VIDEO: How to help children with the cost of university
As thoughts turn to university, parents will be wondering how they can support their children with the costs of higher education. But even if your kids are young, you can help them on their way now.
University isn’t cheap as the average student graduates with £50,000 of debt. With the pressures of landing a good job with a decent wage as well as thinking about getting on the property ladder, students also have to contend with paying back interest on student loans – currently above 6%.
But whether they even have to pay it off, or they repay some or all of it back depends on their salary. In our five-minute video, Maike Currie of Fidelity International explains to YourMoney.com’s editor, Joanna Faith, repayment thresholds, why student loans should be referred to as ‘graduate tax’ and why it’s never too early to start saving for university for your little ones.