Saving for Uni - twins plus one

[hippo99]

So I know it is still a long way off yet as twins are 13 and year 8, and DD is 14, year 10. All 3 of them have said they would like to go to Uni.

As I understand it we will have no additional financial help having more than 1 at Uni at a time...

Can anyone give me an idea of how much Uni fees are likely to be?

I am considering applying for a part time job but need to think of future.

[EekAndShriek]

For clear information on whether you should pay the fees upfront it's useful to look on Martin Lewis's MoneySavingExpert website. It's pretty clear cut that as things are as they are now you shouldn't pay upfront. This may change though.

We choose to pay for several good reasons as have other Mumsnetters but we are fully aware it's not financially the right thing to do.

[Motheroffourdragons]

EekandShriek - the main reason we haven't done so is because my first had the lower tuition fees, and the third had the higher fees and now the fourth will have higher again. My second got her tuition fees paid for her. I couldn't see a way to make it equitable between all of them so have helped nobody out yet.

[EnormousTiger]

Actually not everyone agrees with Martin Lewis on these points (I don't). In fact he even had to back track I think because the state had said the salary level you would start to pay fees would rise with inflation and then the state decided to breach its promise. Never trust the state an inch.

The loan is basically a 9% extra tax rate -0 a massive sum for young graduates paying rent or mortgages and/or childcare fees and is one of your expenses examined on your bank statements when your mortgage application is looked at and the debt hangs over you. Of course if you intend not to earn much at all or are in a culture where women stay home and have babies and serve men and are female then I can see some reason to get yourself ensnared in the complex trap of the student loan system where they muddle up what you owe and get things wrong....

[EnormousTiger]

Also if children live at home there woudl be no rent and do note that Oxbridge say rents are about £3500 whereas Bristol or Durham might be double that so shop around!

[Bobochic]

Why anyone thinks that young people should leave education already in debt and that should not be a massive problem is beyond me. Fortunately we put money aside a long time ago to pay for our DCs' HE.

[Wex]

Crumbs1 we've made them take loans but pay off as soon as they finish

I haven't heard that variation before, it's not necessarily financially sound but I can see the appeal. It hedges your bets until you get a clear idea of what DC might earn.

[Peebles1]

We have 3 currently at uni. They each get £70 a week from us to live on. Minimum loan covers their accommodation, apart from one of them who gets £1,000 extra a year from us as her accommodation is more expensive (halls - it'll go down next year when in student house). They all have PT jobs. Sometimes they don't work during term time and use their overdraft, then work to pay it off in the hols. It's tough! But at least life's a lot cheaper at home during term time.

[EnormousTiger]

Crumb/Wexd I've heard of that. Even when fees were £1k when my daughters went they had rich friends who took the loan and stuck it in an ISA for 3 years and then paid it back but the tiny tiny tiny interest you get these days in my view is not worth it in return for having to grapple with the complexity and mistakes of the SLC. On the other hand if there is a chance the child won't earn much (my lawyer daughters are just below and just above £100k now) I agree it may be worth taking the loan.

Actually most people have no choice whatsoever as it is don't go or take the loan so all this talk of parents funding £9k a year fvees, plus rents etc etc is pie in the sky for most ordinary people and is probably irritating to them so I will shut up ()although the bottom line is I never gave up full time work nor took maternity leaves and worked continously for 30 years as a woman which in no small part is the reason the chidlren will graduate debt free).

[EekAndShriek]

EnormousTiger. We all know you are very, very proud of your DC but do you really think it's ok to share details about their private finances on an open forum when you (and they) are so easily identifiable. .

[Tripletmumof4]

This is us next year . My eldest is in her final year but plans an MA , my triplets start this Autumn , 1 on a 5 year course . We will be eating baked beans having no holidays and watching the house and cars fall into dilapidated states to make up their means tested loan to the level of a full maintenance loan. We have tried to save a bit but it won't help much especially when the full maintenance loan was recently hiked up 2k without warning .

[RhodaBull]

Are you allowed to hedge your bets? Ie take loan and then pay it back all in one go/in a few instalments if you land that mega job/win the Lottery?

I was under the impression - I don't know from where - that you had to make a choice beforehand - a bit like a mortgage where if you pay it off before the term you have to pay an early redemption penalty.

[IHaveBrilloHair]

My Dd wants to go, Scotland so no fees, possibly a home based Uni so no rent but it's up to her to earn/borrow the rest, I can't commit to anything as I can't work (disability), and I'm a lone parent.