How much money do students need?

[bevelino]

Eldest dd will be going to uni this year and has chosen catered accommodation. Tuition fees and accommodation costs aside, how much extra cash will she need to live on?

A friend gives her Dd £250 per month, another gives £500, and another gives nothing and says they expect dc to get a job. Dd is unable to work as uni frown upon students working during term time. I have to budget for 4 dd's (triplets) at uni at the same time and this is a serious issue/question.

[bojorojo]

Balls are not all so expensive. Depends on the university. Some faculty balls are cheaper and try to be inclusive.

It is almost a joke to say young people cut down on expense because they build their own computer! Most cannot do that. Let's try and be realistic even if we cannot restist boasting! There are lots of hidden costs and buying a computer is just one of them that no-one owns up to. Even if it is a present, it is still a cost. Very many students have iphones or equivalent. It is how modern connected young people work. They are portable computers really and they never actually phone anyone!

I do agree that it depends who your friends are and what your lifestyle is. I still do not get how it somehow superior to be frugal. Does it make you a better person? A more caring and employable person? Or is it just about one-up-manship and portraying that frugal people are somehow better than their peers who are profligate, do not know how to study because they are out spending money all the time and obviously incapable of getting a first! (Really?)

[MikeHat]

Taking the loan for fees and not living expenses or vice versa is the worst of both worlds.
The repayments are based on the size of your salary not the size of the debt.

I doubt there are many 18 year olds who don't have a computer. It's not really a university specific requirement, and it's a one off item that most will already own before they go..

[bojorojo]

Yes, our DDs had owned laptop computers for years. Unfortunately upgrading is necessary from time to time. I

[DailyMailThicko]

Goodbye Okaaay, . Unfortunately you are wrong. I personally know two hard working kids who are not choosing between beer and balls but are almost. having to choose between food and rent. Really nice, sensible, hardworking students. No smoking, no drinking, cheapest PAYG, no new 'fashion', no sports clubs basically no wasting whatsoever. They get no help at all from their parents but are not eligible for the full maintainence loan. I very much doubt they are the only two students in this situation.

They still enjoy University though and have plenty of friends. Being skint doesn't have to mean being miserable but it does rule out 'balls' and weekly quaffing of wine or beer.

[LittlehumHams]

It is worth telling them to plan ahead for accommodation rent and save up (or put money aside) as the summer term is bit of a crunch point. Rent is due around about now for the summer term (first year) and another payment follows in the summer holiday for the second year accommodation.

If you have three or four dc at university it can build up a bit like a tsunami. You are busy looking at that first wave coming at you but behind it is another wave and then another.

Those balls are seriously expensive! Luckily some of them are cheaper.

[MrsGuyOfGisbo]

The repayments are based on the size of your salary not the size of the debt.
This is confusing - how can they not be based on the size of the debt?

[titchy]

Guy - the repayments are 9% a year of any salary you earn above £21k. So if you earn £25k, your repayments are 9% of £4K per year, so £30 a month.

The length of time you're repaying the loan for will change according to how much you've paid off - a graduate on £250k a year will obviously pay the lot off very quickly. However any outstanding balance is wiped after 30 years (or once you reach 60, or on death).

[GetAHaircutCarl]

It's the same repayment sum whatever irrespective of amount owed.

Though obviously you pay it off quicker if the overall debt us smaller.

[MrsGuyOfGisbo]

OK, thanks! I now understand!

[BackforGood]

We works out that is DS earnt about £100k pa for most of his working life he would repay about £120-£130k. It was therefore a no brainer for us to decide to pay his fees

Surely BeauGlacons you are just trying to wind people up now.
Do you realise how tiny a % of the population earn £100K ??
That just is never going to happen (even eventually, after many yrs of work, promotion and further qualifications) for the VAST majority of the population.
I don't know anyone who earns that kind of money and I'm at the top of my career now.

[ButtonsAndBows]

I'm off to uni soon and I get loans and grants.... I am unsure of your situation but this is generally what some people get.
Also when I went to the open days we were literally told about what jobs are like around the uni area - it was pretty much a given that students would be working.
I don't know how academic the course is or the hours but I would kind of expect them to work and be there to give a bit of top up. Maybe offer to fund essentials like books but it's the time to ingrain some independence, whether you can afford top ups or not.

