Is it a good idea to pay university tuition fees off upfront?

[SunnyDays01]

Apologies if this has already been done to death but if anybody has any advice regarding tuition fees in particular I'd be grateful. Just about to embark on the student loan route and it occurred to me that there has been a lot in the press regarding the pros and cons of paying university fees upfront. Anyone have any advice/answers? Thank you.

[amothersplaceisinthewrong]

If my kids had had the 9K tuition fees to pay, I would be strongly advising them NOT to go to university at all.

We paid their tuition, but it was only 9K each in total. They left with smallish maintenance loans - I think my son has almost paid his back now. We did however fund a Masters for each of them afterwards. .

[Bluepants]

If you can afford it, then yes I'd pay it up front. We will if we can afford it if kids go to university.

I went back in the days of grants and no fees but my db went when all that was history. He got a loan (this was quite a while ago) and it was one that once he graduated it came out of his salary before he got the money. He was paying it off vvvv slowly and iirc it was virtually never going to get paid off (there wasn't "interest" but actually there was inflation or something so there was interest). It wasn't actually "much" compared to the figs these days but my parents one day were able to pay it off. It was very hard to actually pay it off, it was set up to be some sort of perpetual income stream for the govt I think. They weren't accommodating when we tried to pay it off. His particular student loan made no financial sense for him, there was something vv wrong and I am always now suspicious.

[TalkinPeace]

Here's a funny one
what does the thread think of a degree called
Computer Games Technology

in the picture of

• outcomes
  
• employability
  
• loan repayment

[Kez100]

I would first ask what are the entry requirements.

[ragged]

This one, TIP?

If DS's Plans A & B fall then I'm all for it, I think DS will need that kind of structure to get him into the industry (to get his portfolio together). Games Programmers & Designers on on the Skills Shortage list for UK; Friend is a Games Producer and says degree or not will be fine, but he must produce a good portfolio.

UK loans system still very generous imho.

[Abra1d]

Talkin that degree has very high rates of graduate employaient.

[TalkinPeace]

Kez its 280 UCAS
but what seems to happen is that the course has hit that synergy of a density of interested people
such that their related employment rate is 100% and all of the loans are being repaid

the course started as an MSc with ten students and is now growing as fast as it physically can because the games companies WANT the people who have been through the course

which makes me think that the best degrees are those that create a density of thought, regardless of the field

and at an utterly different level,
Southampton City College run a btec in yacht maintenance that has a real problem keeping lads to the end as the companies want to hire them early on - 100% employment on day of qualification

beat that Oxbridge!!

[Kez100]

My DDs course has a good employment rate (although most are actually self employed). DD has already had two commissions - one before starting and one whist in her first year. All basically through networking which the course pushes.

But these are all technical courses really - what one would have done at the old polytechnics. All my mates who went to Poly with me have done OK as well. Just because we were rubbish at writing academically doesn't mean we didn't have real creative, practical, commercial and/or analytical strengths.

Most of these courses are run by non RG Unis but it doesn't (contrary to MN tunnel vision) mean they are useless.

However, some undoubtedly are. Maybe some RG courses are useless to - I don't know enough to say.

[TalkinPeace]

kez
courses such as the one I'm joking about have created Halo, GTA, COD and the rest - SERIOUS money
because
they hit the synergy of brainpower
spot
which is what degrees were about
and should be about

[Kez100]

I know of someone who works on GTA or COD and he did Maths and Physics at A level and a degree in Physics at a RG Uni. In fact, the firm he works for pulled out of the UK (well, pulled him out but I am sure it was a bigger change than just him) and he now works in the USA.

The above makes me a little cyncial - has that course truly "created" these games or just had some input?

Games are serious money but they need backers and for every GTA there are hundreds (thousands?) of game ideas that die when the money runs out.

[Kez100]

But you are definitely right with density of thought. That's why many poly type courses have done well since time in memorial which tend to be more like that.

[Spinstar]

So exactly what is the total cost per year including tuition fees, maintenance grant/ accommodation etc etc for an average student in the UK, if a parent were to pay for absolutely everything and student had no debt at all?

Secondly, I thought students were compelled to live in uni accommodation for at least year 1 and 3 - so therefore couldn't commute from home even if they lived near - to save rental fees?

Can you experts please enlighten me?

[JillyR2015]

I think the new fees £9k plus rent (£5k?) is about what I pay currently in school fees and like with the older children (although their fees were less) I will pay them upfront. however 50% of students will never have to pay loans back as they won't earn much so if for example it's a girl and you're a housewife or pin money second earner and the family ethos is women stay home with abbies and men earn then probably it would make sense for girls to take the loans and boys not. If your girls will not be stay at home mothers and like my girls higher rate tax payer London lawyers even in their 20s highly likely to earn over £100k then it makes sense to allow them to graduate debt free.

[TalkinPeace]

If your girls will not be stay at home mothers and like my girls higher rate tax payer London lawyers even in their 20s highly likely to earn over £100k
When one of your girls drops out and marries a hippy in Wales, will you tell us?

[TheWordFactory]

The current tuition fees are 9k per year.

Living expenses are like a piece of string, with accommodation costs varying from university to university.

I think the average amount is estimated at 7-8k per year, based on 4.5k for accommodation and the rest for pot noodles and pencils .

[JillyR2015]

Talk, I'v3e made no secret of my graduate son who is currently a postman, so yes. The children can be what they like. One of the girls is married now so presumably will make her own decisions about children and her work if they choose to have them. I don't seek to make children in some kind of plastic mould. I want them to have their own views.

Yes, Word is right so if I pay say £5k rent and £9k fees that is less than current school fees. I would probably also pay them a weekly allowance as I did with the older 3 which was £100 a week. I therefore expect the two of them to cost about £20k a year at university and they are twins so it will be likely to be at the same time so £40k a year out of taxed income - about £10k a year more than current school fees cost me.

[Mindgone]

Spinstar, there is no compulsion to live in university accommodation. Living at home and going to a local uni is a great way to keep costs down. Not the same experience, but a hell of a lot cheaper! Some choose a local uni and live in halls for the first year to make friends and have a full uni experience, then live at home for subsequent years.

[TheWordFactory]

The trouble with that mindgone is that it presupposes the nearest university is half decent and offers the course a student wants to do.

Whilst going local might save money on living expenses, it might be the biggest waste of tuition fees.

[Mindgone]

Local doesn't have to mean on the doorstep. The cost of public transport or running a cheap car could well be less than student living costs.

And obviously both the course and uni have to be suitable for the needs of the student! I think that goes without saying!

[Moominmammacat]

I paid everything up front for the first year of two of my DSs. We can do this comfortably. Then I thought the whole thing is such a mess I want them to be in there with some debt in case the whole thing gets wiped/they don't earn enough to repay ... so now they have taken out loans. Who knows? What a mess ...

[SunnyDays01]

Thank you for all the replies. After a lot of thought, googling and asking around I think we will go down the loan route and take a view once DD graduates and hopefully starts a career. I do think she may well take a career break at some stage in her life, possibly to have a family and she may want to then go back to work part time, who knows!

I think we will wait and see how things pan out although fundamentally I am not comfortable with having a loan. Perhaps I will view it more as a graduate tax as has been suggested in the various articles I've read.

Any more comments gratefully received - the deadline to apply is 31st May I believe so I might just hang on a bit longer!