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Further education

You'll find discussions about A Levels and universities on our Further Education forum.

The cost of uni

111 replies

Seriously79 · 23/01/2024 22:29

I'm not even sure if my kids want to go to uni, but if they do how do we afford it?

I understand that it's based on the family home income. We are quite fortunate that DH (not DS's dad) has a relatively good wage, I work part time to be around for DD4.

Between us we have just over £60,000 a year coming in. But due to car loan, credit card debts, mortgage and life being so damn expensive, we don't have much spare at all.

DS's dad would help out, but I don't think it would stretch far.

I know DS would also have to get a job too.

How do people do it?

OP posts:
110APiccadilly · 24/01/2024 08:16

My kids are tiny, but if nothing significant changes in the funding between now and when they're uni age, my plan is to encourage them to have a gap year (or even two!) where they live at home rent free but working and saving hard, if they want to go. That won't fund everything but it'll help.

bobomomo · 24/01/2024 08:00

Cheaper universities to live at include Nottingham, Leicester, Cardiff, Liverpool, Newcastle ... all perfectly reasonable places to attend and your money goes a lot further especially in second year when they live out. Another option is to live at home and commute, not for everyone but many do, and finally look at degree apprenticeships, not an easy option but ideal for certain subjects if driven enough

bobomomo · 24/01/2024 07:56

Some university locations are cheaper than others for starters. Most students work these days to stop up loans and money from parents. The rough amount the government expects students outside of London to need is £9500 a year and the loan is half that leaving the remainder to top up. We had the money saved up (saved the child benefit) but a good option if your dc's dad can't afford to pay at least half is for your dc to take a gap year before university with an aim to save £10k my dd1 did this, so reduced her debts a lot.

Plumtop11 · 24/01/2024 07:24

Student loans and most students work to supplement.

BlindurErBóklausMaður · 24/01/2024 06:22

Student loan, savings, part time and summer jobs.
My daughter gets the full student loan and works all summer. She's also now applying for term time part time jobs as that pot is very definitely shrinking quickly.

MoralOrLegal · 24/01/2024 06:18

cloudtree · 23/01/2024 22:47

Student loans, work during the holidays and taking a gap year to work before they go. Realistically they need about £10k a year to live on if outside London and the minimum maintenance loan is under £5k

£10k is probably about right on average, but some cities are cheaper and some more expensive than that (even outside London). Unfortunately there's been a big spike in student rents recently, not matched by an increase in loan amounts. So, yes, a gap year can help a lot.

SingingSands · 23/01/2024 23:22

Student loan and savings. I saved for two years before DD started uni and used that money to pay towards her accommodation. DD was gifted money from her grandparents on her 18th which she saved and used for uni, and saved the money she earned from working through the summer before starting. She was in a pretty good place financially in first year and didn't work during term, but picked up shifts when she was home in the holidays.

Second year has been harder. She has a part time job now as she couldn't manage without one. I haven't been able to save for her as my savings have gone on house repairs, but have helped out with money for groceries a few times.

cloudtree · 23/01/2024 22:47

Student loans, work during the holidays and taking a gap year to work before they go. Realistically they need about £10k a year to live on if outside London and the minimum maintenance loan is under £5k

notknowledgeable · 23/01/2024 22:46

Loans, and most students get jobs.

Pinkpinkplonk · 23/01/2024 22:44

It’s a nightmare! My DDs have no choice but to work the holidays.
Start putting a small amount away weekly now, it will help.