Affording Uni

[bustybetty]

My daughter (year 13) is considering uni. We are a normal family with no parental help (handouts) hubby is on 50K and my work is about 20K, we live in a modest house and have three teens as well. My question is I have just looked at the maintenance loan she would be entitled to and it doesn't even cover the cost of the accommodation - how do people afford this? We don't have spare money and I coupon where I can, we don't have phone contracts or gym memberships. I don't understand how most people afford to send their children to uni. Currently I'm thinking she will have to take a year out to work to be able to afford it.

ideas anyone?

If she's only 13 now can you start saving up some money for her over the next few years, - the DD is Yr13 so 17/18 years and heading to uni next September, so I'm afraid that boat sailed already!

To be honest I really struggle to understand why people don’t grasp the concept of student loans by now. Take the loan. Repayments are closer to a tax than a loan. Unless she earns loads she’ll never pay it all back and it’ll be written off.
Also £70k? I was a single parent and never earned more than £40k. I felt very well off then.

@cardibach the OP’s point is that the loan does not cover the full accommodation or any expenses . Because it’s mean tested parents are now expected to cough up or students need to work the difference, or mixture of both .

@VinylDetective I’m inclined to agree, if you can find the money to go to the best university you should. It’s a shame if there is a correlation between quality of uni and accommodation /living costs. I think Durham is particularly elite for sport .

That’s unlikely, Molly. I’d love to see the figures.
Anyway, I managed to give my DD a fair amount on my clearly breadline salary. Plus she worked.

I stayed at home. Took loans to cover some tuition fees and worked 20 hours term time and 40+ in holidays. I couldn't have afforded it otherwise as parents were on 16k a year between them.

Again parents paid for 5 lessons as my birthday and xmas gift and I worked to pay the rest.

Friends at durham lived further out and commuted in as living costs were cheaper

Are you sure the accommodation is that much? Seems quite high to me! I’m sure uni housing is only payable September - May/June ish. May be worth calling the uni and finding out.

The Durham cost includes all food. Still expensive.

We saved money for our DD's from birth and this helped. I have two at university so I'm finding £8k a year. It's hard but we have a similar income so doable

The Durham cost includes all food. Still expensive.
Ah that’s interesting, and there’s no option there? That’s a bit rubbish if it’s forced. My student loan was £500 shy of my accommodation but I used an overdraft to cover and repaid with money earned over the summer. My dad gave me £200 a month for food and beer money.

Ps DD's halls are £110 a week and other DD's house is £420 a month.

@cardibach

That’s unlikely, Molly. I’d love to see the figures. Anyway, I managed to give my DD a fair amount on my clearly breadline salary. Plus she worked.

Of course it can easily be true that the loan won't cover the hall fees. Hall fees as already discussed here start at about £100/w so 3800, most are around 5,000, some as much as 7-8000 if you want en suite or catered. Minimum loan is about £4k. There's the maths right there.

I would dispute the suggestion made by some here tho that Durham is necessarily worth spending £8k on Hall fees for. My ds has looked at Durham but much prefers the course and sports facilities at other unis, which are equally good places to go - for the record, Leeds, Newcastle and Loughborough, I don't think anyone will look down their nose.

It may be that Durham is especially good fir the course the op's DD is thinking of - so she may have to compromise on sharing a, room., or self catering.

I know this isn’t the point but I have always wanted 4 kids and this has COMPLETELY put me off. I thought once the nursery fee years were over it was plain sailing in the yacht and merc I could afford with all my money (haha) but flipping heck. 4 teenagers needing lessons, classes etc + uni. I’ll stop at 2 now!!

OP realistically if our can’t afford it you can’t afford it. You could stop any activities for all other kids no holidays no driving lessons but what about when child #2 wants to go as well? Then #3 and #4? If you really cannot cut monthly outgoings any chance you could remortgage to take out a lump sum to help? Otherwise commute to local uni/work a LOT (I had friends who had to do that and it really impacted their experience but ultimately their grades too which is sort of the point.

