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Original poster

Can anyone explain and say how much roughly uni costs will be and what savings they will need

80 replies

Willbeatjanuaryblues · 05/01/2019 08:36

If they have their own isa with 30 grand in it or more will they qualify for students loans or will they have to use their own savings.

And is there an amount to aim for or a threshold of savings. I have tried a quick Google and I'm not really getting anywhere.

OP posts:
Heyha · 05/01/2019 09:45

Could the grandparents not just pay, say, hall fees/rent each year directly from a savings pot, kids then don't have cash at hand. They can then get the maintenance loan and have a real uni experience as the loan will not stretch that far but obviously much better than covering the rent as well. OR not take out the maintenance money and get a job, depending on the course? I worked both days at weekends on top of a 20+ contact hours a week science degree so it is possible.

KondoThis · 05/01/2019 09:46

@Willbeatjanuaryblues, sorry I should have added I have a vested interest in this!

I work with a number of uni leavers. Within a few weeks you can tell a mile off which ones have grafted their way through uni and which ones have been provided for. Some of them have literally never worked a day in their life. It 100% shows and not favourably. My DC know they will be expected to provide for their own life at uni, we could save for them but I refuse to 🤷‍♀️

Fairylea · 05/01/2019 10:05

Oh I totally agree that university isn’t for everyone. I was accepted into 5 and turned them all down because I just felt I didn’t really want to go...! Dh dropped out a term from graduating because of stress and depression, so yep I think it’s got to be something they REALLY want to do. In some ways that’s why I’m anti giving them a shitload of savings and waving them off... I don’t think it gives them the push to want to do it or the lifelong skill of juggling finances. But that’s just my opinion!

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General money
Reallybadidea · 05/01/2019 10:11

I thought only sipp was possible to open up yourself. What other pension vehicles are there?

A SIPP is a kind of personal pension where you control the fund yourself (ie move the money into different shares etc). Not many people have the time or inclination to do that. A personal pension is just any pension that's independent of your employer. www.moneyadviceservice.org.uk/en/articles/personal-pensions

bsc · 05/01/2019 10:32

If your children are small (I.e. pre school age) £50 isn't going to put two of them through University in 15-20 years time!
It might do one of them. Inflation alone will reduce cash savings enormously.

InkyAndBinky · 05/01/2019 10:41

There is no point over thinking this as you have no clue how things will change over the the next few years. The way student loans work keeps changing and no one knows what will happen in the future.

I'd look at Martin Lewis's website moneysavingexpert for an overview on student loans.

Original poster
Willbeatjanuaryblues · 05/01/2019 10:49

Bsc that's what we could contribute max, 50 per month but that would be a stretch as we have lots of small saving for all different things.

The gp have said they may put in the max per year of 4800 into junior isa.

One is cash interest 3.25% and we are about to move maybe half or bit less to stock and shares junior isa as well.

fairy

I'm inclined to agree with you there. Having the mental comfort of savings is a cushion and plenty of students do go to uni with masses of family money behind them.
The difference is, gp are well off and we are not Grin.

But I perhaps naively feel strongly about people using money for control. Once you hand it over you hand it over.

I don't believe in trying to control choices. I feel if you want to give money specifically for a car or diving lessons you should hand over for that purpose only.

Rather than loosely give 'savings' but try and control choices. If that makes sense.

OP posts:
bsc · 05/01/2019 13:41

I had taken it as being GPs contributions only tbh. In reality, it's hard to save when you have small children, and there are always expenses for things they need- I would never advocate not allowing children music lessons, footballs subs etc in favour of putting money away for university. At the end of the day, even if you only manage to save a few hundred pounds for each, it's still the freedom to visit open days at universities they're interested in, not just local ones, etc etc. A stocks and shares isa is likely better return than cash over a 15 year period, so it's good that you're looking that way.

Ta1kinPeace · 05/01/2019 13:45

Tuition Fee Loans are a graduate tax.
I do not understand why anybody stresses about them as debt.

FevertreeLight · 05/01/2019 13:56

So a lump sum of 50 grand may cover the both then for all extras they may need.

No, I pay for mine, it is about £19 k per year per child. Northern unis. £9k fees, £6k halls/rent, £4k to live ( i actually give them 6k as I pay for their ISAs). So I pay the fees- I uni termly and 1 annually- and then i give them £1000 per month.

