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AIBU ,dd of to uni we are skint...AIBU to think the student lone will cover her for everything???

(260 Posts)
Petal40 Fri 19-Aug-16 11:34:56

Just that really...she's not saved.we are struggling .she chose to save to travel.not save for uni.she thinks it's all going to be ok because she will get a student lone....but will that lone cover everything?? And when she finishes she will be £60 grand approx in debt ...well our first house where she was born cost less than the debt she will be in after 3 years..I hope to god she changes her mind and decides not to go

Petal40 Fri 19-Aug-16 11:35:59

Sorry.loan...l clearly can't spell

QueenArya Fri 19-Aug-16 11:37:27

Where is she going to Uni and how much loan is she getting?

whatishistory Fri 19-Aug-16 11:37:43

In lost situations, the loan isn't enough by any stretch. Sometimes it doesn't even cover accommodation costs. I'm surprised that your DD doesn't know this. It's not hard to look at how much uni's charge for accommodation and add on food/travel costs.

Champagneformyrealfriends Fri 19-Aug-16 11:38:13

She'll have to get a job like a lot of my student friends did

whatishistory Fri 19-Aug-16 11:38:29

That should have read ''most situations". Some uni's are obviously more expensive than others.

QueenArya Fri 19-Aug-16 11:38:35

My student loan didn't cover barely anything. I got £3500 loan and my accommodation alone was £6000 in the south for the year.

ninnypoo Fri 19-Aug-16 11:38:47

It depends on where she goes and how much loan she gets. I got the minimum amount and it didn't even cover my rent. Had to have family support to pay rent and a part time job.

wasonthelist Fri 19-Aug-16 11:39:42

Whether the loan will cover everything depends very much on where she goes and how she lives.

Don't forget although it's a big debt, it is only paid back once she starts earning above a certain level and is written off after (IIRC) 30 years if not paid. It's not great, but it really isn't the same as borrowing £60k for a house or car etc.

PuraVida Fri 19-Aug-16 11:39:54

She'll need to get a job. When I was at uni we all worked evenings and weekends

WheresLarry Fri 19-Aug-16 11:40:50

I know some people who went to Uni and only lived off the loan and bursary, they made it work but did find it a struggle at times.

Personally I think you should make it clear to DD that you will not be able to offer any financial support, so she will need to budget carefully and not overspend.

user1471428758 Fri 19-Aug-16 11:41:35

"I hope to god she changes her mind and decides not to go"

Really? You think your daughter should pass up the chance of a better education and future?

Frightening how little you seem to know about this. Did you not research it beforehand?

Petal40 Fri 19-Aug-16 11:42:15

I don't want to out myself by putting which course or which uni...things are tense enough at home with out me making it worse....short of us selling the house we can't really help..starting to have sleepless nights thou

LizzieMacQueen Fri 19-Aug-16 11:42:37

There's still time for her to get a temp job before Uni starts. i know a few students working in pretty awful jobs just to get them money to start with.

Obviously depends what's available local to you.

SolomanDaisy Fri 19-Aug-16 11:42:38

It's really shit to be hoping your own daughter doesn't go to university. Is she due to start this year? Have you not looked at the finances? Her student loan won't cover everything, no. She'll have to work and if you can help her out, you should.

wasonthelist Fri 19-Aug-16 11:42:46

www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

JenLindley Fri 19-Aug-16 11:42:53

Why hasn't she worked out what her costs will be and how much loan she will get? Surely that would be step 1?

thenewaveragebear1983 Fri 19-Aug-16 11:43:34

Surely though if she is 60k in debt this is her debt. It's a debt she will offset throughout her life with, hopefully, higher earnings. If she doesn't earn above the threshold she won't pay. Anything unpaid after a time will be written off. You might be required to continue supporting her for food etc as you do now, but it will be her responsibility to budget, save and work part time if needs be because it will be her who reaps the benefit of the qualification.
This may be an idealistic view however. I would tell her well in advance what you are prepared to contribute if at all so she can make an informed choice. I would also have a small buffer fund in place that she doesn't know about for the inevitable first year overspend/ overdraft while she learns how to manage her finances.

FairyDogMother11 Fri 19-Aug-16 11:45:54

Yes I agree it depends where she's going. I lived at home and commuted to university (3hr round bus trip) as I couldn't afford halls - I knew that from the outset. I worked every weekend, usually between 16-24hrs. I paid rent at home and contributed to gas and electricity. I largely purchased my own food. I managed to save £5000 to put towards a house deposit for when I finished whilst I was there (and I did a creative course so the materials were really expensive and I easily spent in excess of £600 a term on equipment). Apart from the loans (and now my mortgage) I have no debt and I don't even have an overdraft. Conversely, I know people who finished at the same time as me who have credit cards maxed out, an overdraft they'll struggle to pay off etc, and had parental contributions. They all lived on campus and enjoyed the student lifestyle; I never went out and didn't really socialise much, bit I had a goal and I was focused on it. It really depends what she wants out of it as to whether she can afford it or not. Budgeting is hugely important regardless though! Martin Lewis' Money Saving Expert website was my bible!

ninnypoo Fri 19-Aug-16 11:46:40

Forgot to add, I also had a Co-Op student account which had a very generous overdraft (£1400 in first year, up to £2000 by graduation) which I used a lot. It's worth having one for emergencies/deposits for houses etc.

MumOnTheRunCatchingUp Fri 19-Aug-16 11:47:19

God no . No loan will cover even the basics these days!

My dd has to work as well as have extra from us!

mrsfuzzy Fri 19-Aug-16 11:47:21

user depending on what op dd is doing, many ex uni leave and are either 'over qualified' or do not go into the line of work they studied for. most people do not go to uni but still do okay in life and do not have massive debts around their necks either, i made the best choice for me in not going, although of course everyone is different.

PaperdollCartoon Fri 19-Aug-16 11:49:01

She's 18 and an adult, so can be responsible for her own finances.

The loans rarely cover everything, but what you can get is based on parents earnings. I'm assuming she's applied for student finance already and you've declared your income? It can take months to sort out.

Unless parental earnings are very low the amount you get is decided assuming parents will be helping you out, whether they actually do or not. Make it clear you won't be able to help her if you can't and that she will need to budget her own money and get a part time job to get more money, most students do these days.

Trifleorbust Fri 19-Aug-16 11:49:18

OP has already said they can't afford to help financially.

The loan is unlikely to cover all living expenses. She will need to work decent part-time hours, which is perfectly realistic.

1frenchfoodie Fri 19-Aug-16 11:49:50

She will need to get a job to cover the shortfall between the loan and living costs. Usually easy to do in uni towns and as long as she keeos pace witht the course should have no real impact on results unless it is a very full on course. Plus when you are working you can't be spending. The debt at the end of uni may seem huge but it would not stop her getting a mortgage etc as repayments only kick in when she earns a certain amount and are not too steep.

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