The cost of uni

[Seriously79]

I'm not even sure if my kids want to go to uni, but if they do how do we afford it?

I understand that it's based on the family home income. We are quite fortunate that DH (not DS's dad) has a relatively good wage, I work part time to be around for DD4.

Between us we have just over £60,000 a year coming in. But due to car loan, credit card debts, mortgage and life being so damn expensive, we don't have much spare at all.

DS's dad would help out, but I don't think it would stretch far.

I know DS would also have to get a job too.

How do people do it?

It’s a nightmare! My DDs have no choice but to work the holidays.
Start putting a small amount away weekly now, it will help.

Loans, and most students get jobs.

Student loans, work during the holidays and taking a gap year to work before they go. Realistically they need about £10k a year to live on if outside London and the minimum maintenance loan is under £5k

Student loan and savings. I saved for two years before DD started uni and used that money to pay towards her accommodation. DD was gifted money from her grandparents on her 18th which she saved and used for uni, and saved the money she earned from working through the summer before starting. She was in a pretty good place financially in first year and didn't work during term, but picked up shifts when she was home in the holidays.

Second year has been harder. She has a part time job now as she couldn't manage without one. I haven't been able to save for her as my savings have gone on house repairs, but have helped out with money for groceries a few times.

£10k is probably about right on average, but some cities are cheaper and some more expensive than that (even outside London). Unfortunately there's been a big spike in student rents recently, not matched by an increase in loan amounts. So, yes, a gap year can help a lot.

Student loan, savings, part time and summer jobs.
My daughter gets the full student loan and works all summer. She's also now applying for term time part time jobs as that pot is very definitely shrinking quickly.

You may find this a good place to start if you haven’t already looked at it:

https://www.ucas.com/student-finance-england/student-finance-guidance-parents-and-partners

Student loans and most students work to supplement.

Some university locations are cheaper than others for starters. Most students work these days to stop up loans and money from parents. The rough amount the government expects students outside of London to need is £9500 a year and the loan is half that leaving the remainder to top up. We had the money saved up (saved the child benefit) but a good option if your dc's dad can't afford to pay at least half is for your dc to take a gap year before university with an aim to save £10k my dd1 did this, so reduced her debts a lot.

Cheaper universities to live at include Nottingham, Leicester, Cardiff, Liverpool, Newcastle ... all perfectly reasonable places to attend and your money goes a lot further especially in second year when they live out. Another option is to live at home and commute, not for everyone but many do, and finally look at degree apprenticeships, not an easy option but ideal for certain subjects if driven enough

My kids are tiny, but if nothing significant changes in the funding between now and when they're uni age, my plan is to encourage them to have a gap year (or even two!) where they live at home rent free but working and saving hard, if they want to go. That won't fund everything but it'll help.

We pay for accommodation and both DS live off a minimum maintenance loan plus savings from pt jobs.
Accommodation alone for both is costing us just less than £1400 a month atm. For 12 months of the year.

Loans, trust fund, monthly allowance from parents (which includes phone and contacts), some part time work and being frugal (non-drinking, vegetarian) and my child manages.

Rent does vary massively. DC1 is at lancaster where it’s fairly low. Some we looked at were astonishingly high.

It's also definitely not the case that north= cheaper.

https://www.yorkshireeveningpost.co.uk/news/people/leeds-revealed-as-the-most-expensive-university-city-outside-of-london-3336122

This is from a few years ago when my daughter was looking, and obviously things can change, (plus this study only looked at 21 cities) but there are definitely some surprises in there.

I have twins I definitely won't be contributing to uni costs at all. I'm fortunate to live close to a large city with at least half a dozen or more good universities in commuting distance. My children will either have to work and save or go to a local uni

Loans and the cheapest accomodation.

I do think it will become much more common for kids to take a year out (to work not go off a jolly) before university or to live at home at least in years 2 and 3 and go to a local university. The cost is just crazy now. Even just taking minimum maintenance loan DS1 will have debts of £45k plus interest when he leaves.

Why are people writing ‘student loans’? The loan they get is based on their parents income. OP is asking how she, as the parent, will afford it.
The tories have made higher education this way. Would the degree be worth the amount of money and debt, OP? Has he considered other options like learning a trade?
Unfortunately learning for learning sake, or university as a rite of passage things of the past now.
@hanschristmassolo the loans your kids will get are based on your income, whether they stay local or not.

Actually it was Labour.

I did 4 years of university under Thatcher and didn't pay a penny.

(I'm a Labour voter)

So? The Tories have annihilated every strand of society, I am not interested in anything to do with them.

I know you don’t have a Time Machine, but we started putting away a bit of money each month the day dc was born.

At Christmas and birthdays, grandparents like to give a small gift and then make a contribution to the savings fund. that was the grandparents idea, we did not pressure them .

They definitely have. And I'm not interested in them either. But they didn't introduce student loans.

Taking a year out to work while staying at home, in order to stash funds away.

Going to a local university so they can live at home and just commute.

Term time jobs

Choose a cheaper place to live - Sheffield, Liverpool, Lancaster for eg, not Bath, Bristol, London, York.

Student to work each summer and save, or take a gap year and save. If student starts working straight after a levels even 20 hours a week could earn 2k, or even more if full time. Plus part time job at uni.

Our dc got minimum loan, we topped up to full loan (with very gratefully received help from grandparents). Both DC worked pretty much full time in holidays and saved.