I still pay their car insurance and mobiles. I also pay for the tv licence. They get £500 for christmas and £300 for birthday. They are also welcome to come on holiday with us and I sometimes pay all or part of their trips.

So yes- about £45 k per year for 2.

Ta1kinPeace · 05/01/2019 14:07

and then i give them £1000 per month
Hmm

bsc · 05/01/2019 14:36

How on earth do they get through £1k a month? Most salaried adults are on less than that after rent or mortgage (as you're paying their accommodation too). Just why?
How will they learn to live within their means if mummy bankrolls them?

FevertreeLight · 05/01/2019 17:03

How on earth do they get through £1k a month?

I don't pay their rent- I said, So I pay the fees- I uni termly and 1 annually- and then i give them £1000 per month.

Rent is £5000 a year in halls (roughly), so about £500 a month but in 3 chunks. They then have travel, food , books. Private rented is about £450 a month with the on costs (but they live in a cheap place).

Maybe I didn't word it well. They pay their own accommodation. They also pay £200 a month into an ISA.

They then have about £300/£350 a month for food, travel, going out, sports. I don't think that is excessive?

Ta1kinPeace · 05/01/2019 17:05

I don't think that is excessive?
They also pay £200 a month into an ISA.
HA HA HA HA HA
Most working adults cannot afford that.

RevokeRemainReform · 05/01/2019 17:05

People on MN don't half fib about how much they give their kids.

FevertreeLight · 05/01/2019 17:07

How will they learn to live within their means if mummy bankrolls them?

Their friends on full grants get £8,700. So allowing for the £2400 for the ISA they get about £900 a year extra-hardly bankrolling!

Sarahandduck18 · 05/01/2019 17:07

Students loans are a misnomer.

It is a graduate tax.

Ta1kinPeace · 05/01/2019 17:09

Their friends on full grants get £8,700
Its not a Grant. Its a Loan. At 6% interest
or a 9% reduction in income

FevertreeLight · 05/01/2019 17:12

People on MN don't half fib about how much they give their kids.

Is that dig aimed at me? The OP asked how much it cost and I told them.

Most working adults cannot afford that.

And that is relevant because? The Op asked, and I gave a reply.

I really hate the way that Mumsnet has become so vitriolic and aggressive. It used to be a community sharing experience. Now it seems to be an opportunity to attach people form the safety of your keyboard.

mummmy2017 · 05/01/2019 17:14

OK... This is what they get...
If your household income is under 25k
£200 a week. For 42 weeks...
Rent is £128 per week for my child... All inclusive..
Wish I had £72 a week for foid and books...

TinklyLittleLaugh · 05/01/2019 17:26

At the moment your child will get a loan to pay their fees of 9k whatever your family income.

Then an amount of loan to live in on depending on your family income. If you are poor it is about 9k. If you are rich it is about £3.5k. So if you are rich you might want to put some money aside to top your kid up.

Your kid will also be eligible for various bursaries from their uni, mostly related to how poor you are and whether they have above average grades for the uni they have gone to.

Most kids work a bit at uni. Some courses are so full on it's very difficult to work. I'm sceptical that anyone could work enough hours to support themselves and still make the most of their learning opportunities and university experience.

TinklyLittleLaugh · 05/01/2019 17:34

Ours got the minimum loan of £3.5k or so. We topped them up by £4.5k, mostly from savings. Plus they worked a couple of hours a week and for part of the holidays. I bunged them a couple of hundred towards going on holiday every summer.

OneStepMoreFun · 05/01/2019 17:43

DS got some info from various unis that said fees were £9k and living costs about £11-12k. I know that's not true for some. A friend told me her son pays £300pw!!! for a student room in Central London near his uni. So that's more than £12kpa on accommodation alone, as they still have to pay for the room in the holidays. (Private rental.)

TinklyLittleLaugh · 05/01/2019 17:53

Acommodation costs depend on the uni. Mine have paid about £80 a week including bills, so around £3.5k for rooms in shared houses in Manchester and Liverpool. Biggest expense has been first year halls, though they have all gone for the cheapo, non ensuite options.

Original poster
Willbeatjanuaryblues · 05/01/2019 21:15

fevertree

Don't worry! I'm really grateful for the information, thanks for sharing it 💐

OP posts:
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