To ask what you’re saving for DC university?

[ELS20]

Hi everyone,

My husband and I have one DC who wants to go to university in 4 years time. We both have a good jobs and pay a bit extra into our pensions and also have about £20k in savings/shares. We put money into the savings/shares every month, which includes a savings account for DC to help with a house deposit one day.

I love to travel, as does our DC. My DH also loves to travel but he worries that we should be putting money aside to pay for DC’s university. The way I see it, university fees are so high now that in order to cover the cost of a 3 year degree (about £30k and increasing just for tuition fees) we’d have to sacrifice our travel and other things such as home improvements. My plan is to do some more family travelling before he goes to uni and then pay his university rent for the years he’s at uni (with consequently reduced travelling), and DC will get a loan for tuition fees and living expenses. Most people I’ve spoken to plan to do the same thing because student loans don’t impact credit score and only start being collected once the graduate is earning a certain amount of salary.

I’d rather spend money travelling and showing DC the world and making family memories. I’m not talking just beach holidays. So far we’ve done things like African safari, Central American rainforest, Ancient sites etc. I think this is of huge value to DC as well as very enjoyable for us all.

I do understand the need to save, and we do save, but I also don’t want to restrict what we can do as a family to save every penny.

I guess my question is: what do you all think/do? Am I foolish to want to spend so much money on travel and should I be saving more than I am? I know it’s a fortunate dilemma to have believe me. Years ago we were struggling a lot financially and every spare penny was ear-marked. Our careers have advanced a lot and we’re now in a better position and I just want to enjoy that (as well as saving some money).

I guess for the vote:

YABU: I should be saving as much as I can to pay for DC tiring fees and sacrifice travelling

YANBU: We should continue to travel and DC takes a tuition fee loan

Thank you all so much

There are definitely degree level apprenticeships.

Many utility companies, BAE, Sellafield to name a few. We're north west.

Check out the apprentice website on Direct.Gov

Friends DC is going one with stfccareers.co.uk/apprenticeships/

@Lilactimes Always look at monthly repayments. The amount owed doesn’t matter. It’s based on salary. If dc never earns much, they won’t pay much. Although with 40 year loans, this dynamic has changed and higher earners who clear it are better off.

Can you get maintenance loans for doing degree apprenticeships? The apprenticeship wage is low, and they are like hens teeth, so the opportunities aren't always going to be where people live.

DC1 is currently finishing his industrial sandwich placement and has his final year to go. He has received a graduate job offer from his current employer (£34K+). He's taken the tuition fees loan and minimum maintenance loans for YRS 1 & 2. We have saved/invested in a CTF/JISA from his birth (£100 pm) and it is now a substantial pot averaging >8% growth pa. (more than the interest incurred on his Plan 2 student loans!) He hasn't had to utilse his pot because DH & I are still working (have a younger DC still at home) and can help fund him from current income with ease. Having experienced multiple redundancies in previous economy downturns, we weren't going to leave it to chance especially since we're now in our 50's and prime age to be let go.

We've changed our position recently in light of the IHT changes in 2027 (i.e we should start spending as opposed to boosting our pension pots) and the fact that DC1 is likely to be a higher rate taxpayer sooner rather than later. We will be fully funding his final year so he won't be requiring any loans for tuition or maintenence for that year leaving him student loans of £30K+ interest (instead of £45K+).

We couldn’t afford to give anything for uni upfront but dds got student loan and maintenance loan which roughly covered accommodation we then sent them £200 a month each for food and they both got jobs to cover their social lives.

@Stoppedlurking4this I don’t believe so. This is a huge disadvantage if you don’t live in the area where the job or university is. The wages have to go a long way. Many of the degrees are not at the best universities and are BEng, for example, not MEng. Therefore if dc wanted to be a chartered engineer, they need a masters. Lots of people won’t care because they don’t like loans but there’s often way more grads employed than apprentices. Plus you have made an employment decision and career choice at 18. 2 years later that might not suit but changing is very difficult. Obviously there are plus points but so many get no chance of these apprenticeships at all.

Many people couldn’t as we all have different, brains, capabilities and studying needs.

In England if dc gets min maintenance loan (parents earn over £65,000) then required top up is around £6000 a year living away outside London, in reality many pay more due to cost of accommodation.
Lots of people do the pay accommodation and dc takes tuition loan and min loan to live off - it’s around £100 a week. Yr 2 and 3 private accommodation 52 weeks is expensive - my dc isn’t in a particularly expensive city but I’m paying £9300 inc bills yr2. Yr1 was only £6000 as she chose cheapest halls.

Did you also have recurring pulmonary embolisms, fibromyalgia and ehlers Danlos syndrome as well as doing a degree which was so notorious for 60 hour weeks/4am finishes that there was a shelf in the studio for students to store their sleeping bags so they could get a few hours sleep before the 9am crit presentation?

Did you apply for DSA? This would have helped considerably with medical needs.

Yes we did - and it was an enormous help! However there are still things DSA wouldn’t consider which meant they incurred higher day to day expenses than students without these issues.

@Resetqueen PhD isn’t the same as undergrad when you are not familiar with studying at that level. I guess you didn’t go to Oxbridge then. They don’t like undergrads working. There’s stem and there’s engineering of course!

We're hanging by a thread at the moment tbh. Its come at the absolute worst time for the DC 's education so I'm desperate not to let it affect them long term by fucking up their future prospects.

I agree. Apprenticeships are great in many ways, but they are not the panacea people think they are when it comes to education and training, especially at degree level. There aren't enough of them to be able to educate and train all the young people who leave school every year.

@Stoppedlurking4this Yes. Nowhere near enough! Very few go to school leavers too. Far more to existing employees.

The fact that your DCs future is your primary concern shows what a good mum you are and you’ll find a way through 🌷

I would put money into savings... it is fantastic that you want to show your child the world, but my kids (who are both young adults now, ds is in first year of uni, dd just graduated and started a masters), tell me that they appreciated the holidays when we travelled but did not appreciate them enough. They enjoy them a lot more with their friends and boyfriends/girlfriends...

My daughter starts university in the New year (nursing degree hence the unusual start date). She will get the full tuition loan and a maintenance loan if around £4,800. Accomodation is around £6,600 so I will pay the shortfall. She will get a £5,000 bursary to live off. She has worked since she was 14 and latterly has saved approximately £10,000 in savings to fund herself through uni. I save £250 a month towards the accomodation shortfall to ensure I am a year ahead. I might increase this but may also just help as required. She intends to get bank work when she is able and has more experience. She is very sensible, doesn't drink alcohol etc but has a car to run as she will be out on placement. I will help her where I can but am absolutely in favourites of her standing on her own two feet.

What am I saving?? Absolutely nothing, can’t afford anything. London mortgage, sole earner on lowish for London salary.

There is no way we can pay 600.per month for DC accmd.

Not saving anything at the moment and can't see where we will find that sort of money (London mortgage). DC will have to get maximum loans available.

I'd love my children to have the same uni experience DH and I did, but I'm seriously considering advising them to look at London unis and live at home. I'll definitely be advising both of them to take a gap year and work if they can as well.

9 am crit, that sounds like architecture that is not a course that is compatible with a part time job

We paid my son's rent while he was at uni. His maintenance loan and bar work over the holidays gave him enough to live and go out.