Saving for university ?

[HoopyFroodDude]

Are you saving for your children to go to university ? If so do you mind me asking how much?

I have not planned for this but have been inspired by another thread about university debt to start. Do you have any tips ?

No.
How old are your children?

14, 10, 7

Is it too late ?

I am. Mine are 2 yrs old and 6 mths old. I know it's really early to start but I can't see us affording the huge sums further down the line.

I don't think it is too soon. I think i have been extremely silly not doing so. I had a full grant [very old] so i hadn't thought about it much.

It's never too late!

We've managed to put most of the child benefit into savings for our DC (not until they were a bit older - we used it for childcare when they were little), and that has helped.

They were both bought bonds when they were born by proud GPs - only small sums, but I've kept those going and it's surprising how that adds up.

I'm not. I'm assuming that they will be able to take out loans to cover fees and get student loans to help with living expenses. I think atm student loans are about £55 a week and I am expecting to sub them but only really to the extent that I do when they are at home and I will expect them to work as DH and I did when we were students. DH and I are both still paying back our loans. It might sound mean but I would expect them to pay back theirs themselves. I would be a bit more generous if they do a course where you can't get a p/t job.

Cripes. I'm spending every penny I possess on school fees, never mind university. Though as a former university teacher, I think school fees are a far better investment all round.

I am trying to work out how much it will be. I am thinking 30k each at least.

Thanks I will look into bonds.

I figure it can't do any harm to save. If they don't go to uni then I will give them the money e.g. toward a house deposit. It's not too late!

No.

They'll be on their own for it.

"Though as a former university teacher, I think school fees are a far better investment all round. "

You do, why is that ?

Saving in ISAs £200 per month which is earmarked for DCx3 Uni fees, also have a policy which is due to mature, funnily enough, when the eldest is 19 and should be at least £50k. If they dont go to uni it can go towards a property.

50k wow I am so behind [panics]

Erm no they can pay for it themselves if they want to study golf or something useless and if they want to do law or medicine then they can pay for me too once they are qualified.

How can school fees be a better investment? Do you mean it's better to spend money on private school but NOT go to university, than it is to go to a state school and then go to university?

I think she means they've got more chance of actually getting to University if you spend the money on school fees.

It is an endowment policy to pay off the mortgage, but I was left a substantial amount in a will and paid the mortgage off with some of that hence the endowment policy when it matures will be ours to do with as we please. I'd rather have my parents than the money.

We are using some of DHs redundancy money to pay DDs rent. She gets the loan for fees and living expenses.

You need around £10k pa at the moment to cover everything

arse, I knew it ! Milliways that is loads.

sorry to hear about that lovecheese.

I have been saving since my ds1 was born. I regularly put away a set amount every month into an endowment for uni and the gp's put into a seperate account for the same reason. Sometimes though I wonder if the DC will even be interested in uni!

Once our mtge is paid off we'll hopefully save up about £60k ish & ringfence it for ds's university expenses. We won't necessarily tell him, though, so he can have the full skinflint university experience, learn to budget on loans etc then when he graduates, clear the debts so he starts with a clean slate and having learned how to budget.

maybe i should encourage ds to go but to get a really low paid job afterwards

What on earth do you do if your child wants to be a doctor. Does that take 7 years ?

mumblechum, I love your idea.

I am saving for when they are 18. It might be for university (OK, I hope it is...) but if they decide to go into a trade then it will help them to set up with equipment etc.

We can't afford to save an awful lot at the moment, but put away £20 for each child each month. They have also just inherited money from my grandfather, which has gone into the same pot. Hopefully as they get older and I work more hours we will be able to save more.

They are 4, 6 and nearly 8.

We have been saving since they were born, so by the time they are 18 we will have put at least £4500 each in, plus anything extra which they have inherited (currently £1000 each).

It won't mean they don't have to work (I worked throughout my degree and got a 2:1 so it doesn't do you any harm), but it will be something.