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can dd self fund uni? or am i living in cloud cuckoo land?

(76 Posts)
NoahVale Sun 27-Mar-16 10:55:07

We are skint.
I understand there is a student loan for fees and now a student loan for living.
I understand we may well be expected to provide £1000 a year towards her, a link looking at martin's money

anyone experience for poverty stricken parents

whatwouldrondo Sun 27-Mar-16 11:41:03

Students do manage without additional support from parents even in London, but the maintenance loan does not cover living costs for all but the most frugal. All the ones I know of personally have additional funding from bursaries and / or working and/or bank debt.

NoahVale Sun 27-Mar-16 12:45:46

yes, we have discussed her having to work

titchy Sun 27-Mar-16 13:06:32

Depends on a number of things. Look at the official maintenance loan calculator for an accurate idea of what loan she'll be entitled to. Then look at her potential university accommodation costs - they vary HUGELY! Also consider how many hours a week she'll be studying for. A science or medical course maybe scheduled for 25 hours a week all Monday to Friday, with extra work on top leaving very little time for a job. On the other hand fewer contact hours gives her more flexibility. She could also consider taking a year out and working or doing a degree with a paid placement. Finally look at bursaries her shortlist of universities provide. Some give cash for exceeding offer, or for low household income, or choral scholarships etc.

Jaimx86 Sun 27-Mar-16 13:13:33

I worked 32 hours a week during my degree and gained a 1st. I was extremely busy and didn't have time to socialise with anyone that I met there... But I managed to leave without debt. One job had fixed hours, and I was lucky enough to have a second job with flexible hours that I could change around as my uni timetable changed.

I was determined I wasn't going to get into debt (29 now and still don't have a credit card - hate that I have a mortgage!), but also have a lot of friends with student debt who didn't work the crazy hours I did but they don't regret it.

5tardusty Sun 27-Mar-16 13:14:19

I went about ten years ago now but my parents didnt fund me at all. They would occasioanlly take me to the supermarket to stock the freezer up but that was because they wanted to, not because i needed it.

I worked around 10-16 hours per week in a shop throughout my course and tried where possible to use this money for spending (about £400pcm) . That left my loan to cover rent and bills. I wasn't a big party animal though, and especially for the first year i was exceptionally frugal because i kept expecting to run out of money. I found most people at uni blew their loan on clothes and gadgets at the start of each term then ran to their parents. If your daughter is sensible and understands this isnt an option then she should be fine

maybebabybee Sun 27-Mar-16 13:15:53

I funded myself, got nothing from my parents. Graduated in 2011 so not much has changed really. I worked through all three years.

maybebabybee Sun 27-Mar-16 13:16:41

Oh and I used my interest free overdraft. Which wasn't a big deal, I paid it off easily enough.

HookedOnHooking Sun 27-Mar-16 13:18:20

DDs loan just about covers her halls rent. And thats the cheapest available. She's used up her savings to pay the deposit on next years house and I've only given her 2 hundred to keep her going this term (nothing in first term(. She'll have to work during the summer to save up for next year.

charliethebear Sun 27-Mar-16 13:20:11

I'm currently at Uni, my parents don't contribute anything to me, apart from the very occasional food shop but my rent is low compared to other places (I'm In south wales).
I dont have time for a job in term time, due to long uni hours but I worked through summer and earnt around an extra thousand which gives me plenty. I also am signed up to the uni jobshop which means I can do the occasional job (e.g. Uni tours) which can earn around an extra £50 I necessary.
I still go out and eat well so its definitely possible

charliethebear Sun 27-Mar-16 13:21:23

My loan is around £6000 and I spend about £300 a month on rent and bills

hellsbells99 Sun 27-Mar-16 13:28:42

It all depends on what the family income is. My DD is only entitled to approx £3,700 loan for living costs. Her accommodation (self catered) is over £5,000. We are expected by the government to help hence she only gets the minimum loan. Whether you choose to help or can help depends on your circumstances.

rightsaidfrederickII Sun 27-Mar-16 13:51:28

Depends. Can you give us an idea of your household income and whether she intends to go to uni inside or outside of London?

TomTomKitten Sun 27-Mar-16 13:59:02

I did but graduated quite a long time ago. Things I would recommend...

