Should you pay your child’s tuition fees upfront? A guide to university funding

In the UK students can access a tuition fee loan of up to 9,250 a year to cover the cost of their course.

There is also maintenance loan funding available to cover living costs.

Student loans operate differently to personal loans and have been likened to more of a tax.

High inflation forced Government to temporarily change the way interest was calculated.

Parents on higher incomes are expected to supplement their children’s living costs throughout their studies.

Students are entitled to borrow up to 10,227 in maintenance loans if they are living away from home outside of London and 13,348 for those living in the city.

Investing the 50,000 lump sum for 10 years , until your child reaches their early thirties may want to buy a property, would mean you could contribute 81,500 towards their purchase.

“Although you may want to help your children as best you can, this shouldn’t be at detriment to your own lifestyle,” said Ms Watson . “A student loan is not treated in the same way as other debts and won’t have an impact on your child’s credit score. Paying for your child’s living costs is something that could certainly end up costing more than their tuition fees, and so should be carefully considered.”.