If you are fully supporting DC through uni - how much is is it really costing?

[QuandryQuaint]

As title really. DH has got a big promotion and we are looking at whether it will be possible to fully support our DC going to uni without any loans. If you are fully funding your DC would you please share what this is actually costing you per year? Assuming not in London.
Fees : £10k ish per year
Accommodation?
Basic living costs? - food, study texts/equipment, basic clothing.

Just trying to get an ideal if this is even feasible for us.
Thanks

Well they are if you’re giving your kid £200 a week after paying their fees and accommodation! Thats far more than I have per week and I’m running a household with 2 teenagers. Does nobody get a pub job any more?

my son’s dad paid his fees and accomodation - 6-8k accomodation (cheaper in yr 2 and 3) and 9k per year in fees. He had childhood savings and worked full time both summers so earned a decent amount so lived off that and £100 a month I contributed for food. He was very lucky to graduate with no debt and a graduate job lined up from internship in summer 2.

You minus the getting a staggering interest rate on your savings for them to make that worthwhile! Student loan interest is massive and starts accumulating from day one. It’s far better value all round if you hand the savings to them from the outset. Anything else is just wasting money. And your husband sounds like a spiteful fool. They’re not ‘investing in themselves’ as nice as that may sound to you, they’re plunging themselves into vast debt unnecessarily. If you don’t have the money the have no choice but to get into debt, but if you have the money, hand it over.

Those of us who can afford to fund are likely to be disproportionately higher from the private school sector than the state sector though. So when the question is directed to those who have fully funded, it is going to attract a higher proportion of responses from that segment.

You are not fully funding your child, so your post doesn't answer what OP asked.

We are just trying to plan all of this for us our ds (will start Uni this time next year). We are hoping to pay the tuition fees, get him to take out the minimum maintenance loan (which is all he will be entitled to), then we top up to pay the halls rent. He is a qualified Lifeguard so will hopefully get a part time job to fund his social life.
Can anyone tell me how you pay the fees and rent, is it termly? I don't think we could afford to pay the whole year in one go.

My daughter has just graduated from Manchester, we topped her up to the maximum loan and it covered her rent and more, she had a part time job too and we didn't need to give her anything over that. It depends on where they study and whether they work or not.

It will vary depending on the uni & accommodation but for us it would be around £22,000 with basic accommodation.

Halls are usually termly, when they move out to private accommodation it's monthly, like normal rent. My daughter had to pay half rent over the summer, so they need to budget for that, and their deposit.

We have paid tuition and accommodation termly

I estimated it would cost us £25K - £10K fees, £15K living
(not London & cheaper accommodation)
It's been more like £20K due to the lower living costs

I am currently funding my DS's MSc. I'd say between fees, accomodation and living expenses it's probably costing around £25k and he is in a relatively inexpensive city.

Yes, lots of students get part time jobs. Most of them get the loan.

Our dd got a loan to pay fees - ( don't most people do that?) We're paying rent for now - she working 2-3 nights in a pub to fund everything else.xx

You don't need to afford it, he can get a student loan like everyone else!

He might need top up money but on planet earth normal people aren't fully funding their kids degrees.

It doesn't matter what the final amount plus interest is, no one ever pays their student loans off. They pay what is essentially a graduate tax for having received higher education and getting a better job as a result then it's written off after 40 years whether you paid it all or not (no one ever pays it all)

Bristol £25k approx
Oxbridge £19/20k max

No regrets. They are hard working graduates now, good work ethic, earning ok money and no student debt to pay. They are v grateful too.

Student loan interest isn't "massive". It's RPI.

Unless you're on the old Plan 2 loan, but no one starting uni this year will be on that.

It's a long back story but we're funding dh's niece, she's at Newcastle. Tuition fees are £9800, rent (shared house) is £7200, plus £4500 (£500 a month 9 months a year) for basic living expenses. She supplements with a bar job in the summer, it's a high contact hours course so no real time for a job during term time. And I think once she's on placement in the later years of her 5 year course she doesn't get summers off in the same way so we might look to increase living expenses support.

If they also do high contact hours courses I'd repeat the same for all 3 of our own kids. I've no interest in them going into adult life shackled by huge amounts of debt if I can possibly avoid it. If they do something with lower contact hours then I'd still pay rent and fees but expect them to be working part time too.

Hi op.

Yes we are supporting DD. She has fees of £12.5k and Halls cost £14k (including two meals a day and one at weekends).

We are giving her £400 a month plus she saved up over the summer. So roughly £30k.

Her fees are more as it's not a standard uni.

Id far rather the money we saved gets given to my daughter as house deposit too. What we have saved will get her well settled on the property ladder which is far more important for life long financial security than finishing uni with no debt but no meat egg to get started in adult life.

If these posters are paying nearly 100k for uni fees then also giving a 50k house deposit then they are exorbitantly well off, vanishingly few young adults will be given 200k by their parents. I suspect many are funding uni instead of house deposits and cars which in my opinion is foolish.

We are funding it because I am old and when I went, there were no tuition fees!
Am budgeting £20k pa for tuition and accommodation. Living money she has saved from the part time job she has had since she was 15 and she will continue to work in the holidays.

@MissyB1 DC gets an invoice for the fees but in our case they are paid by Student loans company.

Before paying up front, consider keeping the amount in savings, taking the loans and decide at the end whether to use the lump sum to pay off the loan. The best savings rates (assume tax free in DC name) are currently higher than RPI so a wait and see approach could yield a profit. Gives the option to e.g fund a Masters, car or house deposit instead if that makes more sense.

firstly my husband was not remotely spiteful so let’s get out of the way. Secondly, a £100k flat deposit properly invested and getting an average return of 7-9% , often more is a far better use of money than paying out university costs in full. I wouldn’t dream of handing that level of money over to an 18 year old. It makes much more sense not to consider the balance of the loan and to look at whether the repayments which are a tax are affordable. Using a big lump sum to pay for university is not sensible.

oh and given you think my husband was spiteful, he was an extremely kind and talented professional who understood that if you have enough money to pay university in full investing the money long term towards a property is always a better bet.

Set an amount you can afford and let them top it up with a summer job…

Thousand apologies - I was looking at this through the lens of my children.

if you have the funds to pay for your child full university education realistically you are looking at £30k a year.

We have estimated they will need £30k per year which includes holidays but we STRONGLY encourage them to get jobs! It is not easy but at the moment, the two we have at university, do have part time jobs.