@ReeseWitherfork

The Durham cost includes all food. Still expensive. Ah that’s interesting, and there’s no option there? That’s a bit rubbish if it’s forced. My student loan was £500 shy of my accommodation but I used an overdraft to cover and repaid with money earned over the summer. My dad gave me £200 a month for food and beer money.

Yh you can self cater at Durham, and you can cut costs by sharing a room, see a pp's link to the costs.

There is a big gap between the loan and accommodation costs for those whose parents are in the highest income band - which is not actually very high. If parents don’t fill the gap it’s hard for the students and there is no legal obligation for parents to pay. But after 18 years of raising them three more years of digging deep to get an excellent degree is worth it. Otherwise what was the point of helping with homework, doing the school runs, teaching times tables etc etc? Even those doing apprenticeships will have living costs subsidised by parents in most cases.

We have DD1 at med school. £7000 for accommodation and she was awarded £4000. We got together with my parents and paid her accommodation so she has the £4000 for the year. She also has a good pt job in holidays. It's a massive struggle and we have 3 others who will probably go to uni over the next few years. My friends in a similar situation remortgaged their house to pay for uni. We both work full time and I work every weekend too, to top it up. I get no time off. In medicine, there are a lot of wealthy kids, who enjoy quite a comfortable student life. Start saving like mad.

Student accommodation is generally unaffordable. Shared rental houses on the private market tend to be cheaper. If she pays say three months in advance (until next maintenance loan comes in) it's much easier to budget what little maintenance loan she has.

A job during the university holidays are a must as a minimum and also in the summer before starting university (to pay first lot of housing costs)

Have some savings for year abroad costs if it looks like she might have one.

I also relied on a student overdraft with HSBC to get by.

And if you can buy her some groceries now and again that will help!

Firstly, she might have to think about the accommodation she chooses. She might not necessarily be able to go in THE most expensive. There are lots of other options like shared houses - or indeed a local uni and living at home - that would be cheaper.

There is also the option of her getting a job over summer, as that would help to build up some funds. There is often work available on campus for those who want it, too.

And surely you and your husband would be able to contribute something to her? She's no longer at home so whatever she would normally 'cost' in food/energy bills etc you could give to her. Or buy bits of food for her to take back with her whenever she visits.

If you spend so much money on her after school activities, I would assume that these would no longer take place when she was at uni.

It's all about priorities. The student loan system is good IMO, in that it always covers course fees and a good portion of living costs, but if you're on 70k, your DD shouldn't get given more just because you spend your money on expensive after school hobbies.

I hope your DC appreciate how fortunate they are. Having multiple extra curriculum activities, even being in a position to consider university away from home and having driving lessons paid for them. That is very uncommon to have that much given to them in my experience.

Out of my school year more than half went to university but I could probably count on one hand how many actually moved away. It just isn’t the done thing here. People typically went to one of the 4 within commuting distance

And if her DD is academic enough to go to Durham University, surely OP will be doing her a massive disservice if she pushes her into doing an apprenticeship in order to save money?

There are higher degree level apprenticeships these days, where they get paid to work and study at the same time. Depending what her dd wants to do, it's a perfectly good alternative to uni. One of my friend's dc is training to be an accountant this way.

That’s unlikely, Molly. I’d love to see the figures.

How's it unlikely?? It's normal! When my DS started uni he got the lowest rate £3800 student loan for the year, his accommodation was £5600. Is that clear enough?

This is very strange. You've had 17 years or so to plan for this? You earn a good salary between you and your DH. I've been saving since my DC were born. Small amounts but it all adds up.

Basically in regards to how you manage it - you do whatever it takes. I come from a very working class background and my mother managed to send all three of us to university in a different country. We worked part time from second year onwards and we did get a grant for fees but she funded a hell of a lot, for which we are all eternally grateful. Her sacrifice then has meant we have been able to look after her financially later on.

You say you don't live off credit or HP then I imagine you have a good credit rating. Get a loan or use credit cards. Beg, borrow, steal when it comes to education you just do what it takes.

I had friends who had to do that and it really impacted their experience but ultimately their grades too which is sort of the point

I worked full time during school breaks and part time during term time. It didn’t affect my experience at all. In fact, the term time job was in a bar so if anything it added to it.