University -Cost to parent

[lechatnoir]

Can anyone give me an idea of what it will cost us to send our son to university? He is keen to go, but we are in the lower income bracket (but possibly not low enough to qualify for full assistance, whatever that may be) but I'm just not sure we can afford it.

Aware they need to get a loan for tuition fees and he would definitely get a part-time job, but that is only likely to cover going out expenses . Are we talking tens of thousands per annum? How do people on normal wages afford to send their kids to University or do we just have to accept it's probably not for the likes of us?

I have 2 in university and they manage fine on the equivalent amount to the maximum maintenance loan (~£10k per year) plus topping up with some work over the summer.

Be aware that the amount students get as grant and loan differs between countries. You'll tend to get answers about the English system on here, but it is different in Wales and Scotland.

We are just at the start of the journey. The fees are in your child’s name and go from the loan company to the uni so are not a factor in day to day expense.
DD gets the minimum loan which works out about £100 or so a week which should be fine as she can cook/ has some savings from her job / will work in the holidays/ buys clothes on vinted . However this does means we are picking up her rent which is just under £200 a week in self catering halls (expensive city- she had to put 5 choices of halls down in application and the one she got is mid range) .
If you qualify for the full maintenance loan have a look at how much that is and see how it divides per week. First year looks like it might be cheaper as halls only charge for the 8 months they are in them- next year will be more for rent but at least by then we will know how her living expenses are panning out.
One of her friends just got a grant for getting excellent grades and it I expect it is worth looking for widening access schemes as well.

Firstly, I am going to assume you are in England, if not then this won't apply. Have a look at this website https://www.savethestudent.org/student-finance/maintenance-loans.html and scroll down to the table with the maintenance loans England 2023/2024 to give you an idea of what your child would qualify for based on your household income.

The next thing is to look at accommodation costs listed on the university web pages. I think a really good example is Warwick which can cost anything from £91 per week up to a ridiculous £233 per week (all on a 40 week let) for self catered. Second year onwards house sharing should cost less and they have more choice.

Food is about £35 per week ish and students have to learn to live within their means. A gap year would see them earn a good lump of money to help pay their way through, overdrafts on student banks are available and they can also work if their course allows. My niece is doing bar work in her uni city. They can also choose to live at home and commute to their university depending on what is local to you.

Please don't have the attitude that university is not for certain types of people. There are outreach or widening participation programs to target children who are first generation university students. Dh and I both went to uni and Ds2 attends a sixth form where those on a university pathway are 76% first gen uni applicants. You can make this work.

My son is going to uni next month. He won’t get the full maintenance loan due to our income.

I can’t remember the exact amount of maintenance loan he’ll get but it’s around £4k.

His accommodation in halls in £7k ish for this year so we’ll be paying for that and he’ll be living on his maintenance loan and savings from his part time job. He has a new part time job lined up near his uni so will have wages as well all being well.

I recommend having a look at the money saving expert website - full of helpful information about how it all works

www.moneysavingexpert.com/funding-uni/

Thanks, that's really helpful. It looks like we will definitely qualify for maintenance loan so not completely on our own and mainly looking at Northern Universities so living cost will undoubtedly be cheaper. I'll have a look at the other links. Thanks ever so much and it looks like it might not be as hideous as we thought (although DC will obviously need to decide if the three years university is worth the debt !)

Depending on subject, there are also degree apprenticeships if he really doesn't want the student debt. All of mine chose to take the traditional university route though, and are loving the experience.

A few years back in a similar situation I got the full maintenance loan and fees which covered tuition. When my accommodation was paid from maintenance which is paid termly I had a couple of hundred left to pay for everything else such as living costs and food for that term. I was advised from the student advisor on uni site to apply for overdraft to help with living costs and also my parents paid for a big food shop at the start of term and then sent money when they could so a £100 a month which was enough to cover food for the month. I also saved before leaving for uni in the summer but that went quickly. Sometimes the maintenance loans was paid late and my parents would send a bit of money till they came in.

@lechatnoir don't think of it as debt, think of it as a graduate tax. On the current plan 2 (not the one your child will be on as it changes but a good start to figuring out likely costs) if they earn £30k they would pay £20 per month. On £40k per year their monthly student loan payment would be £95. Not a bad deal really considering how much they will owe.

Hopefully the degree will lead to a good career and good money. For now, any amount you can start setting aside if you are able would all go towards a savings pot but if you haven't got it your son needs to know that. Summer at the end of first year for Ds was 4 months, whole of June to the end of September. That is a lot of time to earn some money should he need to. Plus after A levels too.

First year halls are very expensive. Houses are less so. When you are getting nearer to looking at unis post on the Higher Education board or have a browse and ask any questions about that specific uni maybe job opportunities, bursaries etc. Lots of us have children at uni and can hopefully help.

Your DC should look at scholarships or bursaries at each university they’re interested in to see what money they might be entitled to.
the best thing to do is use the calculator to see what they would be entitled to, have an honest conversation about what you can afford to contribute and have them factor that into their research process.
A part time job over Christmas and summer should enable them to save up and contribute themselves and most students do work alongside their course.

I've had 2 go through university. Maintenance loans are means tested, the student finance pages on the .gov.uk website gives current income bands.

One of my DD's spent £9k pa, other £7.5 (not london that costs much more!) my cheaper dc is at home a lot I admit

I think it averages out at about £9,500 for the fees per year and a further £11,000 per year for accommodation/living costs, so £60,000 for a 3 year undergrad degree.
As a parent, you contribute as you can. My Dc take out loans for the fees, we pay accommodation and small amount of living costs amounting to £9,000 a year and Dc has a part time job to top it up.
This obviously varies according to location and tastes!