To think I'll never be able to afford DCs university

[TrackyBottomsTuckedinSocks]

Conversation with people last night mentioned their DCs came out of uni with 60K debts. Also the cost of paying their DCs rent and everything else. (Student loan covers tuition fees?) We're in the bracket that doesn't qualify for financial assistance, but doesn't have too much left over at the end of the month either, with no extravagant lifestyle to boot. Do I discourage DC from going to uni (next Sept) or do we accept that a debt like that is an inevitability/investment? I feel so worried about it

@user1497207191

You are very pro uni - I’m not anti it but I also don’t think it’s the best choice for many young people. And the alternatives are getting better.

As an example, magic circle law firm Norton Rose is starting an apprentice program for solicitors this year. Those that are chosen will not ever be at a disadvantage over those who went to uni.

I also think the tide is shifting again. These things happen in cycles. 30 years ago you could get a job without everything requiring a degree. I think the same is starting to be seen again now. I’ve worked for several global mults and experience is taken into account where previously a degree was essential. Corporations are recognising having a degree can disadvantage really high quality candidates who are put off by the level of debt needed to go to uni.

[quote user1497207191]**@MrsPelligrinoPetrichor* There will be posters who say he can get a job at uni, do NOT bank on this, he might be lucky but it's harder than you think and also depends on the course they are doing.*

The OP's DC could get a job now and be earning & saving for a year before going to Uni which would enable them to save. Maybe more jobs locally to home, such as supermarket shelf/stacking or picking, local shop work, waiting on in local cafes/restaurants, or even doing some local gardening/window cleaning/car washing. Some part time work for a year locally to home will give them reference/experience which would help them get a part time job in their Uni town.[/quote]
I had friends who studied medicine and law, probably the two hardest degrees, they managed to work part time whilst studying. I have lab techs who are studying medicine, doing part time work in the lab and working in a supermarket at weekend. There are pretty much no courses that you can not fit work around.

We are a low income family. Dd has just gone to university on full loan and full maintenance grant. We can’t afford to support her beyond the odd £20 Tesco voucher or paying her £20 a month phone bill. We’ve lost a huge amount in tax credits and child benefit now she’s 18 and I am severely disabled and cannot work. So things are tight. But - she got a part time job during sixth form and stepped up her hours during the summer and managed to save £1000 to get her going. Most universities have a bursary for low income students (where she is it’s about £40 a week) and she is going to get a job. Most students do. It is absolutely possible to go to university without parental financial help and we encouraged dd to go.

My parents could have afforded to help me with uni but chose not to (a whole other thread!). I worked several part time jobs and lived very frugally to get through - wasn't eligible for any additional help from the university as my parents income was high. They didn't accept that I was financially independent. What I'm trying to say is, young people can and do make it through university without their parents paying for them.

The student debt itself isn’t a debt as such. It’s more like a tax on earnings and many people won’t ever have to pay it off in total. My DD graduated with a first from a top university and is now working but nowhere near earns the amount where she has to even start to pay it off.

If your DC only qualifies for the minimum loan it's because your income is high, £60/£70K or more. The government expects you to top up the loan though it's not enforced.

To quote Martin Lewis again
This leaves many heading off to university without knowing their loans are a fraction of the full amount. Martin tells of meeting students at his roadshows whose parents won't give them money as "it's about learning independence", without realising their loan's been halved on the expectation their parents would fill the gap
www.moneysavingexpert.com/news/2021/06/martin-lewis-hidden-parental-contribution-university-/

Perhaps you should start now to think of how you could reduce your other spending to help your DC?

I would also work full time over summer in temp jobs/through temp agencies and save up a nice big pot to supplement my part time income over the academic year. It's hard work but possible.

Honestly thanks so much. The MSE link is very useful.
Is it relevant that DC1 has no idea what they want to do? Opting for a broader (decent imo) degree at a decent uni so hopefully career options wouldn't be limited.
DH earns around 50K I currently work p/t and on 10K. Now trying to work out whether I should get a better job or stay put (better for family logistics) and maximise the grant amount.

'Fortunately' DC2 is unlikely to go the academic route.

I agree that the days where an academically able 17 yr old, who didn't really have a clue what they wanted to do in life, just applied to university in whatever subject they liked best at school, should be over [points at self].

I wouldn't encourage university straight from school unless it was for a purpose (and that purpose could include genuine passion for further study). There are other routes, and higher education will always be there to come back to.

I did a year out before Uni, had no help, other than accommodation in the holidays but that was when it was doable with less debt.

If they want a Uni education, then sadly, it costs. Saying that, I still have lots of student loans outstanding, never earnt enough to pay them down & I just ignore them.

@TrackyBottomsTuckedinSocks

Honestly thanks so much. The MSE link is very useful. Is it relevant that DC1 has no idea what they want to do? Opting for a broader (decent imo) degree at a decent uni so hopefully career options wouldn't be limited. DH earns around 50K I currently work p/t and on 10K. Now trying to work out whether I should get a better job or stay put (better for family logistics) and maximise the grant amount. 'Fortunately' DC2 is unlikely to go the academic route.

