How much will it cost to support DC through Uni

[GuesstheEnd]

DS, now at 20yo, has decided he does want to go to Uni afterall.

He's worked FT for the last 4 years and does have some savings.

If I was going to give him full parental support, what do I need to put by?

There's only me, but I have a good income, so I assume there'll be no state support over what everyone gets.

Living at home or away? Start by breaking it down e.g.
Tuition fees
Accommodation costs (some of the new privately run halls of residence type places such as student castle are eye wateringly expensive), there should be costs on the uni websites
Food (similar to what he costs to live at home)
Books and any equipment he'd need for his course
"start up kit" e.g. cooking equipment, bedding, extension leads, etc
Travel costs (might depend where he lives and how often he wants to come home)
Clothes, socialising etc.

Living away.

I'm just looking for a ballpark of what I'll need to contribute over the student loans.

I've no idea if we're talking a few pounds a month to top him up or thousands pa.

DD is starting in September. She’ll get minimum loan of around £4,5k. We are paying for her accommodation which will cost £167 per week for 40 weeks but as I understand it year 2 contracts often start in July so will be for more than 40 weeks.

Money saving expert has a calculator - university maintenance ready reckoner

Oh, this is interesting. He left school at 16 and has been doing an apprenticeship, so he has "supported" himself for almost 3 years. Itmwill be 3 years by the time the course starts. He's still lived at home though. Does that mean my income doesn't matter? Presumably it just means he gets bigger loans though?

"If you’re under 25 and do not financially depend on your parents
Your household income does not include your parents’ income if:

you have supported yourself financially for at least 3 years
you have been married or in a civil partnership at any time before the start of your course
you spent at least 13 weeks in the care of your local authority before you turned 16 - in this case, you might be able to apply as a care leaver
you’ve had no contact with your parents for over a year - in this case, you might be able to apply as an ‘estranged student’"

He hasn't supported himself though, has he - that would mean paying all housing costs, bills, food etc, so living independently of parents.

I don't know, that's why I asked. He's had full time work and paid keep here.

Depends where he goes to uni - accommodation costs vary hugely - could be £3k, could be £10K.

So he has supported himself. It doesn’t say lived independently.

Or a lot more. Accommodation in London can be up to £400 a week, before fees, subsistence etc

We have paid accommodation which was between £400-600 pcm, They lived off the loans and any holiday work.

If he's been earning "enough" to be self-sufficient for three years, seems like he qualifies:
www.standalone.org.uk/guides/student-guide/#self-supporting

If he hasn't, then a guideline is to see what loan he would get (it's means-tested on parental household income) and top-up the difference between that and the maximum loan.

I wonder what "enough" means. He's on a pretty good salary now, but it was a low apprentice wage in the first years.

Also whether it matters. I wouldn't want him to take on extra debt when I could support him, but if there's a "grant" available....

I’d allocate £20k/yr for Uni and then subtract from that whatever you expect in loans and bursaries.

Yes you’re talking thousands
he will be able to get bursaries and things from his uni
hsve you tried the online student finance calculator?

Student loans are a very odd sort of debt, and more like a graduate tax these days. The system will be changing a bit for next year, but a good place to get an overview is here:
www.savethestudent.org/student-finance

Everyone's entitled to a loan for tuition, and the loan for living costs is means tested. It varies from about £10k (parent earns under £25k) to about £4.5k (parent earns over £62k). The figures are higher for London.

Ah OK. So I don't earn as much as I thought I did and he will qualify for more than the minimum.

Is.it on your whole salary or after pension contributions are deducted (like child benefit)

Some unis will give financial awards for exceeding entry criteria, in difficult circumstances or hardship. There may be some specifically for those entering uni after the usual school leaving age.

It's on taxable income, so after pensions. I assume he's looking for next year's entry? Student Finance applications can take an age...

We gave DD the difference between the amount of her personal student loan and the maximum student loan. She's on a three year course and we're not giving her anything as she gets extra student loan for being abroad, a erasmus grant and money earnt during lockdown. Her final year is going to be tough - accommodation is very expensive in her area, so we hope to keep it to £400pm - £150 pm and her student loan will hopefully cover accommodation. £250 is meant to energy bills, food, travel home etc, but I'm currently wondering if this is going to cover everything with rising prices.