aware that tuition fees both locally and overseas come at a steep cost, but there are several other considerations you will need to factor into your planning.
Will your child be classed as a Domestic or an International student? This will have a big impact on your planning as International and Domestic tuition fees vary considerably. Countries have different rules which are open to change at any time.
Examples of current rules enabling our child to qualify for Domestic status:
Australia: The child will need to hold one of the following, Citizenship of Australia, Citizenship of New Zealand, Permanent Resident of Australia or hold a permanent humanitarian visa.
United States: Dependent on the State- If you are a resident of that state your tuition fees will be lower than that of an out of state or International student.
Singapore: For all non-Singaporean students including Permanent Residents you can apply for subsidised fee’s, known as the Tuition Grant Scheme. In return for the grant received the student will be contractually obliged to work for a Singapore entity for 3 years upon graduation.
United Kingdom (not including Scotland): Is not that straight forward, there are guidelines below, but domestic status will be determined by the university itself:
Settled in the UK on first day of academic year and ordinarily UK resident on the first day of academic year and ordinarily UK and Island resident for full 3 years prior to the first day of the academic year and main purpose of student residing in the UK should not be to receive full time education.
If your child is classed as an International student, there will be visa requirements which vary from country to country and most countries will require proof that you have the funds for the first year of fee’s/tuition and living costs, and some may even require proof of funding for the consecutive years.
You will also be required to take out medical insurance, and even if the university offers cover, check the details, it may not cover GP visits/ dental and could be capped at a certain limit that may not cover your child should there be an emergency.
Living costs, as we know, will vary city to city, and some universities make it a requirement for first year students to live on campus, this too can vary in cost.
Living off campus may require larger security deposits and even guarantors for rental. Factor this into your planning.
Other considerations, will your child be able to work whilst studying, will they be able to apply for student loans or are they eligible for grants or scholarships?
And where will you be living in relation to your child, will you need to consider the costs of flights and accommodation for holidays and visits.
All these things will need to be taken into consideration and where needed, factored into your planning.
At AAM Advisory we can do the research to help you create a bespoke education fee planning analysis. Whether you are taking the first steps in planning or if you would like to review if your current planning is on track, arrange your complimentary consultation today.
If you would like to view the recent recording of our webinar ‘Making the grade for your child’s future university education’ you can request via email [email protected]
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