[poundwise]

Another idea, let the child put themselves through 2 years of school at a Community College. If they do well then pay for the next 2 years when they transfer to a 4 year (and much more expensive) institution.

A high school student with a job can put back some money for school, then continue working while attending a community college, to put themselves through that way... especially knowing that once they have done so they will get the bulk of their education paid for by another.

In this plan, or a variation on it, you will not have paid the whole bill, they will learn the value of the education, and they will not come out of school with the burden of student loan payments.