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Advice Needed on Saving Money for University

(4 Posts)
BaconAndAvocado Wed 20-Jan-16 21:34:09

DS1 is going to university this September and, having done the sums, me and DH have realised that there's quite a shortfall between the maintenance loan he will get and the finds he will need!

He has an ISA which is worth about £6000 which we will dip into as and when he needs it. He said he's going to get a part time job whilst at Uni too.

We also have another 2 DCs aged 7 and 9 and we want to start putting some money away now.

We could probably only afford £100 per month for both DCs.

What would be the best way forward?

19lottie82 Wed 20-Jan-16 22:01:23

whats his annual loan, and what do you envisage him "needing" for accommodation, travel (if any) food and extras?

How much can you afford to give him on top of this?

Can you break down the ISA fund into weekly term payments over the 3 year (?) course to help him out with living costs?

You really need to work out a weekly budget and get it covered from loan / ISA / your contribution.

Suggests if he is serious about getting a job he tries to get on campus before anyone else because the PT evening / weekend ones will go quickly!

I guess for your younger 2, child ISA's seem the obvious solution?

BaconAndAvocado Thu 21-Jan-16 10:22:31

Thanks lottie

We're basing our sums on the average prices for rent. He won't know where he's going until the Summer.

The annual loan we were quoted in the gov site was £4667. Although DH does earn a good wage, after bills there's not a lot left.

I teach part time but having worked 2 terms full time found it didn't work for us, childcare, having to work weekends, stress etc. Obviously if I have to I will increase my hours but whilst the younger ones are still at primary I want to avoid that.

I will look into the child ISAs.

AndNowItsSeven Thu 21-Jan-16 11:32:32

Your ds won't be entitled to the full amount as you are expected to make up the difference. His loan is based on your earnings. If work out the maximum loan amount and deduct his actual loan that will give you the amount you need to give him.

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