Are high university tuition fees pricing Cambodia’s expat families out of the market?

Are high university tuition fees pricing Cambodia’s expat families out of the market?

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In 2012/2013 applications to the UK’s Universities and College Admissions Service (UCAS) dropped 6.3% year on year and it is expected that this trend will continue for 2013/2014 admissions. In actual terms, this means that there were 40,000 less applicants for university places in the UK which represents a significant fall.

The reason for this is in large part due to the introduction of tuition fees. The majority of universities in the UK charge the maximum permitted amount for British students of £9000 ($14,500), which means that many families having to prioritise how they spend their income simply do not view sending their children to university as money well spent.

University fees are even more expensive for expat families living in Asia as students living abroad often have to pay the higher overseas university fees, even if they are returning to study in their home country.

Around the world, college and university tuition fees have been rising at a steady rate for many years yet many parents still feel that a university education is essential to give their offspring the best start in life. They believe that having a degree will not only give their children better job opportunities and a higher starting salary, but many feel that the university experience is the perfect bridge between living at home and being completely independent.

Obviously no-one wants their child to graduate saddled with huge debts, so how can parents deal with the ever-increasing cost of sending their child to university ? The answer is in financial planning. It is never too early in your child’s life to set up a saving plan for their university education. Contributions made on a regular basis will build up to a tidy sum by the time they come to leave school and make those university applications. Wise investment of the money set aside should ensure that the pot gets bigger and bigger until the time comes to wave your child off to start their life as an undergraduate.

Infinity Solutions understand the pressures faced by expats in Asia wishing to send their children to university. Our experienced financial experts provide bespoke solutions for expat parents and potential undergraduates with tailor-made savings plans which are tax efficient and suited to your requirements. Please contact us if you would like to discuss your personal situation.