Determining your contribution to your child’s education is a deeply personal decision. Some parents decide not to financially support their child’s university experience to allow them to grow independently. There’s no right or wrong decision, so base your level of financial support on your own situation.
Consulting with a financial advisor can help you make informed decisions about how to best utilise these savings to support your child’s aspirations.
Before diving into the financial aspects, it’s crucial to understand the full scope of your child’s university expenses. Beyond tuition, consider accommodation, textbooks, meals and other living costs.
Don’t forget to look beyond the campus gates—private organisations and companies offer external scholarships that can further support your child’s academic journey. Many of these types of scholarships will require an application. Be sure to research such opportunities.
Remind your child that their university will have financial hardship funds and similar support in place to help students.
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