Uni- how much?

[LotsOfBalloons]

So my eldest is in yr 9 and I have 2 kids.

Fibancially we have stretched ourselves to manage music lessons, swimming etc.

Both are at a grammar school and are expecting to do uni.

I'm starting to get The Fear. Our income isn't high for a number of reasons and we haven't got capacity to save beyond 100 a month we save for car issues/etc. We don't do expensive holidays, have old cars etc.

A threads I was on suggested needing 30k for uni. That's so way beyond us.

I was wondering if people could let me know what they do need (ie don't come and tell me you've bought your child a house etc as not relevant!)

I went before fees were introduced. I know they have loans now (I'm already anxious about them leaving in debt but I know its how it works now) but do the loans cover enough?

My child is keen to work too but there aren't Saturday jobs like there used to be and noo e around here employs under 16s anyway. Having said that, they're autistic and may not have capacity for work and uni at the same time.

£30k sounds extortionate.

Parents are supposed to top up to maximum loan - about £5k - £6k if your child gets the minimum. This might have changed by the time your children get there.

I’d save what you can in the meantime, review once they reach year 12 and then have an honest conversation about what you can afford. They can work while at college/sixth form to save up, save up over the summer holiday after a levels, get a job at uni, take a gap year etc if needed.

Sorry completely missed your last paragraph! Many students stay in their uni accom during the holidays, they might be able to get temporary jobs over Christmas and Summer in their uni town.

You need to get an idea of what loan they will be eligible for and then the idea is that you top that up to max.

You also need to work out/have a conversation with them re whether they will need to work whilst studying.

A lot of parents are in this situation and the DCs need to work to top up their loan. Hopefully you’ll get the full loan and they’d need to choose the cheapest accommodation …. no en suites etc.

Mosr uni cities have plenty of jobs so hopefully yours would find something suitable for their needs.

My DD survived on £50 a week … although this was pre covid so food was a bit cheaper but she ate well. She’s not a big drinker so that also helped with nights out.

2 kids minimum loan yes it will be 30k in total in today's money. We get minimum loan - so tuition fees (9.25k pa) and maintenance (roughly 4.5k pa). Bear in mind average accommodation is around 6k pa.

We top ours up by 5k pa per student and they work.

We paid accommodation(about £150 pw) and they live off minimum maintenance loans. Tuition loan pays uni cost. Not sure where your 30k has come from.

I'm not there yet but I've been told for households with no means tested loans expect to pay £500 a month, so for 2 kids over 3 years each it would be £36,000. I assume that's with no job but then this was before the current inflation crisis.

Yep, about £5k per year per child and they both work too.

You can check in the government website to see how much of a loan they'll get.

Look in university websites to get an idea of accommodation costs.

My eldest in on the autistic spectrum and wouldn't have been able to work. That wasn't an issue though, as he didn't socialise or buy clothes so didn't need much money.

£30K would cover living in nice accommodation for three years plus spending money. Nice if you've got it. If not, look for universities with cheaper accommodation (up north) and budget to give your DC what you now spend on food/music lessons/school travel. Do not panic, it is doable.

OP, my eldest dc is 18, due to start at uni in September- and even now I really don't know how we're going to afford the top-ups. Dc is also autistic (plus has adhd) and so far has had no luck getting a part time job (he's been trying since finishing GCSEs 2 years ago), so I don't have much hope for him being able to work through uni. We are expecting to need to find £5-6k PA on top of his minimum loan. At the moment, going into (more) debt is the only option I can see. DC2 will potentially be starting in 2 years time, so the amount needed could then double (though I'm hoping he will take a year out - something DC1 won't even consider - and already has a p/t job so should be in a position to contribute a bit more). If there is anyway you can cut back now and save a bit more each month I really would - we really wish we had been able to do that. It's such a stressful situation and I really can empathise.

It depends where they study. My DD is up north and she gets 550pm alliance + we paid 6.5k accommodation for year 3. London is much more expensive.

5k a year per a child? (I guess that's where 30k has come from)

I cant see how we have that. Even the music lessons and food don't add up to 5k.

Do loans cover fees and accommodation?

Everyone can apply for loans for fees.

The loans for living costs are based on parental income, we are expected but not compelled to top it up.

Oh pinkpip it sounds like we might be in a similar situation 😔. We're in our overdraft every month as it is.

I think I had naively thought our money would be for food/treats not actually needed and that loans covered the basics.

I had abusive parents and managed on loans/grant (just phasing grants out) but there weren't fees.

I feel sick 😬.

Everything in our house is looking unloved (ha there was a thread on keeping your house looked after and there's no way we do those things!). We just have no capacity.

Remember you do not pay the tuition fees bit and it helps if dc have jobs at uni. Ds has and it has made a huge difference, he also saved and worked during A levels.

They're going to be in crazy debt when they leave aren't they?! 60k odd...

Depends on how much loan they get, it’s done on a sliding scale based on parental income. When DD was at uni a while ago minimum was £4.5k, and maximum was £9.5k. I think parental income of about £60k = minimum loan. The figures will have changed since though (google student loan calculator and it will give you an idea of what your DC will receive). Minimum loan typically doesn’t cover accommodation, I think DD’s accommodation alone was £5.5k a year iirc.

If it’s not affordable then at least you know now and can plan accordingly, another option that doesn’t involve working while studying or taking a gap year is staying home and commuting to a nearby uni.

You can also explore alternative routes such as degree apprenticeships etc, your DC still have years to go and a lot can change in that time. They may not want to go to uni or it might not be the best choice for them.

I don’t know much about it but also look into Disabled Students Allowance (DSA) which he may qualify for due to his autism.

Firstly where in the UK are you as each part does it differently?

I wouldn’t beat yourself up over not being able to afford it, plenty can’t. We couldn’t and DD worked through uni, which if anything probably helped her long term as unlike some of her friends who didn’t work she had no problems finding and settling into a graduate role very quickly.

As long as you are honest and supportive in finding alternatives it’ll be fine if you don’t contribute the full amount

It really depends what they study. If they pick strong in demand degrees 60k is not a lot. If they end up studying English, arts.... good luck to them.

https://www.gov.uk/student-finance-register-login

They only have to start paying it back once their salaries exceed a certain amount, so below that they pay nothing.

https://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes/

This is really helpful

Don't forget that yes they will be in debt, but they won't start paying it off till they earn a certain amount- not sure exactly how much at the moment, but somewhere around £21k and if its not paid back after 30yrs, its written off. It also doesn't count against you for mortgage applications, unlike normal debt.