On that salary you may need to top up the amount of loan / grant your child receives - have you tried the student loan calculator (I’m sure you can google and it will come up) it will give you an idea of what they’ll be able to receive. For reference my dh earns £19k (that’s our only earned income, the rest is made up of disability benefits and tax credits) and dd gets the full amount of grant.

In Scotland you only qualify for the minimum loan if you earn over £34k, DS1 would get more if we lived in England.
I know of a lot of students living at home as a result.

@Wbeezer

In Scotland you only qualify for the minimum loan if you earn over £34k, DS1 would get more if we lived in England. I know of a lot of students living at home as a result.

But there is no tuition fee

@Wbeezer

In Scotland you only qualify for the minimum loan if you earn over £34k, DS1 would get more if we lived in England. I know of a lot of students living at home as a result.

But you don't pay fees!

Everyone I know worked at uni. Even the ones who had placements. The best advice I ever had was to treat uni like a 9-5 job. So get all your reading and writing done during that time. I then worked two evenings a week and a Saturday in a call centre. Other friends worked in restaurants/supermarkets/retail shops that opened in the evenings plus that crucial whole day weekend shift. Some friends did split shift nannying for families with older children so did breakfast and drop off then school picks ups until 6ish everyday.

It is not your decision and not your student debt. You shouldn't either encourage or discourage uni. Plenty of people work alongside uni to supplement the loan if needed. It really is very common

Lots of hospitality and retail jobs going at the moment. I’d make it clear that if they are to go next September, they get a job now & work full-time for the 3 months after exams. Ideally somewhere that they can transfer the job to when at uni.

What’s the degree they have chosen?

My DS stayed at home at went to university. Luckily we live in London but living in London is why we struggled (swings and roundabouts). Turned out perfect cos of lockdown. He was in a much better place than his mates.

People look down in students living at home but needs must. Plus in Europe it is common for students to live at home when attending university.

My partners daughter went to Uni. He paid £500 a month towards her costs.
She never got a job. She went on lots of holidays, weekends away in Europe and Scotland etc etc.. major holiday in the far east which he paid for costing him thousands.
He paid for cars, insurance white goods and more.
When she realised she needed to get more qualifications since her chosen subject was not ideal, she stayed for seven years and never asked him if it was OK.
She kept him poor. He could not help me with the mortgage on our house, and when we needed to have work done on the house I had to pay for all of it.
We did not take holidays.
Then she had the cheek to moan about the student debts she had incurred. I could go on but that would be outing.

If your child chooses to go to Uni, they should get a job and not expect you to subsidise their lifestyle.
Agree a certain amount and stick to it.

I live in Scotland, and although it’s not uncommon to move away for uni, a lot more students stay at home and go to the local uni. Would this not be an option?

If your DC is determined to move away for uni then he will have to get a PT job while studying, most students do anyway.

Can your child take a gap year, work whilst living at home and squirrel away some money to help with living costs? Could you go up to full time?

We have been investing monthly since kids were babies for this, it will probably smart as much as nursery fees! I feel your pain.

But you don't pay fees!

No, but in the rest of the UK you don’t have to pay the fees upfront, so this can’t really be tacked on to the “can’t afford it argument”.

I guess it partly depends what they're studying. I worked throughout my undergraduate, I had 1 job during term time and 2 jobs during the holidays. I also worked a lot and saved really hard during college. It wasn't easy but it was doable - however I was studying a humanities subject and didn't have many timetabled contact hours. Later I went back to uni to study a science subject with a huge number of contact hours as a mature student and although some people on my course also worked I don't think I could have coped with a job on top of studying.

DH and I had two sons to support through uni. DS1 went to Oxford, that was much cheaper for us as the terms are only 8 weeks and he was able to keep his old supermarket job for the holidays. They expected him to work so hard in term time he could not have had an extra jo;b there but it was only reading and odd things he had to do between terms. The only extra on top of his loans we paid out was about £160 a term for a ticket to get evening meals in hall.
DS2 went to Leeds and it was far more expensive. The lo;an onl covered his room in hall and most of his rent when he lived out, so we had to pay him extra. He did a course where the amount of practical work he had to do outside lectures was enormous, so couldn't work. We sent him £200 per month each, so £400 per month. He lived quite well on that and also managed to keep some hours at the takeaway he worked at near out house for between terms - they were always short staffed.
Although Oxford discouraged term time work they always seemed to have a few hours in the college available for anyone who was skint, showing vistors round at open days and things like this where you could pick up £10 ph. We coped but did have to sacrifice holidays when DS2 was at uni.

I have two going off to uni at the same time in a few years.
We have a similar income to OP.

I have been saving into child trust funds since birth and should have enough to top up.

We are going to hope though they can live at home as we live in a major city with several universities.

I might try to encourage a year out so they can work and save.