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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how do you/your child pay for uni?

179 replies

wishparentingwaseasy · 27/04/2015 15:57

My eldest is off to a central London university in the autumn and I have just completed the student loan calculator.

We (as its household income not students income or lack of) are entitled to £9,000 for fees and £6,500 for living expenses. The cheapest halls is £5,000. I daren't look how much for non halls accommodation. Leaving £1,500 for everything else including food, books etc. £37.50 based on 40 weeks.

AIBU to wonder if that is doable?

It is certainly unlikely that they will be travelling home. Sad

OP posts:
catsrus · 27/04/2015 19:38

Its not doable unless you can give her extra support or she works. London is almost impossible for ordinary students now, I was really glad my dc didn't want to go there. On some courses it's really hard to work because you are occupied 9-5pm in labs / studio. On others it's a more flexible mix of lectures and seminars, between which you can get on with your course work and essays.

I work in HE and am appalled at what this country is doing to its young people. I was from a poor WC background and had full grant and fees paid (back in the 70's). Since that time I've certainly paid more into the system, through taxes, than I've ever taken out of it, I was a good investment, as were many of my contemporaries apart from those that became bankers or politicians. We should be investing in education.

Rivercam · 27/04/2015 19:45

This thread is making me panic. My eldest DC is in year 10 so will be going to u I in three years time. We have almost no savings, despises dh's reasonable wage. Can anyone give me a link showing me what loans we would be entitled to. Help!

bigbluebus · 27/04/2015 19:49

rivercam try looking at this:
www.gov.uk/student-finance-calculator

parsnipbob · 27/04/2015 19:52

Both my sister and I decided against uni in London as too expensive.

We both worked throughout uni to help pay, is that an option for your DC? It would be good if so as not only does it help with money but also makes them much more employable after they graduate.

parsnipbob · 27/04/2015 19:53

Ps yes gap year can be good too, forgot to add sister and I both did that and spent the whole year saving.

Horsemad · 27/04/2015 19:54

What happens if student's parents refuse to fund them? They have to work and get loans I suppose?

parsnipbob · 27/04/2015 19:55

Would really strongly advise against uni in London (am a Londoner). It's better to move there after uni when you have a job and relatively decent income.

cardibach · 27/04/2015 19:55

We give her what we can (remember their absence dies reduce household expenditure, and you may have been paying them an allowance anyway, so it isn't as bad as it sounds - though I am worse off than I was...) and she works part time. I pay for everything in the holidays and she will work in the summer (tourist are here - seasonal work). It helps that she has a safety net of money put away by us and (mainly) her grandparents, but she has only dipped into that occasionally so far (1st year) and has replaced it when she has.
It's not easy.

parsnipbob · 27/04/2015 19:56

Horse yes exactly. My mum couldn't fund us at all, we just got the loan and had to work.

Plomino · 27/04/2015 19:56

Ds1 has applied for his loan already , and been told that despite having 5 siblings , due to my income the max amount maintenance he will get is £3730. The cheapest cost of halls for the year where his place is , is £8159 . Then he has to eat. We also have another 2 who will go to uni in the next 5 years . Ds1 is working like hell during his gap year, but its going to be very very tight . DS2 finally managed to get a part time job after 70 applications , and he's already been told to set up an ISA and start saving .

Original poster
wishparentingwaseasy · 27/04/2015 19:56

The degree is one of the 3 that pp have said working while studying is impossible so term time job is out.

We have other children at home and not having the eldest at home won't dramatically reduce any bill freeing up cash.

Here's hoping that a summer job can be found that pays enough to fund year 1 although I'm sceptical.

OP posts:
BorisJohnsonsHair · 27/04/2015 19:57

My DD is in her first year and has a very full-on course, so no time for a term-time job.

She has her loan plus an extra £250 per month allowance and manages very well on that amount. I'm aware that London will be far more expensive for many things (particularly travelling home).

parsnipbob · 27/04/2015 19:58

I have to say I don't understand why people don't look into this kind of thing when applying for uni.