Take a gap year and work like mad
Get a part-time job
Set up an eBay business as a sideline
Go to a uni in a cheaper area of the country where rents are lower

donadumaurier Sun 27-Mar-16 14:08:28

I couldn't have done it without financial support from my parents, but I was entitled to the absolute minimum maintenance loan. Next year if I meet my postgrad offer I will be self funding (postgrad loan will only cover the fees) but I could only do that by living at home. It completely depends on the maintenance loan she's entitled to.

Hassled Sun 27-Mar-16 14:09:49

Have you looked on the University website for details of bursaries-? A lot of them are very generous to low income students.

AndNowItsSeven Sun 27-Mar-16 14:12:51

Any support your dd receives is based on you topping up the difference. Unless your dd is entitled to maximum loans it's not ok not to give her the money.

BadgerCrossing Sun 27-Mar-16 14:15:05

IME as a tutor, I see that students can do it without financial help from parents, but it's very difficult for them to do it without any sort of support from their family. So even if you can't give your DD a monthly allowance, maybe there are other things you can do@ Train tickets home for the vacations, or the occasional online grocery order, or a lump sum every now & then for books.

One of my tutees had parents who didn't deserve to have children - they were non-amicably divorced, and she was passed like an unwanted parcel between them - never welcomed home for the holidays, and used to go to her boyfriend's parents for Christmas or stay at university - I used to see her over the Christmas vacation when I'd be squirelling away at the library. I was there because my job takes over my life when I'm finishing a book - she went there because she had nowhere else to go - it was heartbreaking.

So there are things you can do, even if it's not a regular money allowance. Support her & her studies emotionally and be her best cheering squad. It really can make a difference.

PUGaLUGS Sun 27-Mar-16 14:15:13

Hi Noah, I think we talked on your other thread...

DS gets £3771 maintenance loan - which is split into three payments. That's all he gets. There is a shortfall each semester of about £500 for each of the three payments and the rent that is due on his uni accommodation. We pay the shortfall and also give him £60 a week to live on. Whenever we take him back after a visit I try and fill his freezer shelf up with home cooked food. He has learnt to budget and use his money wisely.

In year 2 his house share is for a year but we will still only get the three payments so he understands that he does need to find a job to help out as he will also have bills to pay although his rent on the house is less than his current uni accommodation.

Tatiana11235 Sun 27-Mar-16 14:26:41

I work at a university in a finance department dealing with tuition fees.
May I ask why you don't want to go for a tuition fee loan? Think of it as investment rather than debt. The interest rate is very low and repayments are taken straight out of wages when earning above 21k. I've just started paying off mine and it's £35 per month.
Now, if you're definitely against it and want to self fund then you must find out what payment plans and options are available at the university. For example, where I work you can pay 9k either in full or in 3 installments of 3k in September, January and April. People expect they can pay monthly or as and when and then get arsy when sanctions are applied to their accounts.

BadgerCrossing Sun 27-Mar-16 14:34:37

I assumed the OP is saying that they thinkthat the loan for maintenance will need topping up to meet actual costs, and that this 'parental contribution' will be hard to find.

Anyone not taking out the loan for fees is not well-advised, as the rate is very cheap - even for those who could pay it up front without a loan.

Artandco Sun 27-Mar-16 14:38:42

I didn't get any help. I found it incredibly difficult as the grant was based on Parent income, but they never had any spare due to high living expenses. It meant I couldn't get a high grant, so took a higher loan. That still didn't cover it all so I had to work ontop. This meant I was usually at uni into 4pm, working 5-10pm, then having to do hours and hours of study late into the night.

I came out with a 1st, but it was an exhausting few years, and I felt I didn't get the chance to enjoy uni much like my peers who received financial help.

Therefore I would say look into the loan also as probably needed, but also see where you can help if possible. As then she can work to make money, but not have to get through so can do less hours if needed

Also working now as much as possible and in the holidays help.

NerrSnerr Sun 27-Mar-16 14:45:05

I did it. I worked full time every holiday and about 10-15 hours a week in term time. You need a good work ethic but it's possible.

SuburbanRhonda Sun 27-Mar-16 14:51:21

DD's uni accommodation was just over £7k for her first year (self-catering in London).

If she'd had to work to pay her rent she couldn't have gone to uni, as her course is very heavy on work outside lessons.

We subsidised her, obviously.

MadameJosephine Sun 27-Mar-16 14:51:30

It's certainly doable but it depends which uni. My DS is managing OK by himself in London thanks to a generous bursary. He gets about 9k in loans/grants (which just covers his rent shock) and uses the bursary to live on (about 5k)

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