Following the UK’s decision to leave the European Union, the UK Government has removed Home Fee status for all students from the European Union (EU), European Economic Area (EEA), and Switzerland meaning thousands of UK expats face a significant rise in education fees should they choose to educate their children back home.
Back in June 2020, the Minister of State for Universities, Michelle Donelan said:
“Following our decision to leave the EU, EU, other EEA, and Swiss nationals will no longer be eligible for home fee status, undergraduate, postgraduate and advanced learner financial support from Student Finance England for courses starting in the academic year 2021/22. This change will also apply to Further Education funding for those aged 19+, and funding for apprenticeships”.
As a parent it is normal to want the very best for your children both in the present and in the future. And when it comes to their education, whether you wish to send them to an international primary school, secondary school, university, or all three, there is no avoiding that this will amount to quite a substantial cost. Your children’s education should be a priority when thinking about your long-term future finances.
For expats across the world, you have unique opportunities, but these bring with them both a set of challenges and huge rewards. The cost of sending two of your children to an international primary school, secondary school, and university can be eye-watering especially when you factor in the additional costs of accommodation, equipment, excursions and much more. Therefore, it is vital that you plan for their future now to avoid any unnecessary burdens in the time to come.
A problem we have seen recently with expat parents sending their children to university in the UK, is that due to living abroad your children are deemed to be overseas fee-payers, meaning you can be left with a bill of up to £350,00 for each child and that’s putting aside the fees related to primary and secondary schooling.
Of course, not all University courses are as expensive as the example above, but even still, on average a Humanities degree costs upwards of £75,000, a Science degree £90,000 and an engineering degree of around £130,000. Along with many courses in recent years being capped for international students, signifying that international students will find it much more competitive to gain entry onto their chosen course. Below we have compiled a list of what many of our clients first assume to be the case and some advice on what to do.
Unfortunately, this isn’t the case, being a British Citizen meets only one part of the criteria. There are many other bits of criteria that you will need to meet to receive Home Fees. You don’t need to have a British Passport; however, you will have to meet certain immigration criteria.
Although this could certainly help with your case of gaining Home Fees, it by no means guarantees it because even if you didn’t own a physical property within the UK you can still be eligible for Home Fees.
Again, due to British expats often living overseas for a long period of time and quite often through the renewing of temporary visa, this doesn’t entirely prove your case. More often than not Universities will overlook your visa as viable evidence that would enable you to be eligible for Home Fees due to it not proving that the UK is your permanent home country of residence.
Skybound Wealth Management’s team of international financial planning experts can help you to create a platform from which your children can soar as high as possible, with no boundaries on what their potential can achieve. If you have any question about the new Home Fee Status rules in European Union (EU), European Economic Area (EEA), and Switzerland please fill out the form below and Carla will be in touch.
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