I have a few friends who decided to apply to uni in London not realising til they were applying for finance how expensive it actually was.

Anyone on this thread whose DCs have yet to apply to uni I strongly recommend you encourage them to a) research living costs in the area they want to go to uni in and b) find out how much they're entitled to. That should form part of their selection criteria.

frikadela01 · 27/04/2015 20:02

My first degree I worked about 20 hours a week but that was a traditional degree with lots of flexibility.

I did a full time nursing degree 9-5 whilst in uni and then 37.5 hours a week whilst on placement. Holiday hours are massively less than usual students yet I still worked health care shifts around this. Very few degrees allow no time at all for part time work.

parsnipbob · 27/04/2015 20:04

I did an English degree. Worked 15 hours a week in my first and second year and 20 hours in third year. Worked all summer too. I would venture that no degree except for medicine would eliminate all possibility of term time working. 4 hours would be fine!

BackforGood · 27/04/2015 20:05

I have to agree with parsnipbob - people who have thought this through, take into account living costs, as well as course requirements when applying for University. A number of youngster I know have made the decision to go out to work for a year - working all the hours they can and not spending to give them a lot of savings before they start.

laughingcow13 · 27/04/2015 20:06

Op- You have not responded to my link which shows that from next Sept students living away from home in London are entitled to £8009 loan for living expenses

Horsemad · 27/04/2015 20:09

My DS wanted to go to London to study, I was Shock at the costs, DH was encouraging him as he'd have loved to go there himself Hmm

Luckily (for our bank balance) he didn't get an offer, I was quietly relieved!

Scholes34 · 27/04/2015 20:12

Our savings package that we put together 15 years ago was supposed to pay for the children's university education in full, but it will now just be enough to supplement loans

Rather than looking at the student finance, though, as loans, you can consider it a graduate tax. After 30 years the money owing is written off anyway. I was fortunate to get a free university education, but when I then had my first job, I was paying income tax at 30%. If no government is willing to put taxes up to pay for public expenditure, this is where we find outselves.

GirlSailor · 27/04/2015 20:26

321jenny321 I guess just be glad there are loans now, otherwise you'd have to pay a lot more out. Your daughter will at least leave with less debt to pay off than her peers from low income families.

321jenny321 · 27/04/2015 20:41

321jenny321 I guess just be glad there are loans now, otherwise you'd have to pay a lot more out. Your daughter will at least leave with less debt to pay off than her peers from low income families.

Not actually true as someone from a low income family gets more in non repayable grants and bursaries. They can borrow approx £4k a year and then will get £4k a year non repayable grant and anything up to £3k in bursaries from their uni.

She will leave with even more debt than her low income peers. The whole system is very unfair for those on middle incomes.

MoominKoalaAndMiniMoom · 27/04/2015 20:45

321 and the rest of life can be very unfair to children who have grown up on very low incomes. It isn't as if we've had things thrown at us our whole lives and this is just yet another privilege.

DressingGownFrown · 27/04/2015 20:45

I was in a cheaper part of the country and that was, I think, exactly what I got and my halls were £4800 and I managed without working, and a little bit of help from my parents. Not regular help, but a big food shop at the beginning of term etc.

Original poster
wishparentingwaseasy · 27/04/2015 20:49

laughingcow unfortunately it's the crucial "up to" part that's our downfall. It was from the student finance calculator I got my original figures.

OP posts:
321jenny321 · 27/04/2015 20:49

Op- You have not responded to my link which shows that from next Sept students living away from home in London are entitled to £8009 loan for living expenses

Thats the maximum loan you can claim. The amount of loan your child can get reduces based on income. One one end of the scale a low income student has access to £10k a year plus, most of it non replayable. A student whose parents are on £62k a year plus can only borrow approx £3500 and gets nothing in the way of grants. Parents have to fund the rest, despite the fact they may have 3 other kids to support.