[MadameJosephine]

We works out that is DS earnt about £100k pa for most of his working life he would repay about £120-£130k. It was therefore a no brainer for us to decide to pay his fees

bleuglacons putting aside the fact that few people earn that much surely at 100k pa he'd be paying approx 7k a year back (100k minus 21k X 9%) so his fees would be repaid in 3-4 years anyway, why would he be paying back for his whole career?

[titchy]

Buttons 18 year olds no longer get grants. The maintenance loan is based on household income so if your parents earn too much you'll only get the smallest loan amount - well off parents are EXPECTED to top up.

Many courses have 30 contact hours a week plus essays, research etc etc and fitting work in can mean coursework suffers.

[MadameJosephine]

Titchy I didn't realise that grants had been phased out. My DS is just coming to the end of his first year and currently gets part maintainance grant and part loan from student finance, does that mean he will only get a loan next year too or does it only apply to those starting their courses this year?

[Firstmum24]

They should be getting a job imo. £250 is one shift in a cafe/shop/bar a week ... There is no fucking work ethic in young adults these days it gets me riled!

[boys3]

Madame Jo only applies to new students from this Sep.

[MadameJosephine]

Thanks boys

Oh and firstmum my son has a fantastic work ethic thanks but we feel it is better channelled into his studies than a part time job. His degree has 35+ contact hours a week plus weekly exams and assignments as it is! He's working much harder than I ever did at university that's for sure, even including my part time job

[LittlehumHams]

There is no fucking work ethic in young adults these days

Really? The ones I meet have a great work ethic. They are very polite too.

[Buttercupsandaisies]

Given the competition for graduate jobs these days someone who has never worked at all with be back of the queue I'd have thought.

I worked from 16, first Saturday job, then fast food, factories, cleaning. During my four years at uni I basically worked evenings, weekends and full time in the summer. The skills it taught me are immense and helped me secure uni placement years and have given me a proud hardworking ethic. Earning a good degree without holding or balancing anything else is not that difficult imo! There are loads of people with degrees.

Employers are looking for transferable skills, that you demonstrate commitment, ability to prioritise, balance work load etc. That you can work in a team, mix with a variety of Peale, age groups etc.

Graduating at age 22 id had about 7 jobs over the years (all flexi) and pretty much had success at all my interviews as I could show more skills/experience than uni. This was the norm when I graduated in 2000.

[JeanGenie23]

I agree with buttercupsanddaises!

I don't think it's beneficial to encourage your child not to work for three years at all. I wouldn't employ a 21 year old who had never had a job before.

[BeauGlacons]

I'm not trying to wind anyone up. Westminster type education, Oxbridge, academic degree, excellent interpersonal skills and work ethic. Absolutely the norm to earn £100k pa. You don't stop paying it back when the debt is repaid. Google the Martin Lewis websites.

It's about expectation. I know very few families where one partner doesn't earn £100k. In fact £100k isn't that beyond normal in London.

[titchy]

Of course you stop paying it back once it's repaid - what are you on about beau Interest is added, but it's not 9% of salary above £21k forever.

Oh and Westminster educations aren't exactly the norm, even for Mumsnet.

[superherostrawberry]

[http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes]

BeauGlacons you may want to re-read bullet point number 18. You're talking rubbish. When you've repaid, you stop paying. ... do you think they would have you pay every month for 30 years just "because"?

[superherostrawberry]

Beau did you seriously pay all your DS's fees upfront thinking this? Two parents of an Oxbridge student and the student himself (although apparently intelligent) didn't see that perhaps they might have misunderstood in their assumption you'd have to repay £120k to the SLC?!

[DailyMailThicko]

Beau
You don't stop paying it back when the debt is repaid

Are you sure? . I'm pretty sure you can. INFO HERE. and, I've double checked MSE as you recommended and that seems to be saying THAT YOU CAN PAY BACK YOUR STUDENT LOAN


BTW, the rules around student loans are changing all the time so I'm not sure I'd rely on information unless it's from a very reliable source.