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Original poster

Uni- how much?

218 replies

LotsOfBalloons · 03/06/2023 14:24

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.

OP posts:
SummerSimmer · 03/06/2023 15:10

Look at the student finance website and work
out how much maintenance loan your DC will be entitled to and then Google rent amounts.
You will be expected to pay any shortfall in rent and living expenses. Don’t forget they won’t be eating you out of house and home during the term time so that will save you a bit.
Our DC cost us 6k each per year but I have a friend who did it for £35 per week so it really varies.

Original poster
LotsOfBalloons · 03/06/2023 15:10

So is the full loan enough for accommodation and fees etc?

Both kids are super bright and in a grammar where uni is assumed. I really don't want them not to don't just because we're low income. Both of us have degrees etc.

I'm not sure we are even in a position to take out a loan ourselves 😬.

Working will be a tricky one as due to autism a lot of typical student jobs are out (couldn't manage a shop/fast food for example due to sensory issues).

OP posts:
Okki · 03/06/2023 15:10

Though, I agree with you that the figures are horrifying. My DD is just doing GCSEs and she's considering going to a nearby Uni so she doesn't have accommodation costs, or alternatively doing an apprenticeship degree.

Interested in this thread?

Then you might like threads about this subject:

Higher education
Chocolateisnice · 03/06/2023 15:11

I graduated in 2015 and my maintenance loan and me working meant I didn't have to ask my parents for any money. I didn't get the maximum, but just learnt to live very cheaply, and worked on weekends. Saying that, I am now £45,000 in debt... although one way of thinking about paying it back is a 'University tax'

Write2023 · 03/06/2023 15:12

How much is your household income? This will dictate what loan your DC can get.

Cookerhood · 03/06/2023 15:12

The loans accrue interest from the day they start uni which is frightening, but they only pay it back once they are earning a certain amount. They will pay the same however much they borrow as it's a percentage of their salary. Try not to think of it as a loan, but a graduate tax. Lots will never pay it back fully.
Martin Lewis has written about it quite a bit, look that up, it might go some way towards reassuring you.
It can be made more affordable if they live at home - to me that's not ideal but somehow the only way. Term time jobs where possible (2/3 of mine have had them), or holiday jobs.
The first thing to do is get an idea of how much maintenance loan they would be entitled to (the loans for fees are simply the cost of the course & everyone gets that).

SummerSimmer · 03/06/2023 15:13

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
My 24 year old is on 29.5k per year WFH so not too shabby.

SummerSimmer · 03/06/2023 15:14

So is the full loan enough for accommodation and fees etc?
There is a loan for fees and another for/towards rent, depending how much the parents earn this may or not be enough for the rent.

Seeline · 03/06/2023 15:15

OP - everyone gets a loan to cover fees.

The maintenance element is for accommodation and living expenses. Depending on location, even a full loan will not necessarily be enough. The way the loan works varies across the UK - where do you live?

Original poster
LotsOfBalloons · 03/06/2023 15:16

Wow Summer! I wish I was! What do they do (can I do it?!). As per another thread I really do feel I've failed as I have some excellent degrees but do not earn that!

I guess that's one thing that hopefully they will earn more than we are now. Although being autistic you never quite know. Lots of autistic people are under employed.

Living at home would limit them to 1 low rate uni. They will be aiming Russell group/similar although I've already said London is out ...

It would be easier if they'd chosen trades!

OP posts:
Charlieandlola · 03/06/2023 15:17

My son is just finishing his first year in an expensive uni city. He got minimum maintenance loan of £4500 - he paid this to us when he received it ( three times a year) and we then paid the uni for his on campus accommodation ( £7500), so that cost us net £3K.
We then paid him £150 a week to live on ( he has ADD and can't manage to juggle work and study), so that has been another £5K approx. Plus we pay for his phones, clothes, petrol, car running costs ( at home). He's home for the summer, so now earning until late August.
From July he's out of uni accomm and into private rental at £195 a week ( 12 month contract). He will pay us the student loan to offset his accommodation costs.
And then from September the £150 a week starts again .
So no, not cheap.

Original poster
LotsOfBalloons · 03/06/2023 15:17

Seeline I think that's what I'm asking- whether maintenance loan is enough. We live in the south 😔.

OP posts:
JaninaDuszejko · 03/06/2023 15:19

Firstly, what's your household income? Put that into the student loans calculator linked to above to see what your DC would get as a loan. Compare to the full loan quantity and that will tell you how much you are expected to contribute. If you are on a low income you won't have to contribute then it's a sliding scale up to about £60K at which point you have to pay about dalf of their expenses (rest coming from maintenance loan).

Parents with money have always had to support their DC at University. I got no grant as a student back in the 80s, my parents had to pay all my living expenses so we now have to do less.

Original poster
LotsOfBalloons · 03/06/2023 15:19

Charlie and lola - that's great you can afford 8k + a year to support your son.

I think its clear from my thread that we can't...

