Student loans and living at home

[selfishteenagers]

Do you let your teenager keep all of their maintenance loan or do you charge them for living at home/food etc ?
Just wondering what people usually do

I only have babies, but from my own experience - we paid "keep" just to help out, when we got a part time job we contributed a little more towards bills and food.

I wouldn't, they get a reduced amount for living at home and spread over a year it isn't very much.
As we have to top up our dds maintenance by several hundred a month, I would give free board and food to one staying at home.

What will your budget allow?
My dd is an apprentice on a low wage. She pays keep because otherwise we couldn't pay the bills.

If I could afford it, I might still ask for a contribution but might save it for her.

Or it might help to keep the loan and dole it out monthly.

It's such a pain having to cope with a huge chunk of money then nothing for ages.

I’m just contemplating what to do as from 1 sep we obviously lose all child benefits etc etc yet still will be living at home
There’s resistance to handing over money so I was thinking do I just say alternatively you now have responsibilities for x amount of your own costs ? Maybe it will work that way ...

My eldest loves at home. She gives me a set amount each time she gets her loan.

I wish I could afford for her not to but I can't and she's happy with the arrangement as she's been used to paying her way since she first started working.

www.comparethemarket.com/home-insurance/content/pa-rental/ this is good and also looking at halls fees.
I was quite brisk and transparent.
It was part of her becoming an adult that she would understand how much bills cost and that she should contribute.

She doesn't pay anything like as much as on the calculator above but knowing how much it gave as an indicative figure softened the blow when I showed how much I was going to ask for.

She spends a lot on lunches and things and I think she would spend everything if I didnt ask for keep. Clothes, books etc.
Asking for keep gets her used to planning not to fritter all of her money away.

3 of my DC are at Uni and 2 still live at home. They both work and earn good money, as well as their student loans. They offered to pay digs, and we accepted as it feels unfair their sibling is paying rent and bills whilst living elsewhere for uni. It's important they learn to budget at this stage in life. They both pay £100 which includes £40-50 each for their phone contracts.

Strange how there’s some parents out there who will funds their children completely through uni.
And others who will take their maintenance loan off them.
🤷🏽‍♀️

Yes indeed, strange how many people have different circumstances and ideas jsn't it. Who'd have thought! 🤦‍♀️

Just out of interest, what do you think a maintenance loan is for?

yes I would expect them to pay for their food and contribute to bills in the same way they would at if they lived in student accommodation.

The maintenance loan is reduced for students who live at home as it is calculated on the basis that parents won't charge rent.
However, it assumes that live at home students will make a contribution towards food etc.

I couldn’t take keep off my uni DC whilst they are at home. But I am working. His summer job has disappeared thanks to Covid. Even if his student job was happening I couldn’t take keep.
Once he’s in full time employment yes I will take keep then. Hope this helps.

I wouldn't take it if you don't necessarily need it.

The maximum maintenance loan is £646 a month. No student needs that much money if the have all their food and bills paid for them. I would take the true cost of their food and extra water electricity , gas etc. Obviously student loans vary in amount so I would ensure they had a minimum of £50 a week left over.

*if they

Initially I suppose there’s some expense for books etc then after that I just thought maybe some things should be taken over - currently we fund everything and give pocket money but once all the child benefit etc stops in September surely it’s a good thing to hand some financial responsibility over ?
Because we need to due to the constraints of our own finances and also to teach money management ?

No you’re legally obliged to support them. They get less in their loans if living at home because they have less to pay for. I don’t think you need to pay them pocket money but charging them rent is wrong.

Yes you should take some for board. For the good reasons you have mentioned.