To think it's going to be a struggle to send DC to university now?

[coffeerevelsrule]

DC a couple of years off this now but it's beginning to worry me nonetheless.

My finances are as follows: I'm divorced and earn about £52k. Ex husband contributes nothing and I have to pay him £10k when youngest child reaches 21 as part of our divorce settlement. I have just over £21k in savings. I usually manage to save about £100-£200 per month - this is quite a bit less than a couple of years ago just due to rising costs and having to replace my car when it died last year. My mortgage is currently just under £700 per month and I also have about £5k other debts (low - 0 interest - unavoidable at the time).

Martin Lewis website said last time I checked that I should expect to contribute about £7k per child per year. This would have been a struggle anyway but now looks pretty much impossible. My mortgage is fixed for another couple of years and my fuel until next year. Both will rise massively just as dd1 is due to go to uni. What the fuck will happen?

AIBU to think that if inflation/interest rates stay like this they are going to have to look again at the thresholds for parental contributions but AIalsoBU to say they won't and university is going to become unaffordable for many?

Or are you suggesting that it's better not to go to university at all (even a top university) if you have to work in the holidays to be able to afford it? That's a strange perspective, but if you really think that then advise them to take a gap year and to focus on earning and saving money that year.

My dc is at an academic grammar yr12 and most of her peers are working. It’s seem as a positive. They can easily fit a few hours a week in at A level. Mine worked 5-11 on Saturday - she honestly wouldn’t have been studying instead.

Tuition fees are irrelevant, student loans cover them. The loans don’t cover the whole of the maintenance costs though, that’s what the issue is. So there’s no point bashing the Labour Party on this.

Working at least in the holidays will do them good. And student debt is just a fact of life. As a pp said, you seem to want it all ways and that just isn’t possible. There are some great suggestions here, notably increasing your pension contributions and your kids using your ex’s income if it’s less than yours. Withdrawing money from your pension is a terrible idea, so is increasing your mortgage.

It shouldn't need that much money as top up income for university. Higher education has transformed into a scam industry that inducts youngsters into a debt culture.

They won’t have to study the whole time they’re at uni, there’ll be plenty of time to fit in part-time work.

I doubt they’d feel left behind by their peers unless they all plan to attend the same uni.

I wish I had worked the year before uni to be honest - it would have really helped my work ethic. a lot of friends say the same. If they can live with you at the same time and thus pay no rent, they could save a really decent amount of money.

Personally I don’t think working during a degree is a great idea for most people. I did work during my post grad and I found the juggling very stressful. They’ve the rest of their lives to work, hopefully not at minimum wage.

My kids got jobs to help fund their university costs. My son saved up enough to fund his living costs when he did his masters. Tbh, the system is appalling. No other European country charges their students such huge fees-some don’t charge, but others are modest-like the Blair government envisaged. However, they’ll be fine if they get jobs-and prospective employers will appreciate some work experience.

You don’t ‘send’ your offspring to university. They are adults and they make the decision to go to university themselves. By definition, they are capable of understanding the financial implications of that decision and the way in which the student loan system works. If they want to top up their loans they can get jobs, of which there are currently no shortage.

Working in retail, hospitality, call centres etc etc while at university has massive benefits, particularly to young people from sheltered, privileged backgrounds.

We have 2 at uni, one living away in uk, one year abroad in Europe. We knew they might go to uni from about Y6/7, so started saving... from about the same income as you (ours is joint). We managed to save around 20k, that helps... that is what you have saved too?, so why not spend it on helping the kids get a leg up... can't think of anything more worthwhile to spend ours on.

They both took gap years during covid and got jobs. One as a call centre operator for broadband support, the other for covid cover in school admin (plus exam invigilating), so made the best of the covid situation to earn a decent amount of money before going.

p.s. First year costs are not the worst... in second year they generally move out of halls to a private rental and need money for a deposit and daily transport, but they need the deposit money around Christmas of first year... that is a pain!

Oh, and my undergrad was at Oxford - no part time jobs allowed during term. I did work during holidays.

I ly absolutely no reason why your financial situation would mean your children cannot go to uni. The two are completely separate. I was the first in my family to uni. I never had a penny from my parents as they simply didn’t have it. I then studied for a masters with no support. Most students get jobs at uni

Some universities don’t allow students to work outside of studying though, @Lacey247

No university prevents students from working in vacations.

University’s cannot stop any student from working, they can only recommend they don’t.

I am a bit confused. Your children want X, you don’t want them to do X - a university education is a privilege not a right. I personally think the more highly a population is educated the better it is for everyone but I am confused about what you are complaining about. Is it with rising costs your income can’t allow you to save so you can give money to your kids so they don’t have to work during their gap year?

In all fairness I have little sympathy for you as there are options open to you.
They could attend a uni in their home town to save paying rent, they could also work to support theirselves but both these options are not good enough for you.
You need to live within your means and from what you say you can’t afford their living costs from your income. either they can’t leave home and attend the prestigious uni you have decided on or they join the thousands of other student and work whilst they study. Or sell you house to fund it or get a better paid job.

Why is your ex not paying any maintenance for them? Is this because of his income or because you haven't pursued it?

Is there possibly an argument that if he hasn't paid anything towards his children then he can swivel for his 10k.

Could you go back to court to vary this or apply for maintenance through CMS?

Just to clarify, I have no objection to spending my savings on their university costs - in fact, it's what I intended. However, I'm now worried it won't be enough as I have £21k and am not really adding much to it anymore and had thought it was about £7k per child per year that would be needed. Even if it's more like £5k I'm still £10k short, and then I have to pay ex his £10k the year they both finish. It's not going to happen.

I'm grateful for all the posts- they'll clearly have to work and hopefully it will be mainly in the holidays.

Both dc are highly academic

Have you looked into scholarships? I had a scholarship for a well-known overseas university for my MA in the 1990s. It didn’t cover all of my outgoings, but it did cover my fees, books and rent. I worked two evenings a week alongside my studies.

Is it not relating to gross pay and if so irrelevant the amount of pension contributions? We didn’t bother filling out the parental stuff for the SLC as we knew we earned over the max and she was only going to get the min loan. But I could have sworn it’s gross income not net that they ask about.

The having to work is not unusual and it can start from sixteen. A number of DS's friends worked at McDonalds through sixth form. The most academic is now at Cambridge and made £4k! DS did some sports coaching and lifeguarding and made a couple of thousand. Neither compromised on studying or having a social life. Happiness comes from a balanced life.

If they're that brilliant academically get them to apply for full scholarships. Or just let them work for their money like all self-sufficient adults do.

They’ll end up with student debt, like practically every other student in the land. The salary they’re likely to achieve from an oxbridge degree is likely to compensate for it 🙄

It's about £3k though, so £18k total. And you will be saving on food and bills so will be able to continue to save for, what five years, towards the £7k you'd be short. It's right but doable.