OP posts:
PinkFrogss · 03/06/2023 15:19

LotsOfBalloons · 03/06/2023 15:10

So is the full loan enough for accommodation and fees etc?

Both kids are super bright and in a grammar where uni is assumed. I really don't want them not to don't just because we're low income. Both of us have degrees etc.

I'm not sure we are even in a position to take out a loan ourselves 😬.

Working will be a tricky one as due to autism a lot of typical student jobs are out (couldn't manage a shop/fast food for example due to sensory issues).

They get one loan for fees, this is not assessed based on income so DC will get the full tuition loan to cover fees, this is based directly to the uni.

The other element is the maintenance loan, which is assessed against parental income and given to the student to live off. Parents are expected to top this up to the maximum student loan but not everyone can afford to do so. Many students work.

Loans are paid back similar to tax (which is why it’s often called a “graduate tax”), they will pay a percentage over a government set threshold directly from their salary. The debt is written off after 40 years and isn’t considered a normal debt for mortgages etc the same way a payday loan would be, for example.

Read the Martin Lewis advice, he explains it very well.

SertralineAndTherapy · 03/06/2023 15:20

Hi OP,

Don't panic! Depending on which part of the UK you're from, and the household income, you might not be expected to pay that much. Either use the calculators that PP have posted, or tell us (roughly) and I'm sure someone will tell you more details.

5-6k/student/year only applies if you have a household income over around £60k. If not, there's a sliding scale of contributions.

Student debt is only repaid when earning over a certain amount, and is written off eventually.

Original poster
LotsOfBalloons · 03/06/2023 15:20

Janina we will get almost a full loan. Of course I know rich parents had to contribute - I think this thread is clear were at the other end.

I am concerned whether the maintenance loan is enough.

OP posts:
PinkFrogss · 03/06/2023 15:21

Just seen your reply to another user who’s son earns £29.5k. What is your household income OP?

It sounds like it might be on the lower side so this may be a moot point anyway.

SertralineAndTherapy · 03/06/2023 15:22

That depends on the city (and therefore accommodation costs)... it's enough to survive anywhere, the question is level of comfort.

standoutfromthe · 03/06/2023 15:22

The student gets tuition fees paid with the student loan. The maintenance loan is assessed on parental income. There are clear tables online. The full loan is £9k ish - the assumption being this is enough to allow a student to pay rent and feed themselves for the year. This depends a lot on where the uni is located and the cost of accommodation. If your child is not eligible for the full maintenance loan because of parental income, the assumption is that the parents should make up the shortfall.

In our case, DS is at uni in an expensive city. He gets minimum maintenance loan so we have to pay the shortfall for his accommodation and we provide him with £50 per week for food and travel. He has worked through years 12 and 13 and went to uni with some savings for his extras. While he didn't work in year 1 of uni (except at Christmas) he has just got a supermarket job in his Uni City for the summer which he hopes will continue through the year.

One shock we had was with second year accommodation. It's scarce where he studies and after a lot of searching he secured a house with his current flatmates. Great, but this accommodation requires payment in 4 quarterly amounts so we have just had to gather the deposit and first quarters rent because he will not get any further maintenance loan until September!

Lily999888 · 03/06/2023 15:22

LIZS · 03/06/2023 14:48

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.

We have done the same for both dcs. £30k seems very high!

Seeline · 03/06/2023 15:23

£150;a week is a lot if it doesn't include accommodation, phone etc. Mine live on about half tha

Original poster
LotsOfBalloons · 03/06/2023 15:24

Yes I'm clearly on the lower end so it's not about whether I'm expected to top up the loan but whether the figure that is the maintenance loan is enough for them to live on.

I understand high income families won't get the loans and can afford all the bells and whistles

But relying on loans I'm asking is that enough? As stopping music lessons and food won't come to that much!

OP posts:
PinkFrogss · 03/06/2023 15:25

Depending on lifestyle the maximum loan can be enough to live on. Depending on how often DC comes home how much that travel costs (trains can be expensive), if they go out a lot, want to join a lot of societies, eat expensive meals, want an en suite etc.

Most uni sites have a page on budgeting and typical costs, so that could be something to factor in when looking at unis. I believe Durham is on the expensive side, for example.

If they get maximum loan they might also be entitled to bursaries and grants, which is another thing to explore.

I doubt many students get full loan PLUS £5k a year and genuinely manage to get through it all, unless they have very expensive tastes. It’s unlikely their friends would have that much free spending money.

Sportycustard · 03/06/2023 15:26

I've got one at uni and one in Y12. We give our uni child £500 a month, our other one will get the same when they go.

Minimum maintenance loan is around £4,300 and is for anyone who has a family income of around £60k. We've found it doesn't even cover accommodation which is around £6k without food.

It's worth adding up how much you are already spending. Our second child is in a grammar school and music lessons (2 instruments), train ticket for school travel, sports subs, expensive school uniform and sports kit and school music tour comes to about £7k so we should break even. I was really surprised when I added up how much school is costing us