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Divorce settlement and student finance questions
Tuition fees in most universities are currently about £9,000pa. A loan can be obtained from the UK Government to pay the fees upfront, but this will have to be paid back by your son after graduation. It is possible to pay-as-you-go for the cost of university education out of income, but of course this would be from the parent's income whereas the loan repayments would be the future liability of your son.
Remember that there are two aspects to the cost of a university education:
- the tuition fees (the cost of the course itself)
- the living costs (accommodation, food, books, clothes and all other general expenses)
Most university websites give an indication of the cost of living. As a general guide, hall of residence accommodation will probably cost around £5,000pa at the moment depending on room type, whether food is included and in which city the university is located.
Look at the Direct Gov website for summary information at:
For information about what loans your son will be eligible for (based on today's figures), go to:
Will your son apply for student loans using your income or his father's? This will determine how much student finance he is entitled to and whether it will cover all his university costs. If student finance from the Government does not cover all his costs and your income does not allow it, a parental contribution will be required by your husband.
This is all based on current circumstances. It's difficult to know what the future will look like, but it would be very sensible to build into any forward financial planning a component for university costs.
If you'd like to talk to Student Finance England about this contact them using the details on this page:
I hope this helps!