My child is nearly 18 - do I hand over all the savings for college? or should I manage the accounts?

EssexHebridean

If this is money you have saved to cover the “parental contribution” aspect of student finance, then the advice would probably be different to if it was money you had saved so that the child would have to take less student loan to see them through. Martin did a whole section on this on the radio the other week - his podcast (BBC Sounds) might be worth a listen. Ultimately though, they may do better taking the loans now, then revisiting what to do with the money once they finish uni.

emwi

I was holding £20,000 for my daughter and discussed it with her. She preferred me to hold on to it and transfer it when necessary. She has a full student loan as well as getting a bursary through her sixth form and seems to manage pretty well but the money has allowed her to go on biology field trips abroad and has funded summer holiday spending. I have also transferred some to a LISA for her. She is quite thrifty if she doesn't have a lot of money in the bank but if she had thousands in there she would probably spend it on books and expensive coffee then regret it.