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Pensions and expats
School fees planning
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School fees planning

If you’re an expat with children, and you need or want them to be privately educated, or indeed if you expect them to go to university, then you should consider planning the financing of their education.

You may want to have your child educated locally or at a boarding school in your country of origin. Either way it can be a costly experience, and the costs of educating a child are increasing, and the rate of increase is much higher than inflation. Much the same applies to the cost of a university education.

The cost of school fees varies, and depends on the school and location. A figure of £4,000 per term for a day pupil would be typical in the UK, and £8,000 per term for a boarder. For the more exclusive private schools the costs can be significantly higher.

Options for funding school fees and university costs

Regular savings 

There are number of companies who offer monthly savings plans to help to save to pay for school fees or university costs. These can be useful if you have pre-school children, or expect your private education costs to increase in the future and want to put aside spare cash in a tax efficient environment which can offer excellent returns.

Lump sum investment

If you have a lump sum of money available it is possible to invest this, and use the profit to pay for school fees. Many plans and investments have specific options available to enable income to be paid at the beginning of each school term. What’s more you can invest offshore to protect your funds from paying tax. There are also low risk and high risk investment strategies available.

Borrowing

Sometimes you may have no option but to borrow money to fund school fees. One of the cheapest ways of doing so is to increase or arrange a mortgage. If you’re living or working overseas then it is even possible to arrange a mortgage through an offshore bank, to get the mortgage you want in the currency of your choice.

Pay-as-you-go

It may be the case that you can comfortably afford to cover the cost of school fees from your salary. You should however consider the future cost of school fees and the rate at which they are increasing, or if you family is expanding then you need to consider how you will fund the additional school fees.

What’s more you might want to think about how your finances would be affected if you were die or become too ill to work. In which case you might want to consider protecting your loved ones through a protection policy.

Find out more

If you’re an expat, and want to ensure that you and your loved ones are protected in the event of your death or ill health, and want to discuss your options and get some free quotations without obligation then contact us to speak to an independent financial adviser for expatriates, on +353 874 641 868 or contact us online.  

 

 

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