The entire premise of our current student finance system is supposed to be “you don’t need cash to pay upfront to go to university!” Yet these days that’s simply not true. Many parents, especially those with more than one child, will need a war chest of possibly £10,000s.
This isn’t about tuition fees. University fees are automatically paid for you by The Student Loans Company – and you only repay once you leave, and then only provided you earn enough.
In practical terms they works less like a debt, more like a tax, as after graduation most simply repay 9% of everything earned above £21,000 (soon to rise to £25,000) for 30 years. This is supposed to be, financially at least, a no-win-no-fee higher education. For a full explanation see my 20+ Student Loan Mythbusters guide.
So tuition costs aren’t a practical barrier for students, they’re a cost for graduates. The real practical problem is the university costs the State won’t cover – and especially how that impacts parents with more than one child.
To understand the problem with having more than one child at uni, you need to understand the basics first, so let me speedily bash out a step-by-step …