University and funding.

[AnneBeth]

Ok. I haven't a clue about Uni - I didn't go, but No.1 is hoping to. My dilemma is that although my hubby and I earn an ok wage, we will not have the funds to pay the £600 + a month that I keep hearing about to support No.1 through uni. And because we're married as well, No.1 will not get much of a maintenance loan. Is working as well as uni do-able? How do others get on with jobs - if you have a good one near uni, how do you get round holidays and if you have a job at home, what about going to uni? I feel like I'm crushing her dreams but I am worrying about all this so much ☹

What course?

What year is your DD in currently? If she is in year12, her school / college should be starting to talk to them soon about post-18 pathways, including university.

Have a look at the UCAS website (this should link to the Finance section, but the whole process is explained on the site, including information specifically for parents of applicants):

www.ucas.com/money

Not sure where you've got £600 a month from?
Student loans cover the tuition fees entirely and then they can get up to £8700 to live on. Those with parents on a high income get less on a sliding scale to a minimum of about £4000 and the parents are supposed to top it up to the £8700 (more in London).
So if your income is over £62K you are expected (but not forced) to top up by about £400 a month.
In practise many parents don't do this. A lot depends on where they go to uni as some areas are more expensive than others. Working part time depends on the course. Some are very intensive and leave no time except in holidays for work. Others have much less of a workload and students can work part time.
Some of DC friends worked in large companies through school (Tesco, Subway etc) and could transfer to the uni town.
My DC get a loan of about £6000 which just covers the rent in halls and I give them £200 a month on top. She doesn't work in term time though she does work back at home in holidays.

Some universities have halls of residence which are priced nearer to the minimum loan, ie £4000. So you don’t need a huge top up. If you don’t have a lot of miney, she should look for cheaper halls. Then the top up money from you will go further and doesn’t need to be £600 a month. £200 is nearer what you save by them being away from home as you will be saving on food, socialising, clubs, transport etc. So that’s a bit low in my view. Students get part time jobs if they can and certainly can work in the holidays.

Parents were assessed to pay a contribution before the loan system but no one remembers that now. My DHs parents were supposed to pay but they bought a new caravan and a new colour TV instead (back in the day when those were mega expensive). When both parents are earning it should be possible to make a contribution and definitely tell her to avoid London where halls are expensive and the gap between the loan and the cost of the hall can be very wide.

DS had a part time job when he was at University and stopped up there in the rented house in the holidays so he could carry on working and also manage to pick up lots of extra hours because other students that worked there had gone home so was working practically full time in all the holidays so only came home for the odd weekend to visit and at Christmas,

Regarding the £600, I would probably expect to only need to contribute up to £400 but it is not compulsory. We contributed £300 a month to DS even though he earned quite a lot as that was his money.

Many of us whose DC only qualify for the minimum maintenance loan on account of household income choose to pay for accommodation and leave the student to use their loan for any other expenses. Obviously, in some cases this will in effect be topping up to more than what would be their maximum loan without the reduction, though.

Thank you all, although none of that makes me feel better 😣 My husband works away from home, so we have either a room or diesel costs to factor in for him. We don't live lavishly, but rarely have £200 left a month. As for the course it's psychology, something that cannot be done on an apprenticeship.

Where have you got a figure of £600 from ?

The amount of loan that your dc can get (for living costs - this is different from, and separate from the fees) will depend on your incomes...... the more you earn, the less they can borrow, and the more you are expected to 'top up' their living costs.

Yes, virtually all students can fit in part time jobs around their courses. There are those where it is difficult if you have to fit around practical placements (eg Nursing) and a few (eg medicine) where there really isn't time, but psychology doesn't fit into any of the exclusions. There's loads of time in term time plus of course about 20 weeks a year of holidays they can be earning in.

Dhs DD hasn’t been working part time since last year I think and has hopefully saving towards some of her own costs. We will top up about 200-250 a month. No idea what her mother will give her.

How old isn’t your DD now? Can she find a part time job and start saving? Can you put aside £50 a month into savings for when she goes.

The only reason we can support his Dd is that I knew this would likely come up and have been saving monthly for 10yrs. It’s never too late to start though.

DS did a physics degree and worked all through university and before during his A levels to build up some money so working is certainly possible. Iirc he earned about £6k a year generally

You are making savings with your DC not being at home though.

I’m sure you don’t live lavishly but most working couples can adjust budgets a bit. It’s a case of working out what you won’t be spending in DC and handing that over. With psychology, there is an opportunity to work around the course, except during any placement year.

Costs at different unis vary massively. Taking a gap year and working is a very good option- and getting experience working with people would be very useful for her course.

DD saved money from a job before she went and now supports herself, working in the holidays (gets a minimum loan) and watching what she spends. Most of her friends spend a lot more than she does. I am very proud of her and we have a great relationship - it also means how much she studies / spends / goes out etc is completely up to her and nothing to do with anyone else.