The ABC of university life (2019/20 cohort) - Will NewModelArmyMayhem18 forgive me?

[MrKlaw]

previous thread www.mumsnet.com/Talk/higher_education/3701968-The-ABC-of-university-life-2019-20-cohort-settling-in-we-hope

Hope you don't mind - people have pent up comments about cheese graters and traffic cones to get out of their system!

So far mine seems to be doing ok with money - I'm pretty sure he is not spending anything other than the money via the college battels for food, accommodation etc (all fully catered). If he goes on as he has always done he will not buy anything at all!

In other news, he seems to be much more up-beat today - got his wifi fixed once again, but it seems likely to be a recurrent issue. He's reconciled himself to listening to text to speech books in the library when necessary - I'm really glad about this, as it will get him out of his room and into the beautiful Radcliffe Camera, which I think will be really good for him.

I'm hoping he will go and see student support next week and get suggestions for what sort of laptop he needs, as his netbook is clearly not up to the job (I suspect the latest Windows 10 upgrade is the ultimate problem). He went to lots of (optional) lectures, and had lunch with some people on his course. Got his work in on time and has decided to go to the 'Re-freshers' event in college in the hope of meeting a few more people.

So things seem ok for now - and I can relax a bit and focus on my own work!

@WaxOnFeckOff regardless of where they’re living it’s worth having a talk about budgets - get your DC to calculate the loan and how much that equates to per week and then figure out if you think that’s ok

From what I saw when searching up loans - the ‘living at home’ loan is only about £1500 less than living away. So they should be better off - you might even want to be charging rent :)

I thought we'd have a break over the summer but all the 2nd year houses want rent and deposits from 1 July.

@Trewser that is so depressing. The only positive is that it means that some of their kit can stay up in university towns/cities rather than being carted home at the end of the first year.

Thanks MrKlaw, we are in Scotland, the maximum loan they can both get is £4750. No allowance is made for living at home or away. The plan hopefully is that they take the loan but don't spend it, then they have a choice to either pay it back and be debt free, use it as a deposit for a flat, use it to take a year out and travel etc. That's as long as DH and I are able to completely fund them but we are getting older so who knows. Both have 4 years to go as Ds1 is 2nd year of 5 and DS2 is 1st year of 4.

So, him still spending the loan while being funded by us isn't really the plan.

We've saved a bit towards uni for them, but we are by no means well off. DH and I were both brought up in poverty though so we don't have extravagant tastes. There are no pockets in a shroud either.

DS1 doesn't really go out or socialise which is a different issue by itself and he's also good with money. Im just trying to ensure that he isn't getting a raw deal compared to DS2.

He does benefit from meals out etc when DS2 is away and has their shared car to himself during term time but he doesn't really use it other than to and from the station.

DS gets max loan and lives away .. I pay his phone and give him £100 a month. EXH gives him £150 a month .... I did sit down with him and help him budget before he went but he's pretty good with money ... he doesn't drink so only buys food and pays for gym !! DD lived at home and did degree part time.. she had max loan too ... I was unfortunately not able to help her much ... I expect DS to work through the long summer break .... I wish I could give him more money but buy him a few clothes and essentials

We are paying the shortfall in DD’s maintenance loan, we will cover travel to and from uni and anything needed study wise, her phone up to £25 pm and she is fully catered, so her only costs are socialising. She is paying for that as she saved £3k before uni .

Also she has 2 accounts. Her pre existing account for her spends and a HSBC which is purely for maintenance loan, which we will top up. At least then she knows she will always have enough to pay it. If she squanders her savings in a few months, that’s her problem to sort. I’m expecting her to get her old job back in the summer.

Yes, both ours have 2 accounts - one for savings and one for the loan. DD has a job and both worked in the summer and expect to probably work at Xmas.

I think there is probably a massive variability of how much each student has to spend - DS is in fully catered halls with the vast majority of other students coming from wealthy families, having gone to private/public schools and with unlimited amounts of money to spare. However, I am sure that he is a lot better off than a lot of students at other universities.

I seem to recall that Durham topped the table of parental contributions to students' living maintenance, even beating Oxford, Cambridge and St Andrews.

Ha! Not from us @NewModel

Oh and we paid for the uni gym membership but at £50 pa it was a steal. Basically we will help her out with expenses that are not alcohol related.

DS is living very frugally. He's spent less than £100 in the first fortnight. I have told him that he doesn't have to live like a monk!

DD says Freshers week cost her £100 which cannot be maintained but she did a lot of partying that week!

@NewModelArmyMayhem18 DS said that one of the students on his corridor has a real Rolex. And that's probably the tip of the iceberg

@Benjispruce, DS says the bar does 5 pint pitchers for £5!

@BigTillymint she’s not a pint drinker but I did click the £2.80 cocktails .
She’s ill now with pink eye and a barking cough. I have prescribed nights in.....

A bargain @bigTillyMint. A real Rolex at that age is positively outrageous, very ostentatious and rather risky (channels inner Lady Bracknell)

*clock

@Benjispruce Cocktails for £2.80?! I'm going to make him take me in there next week

@NewModelArmyMayhem18, well quite.

It is a good idea for them to pay their own bills (such as accommodation costs etc) where possible as it helps them to build a credit rating for the future when they need one...such as house buying, car loan, flat renting etc.

@bigTillyMint say hello to my DD! I’m not on half term until week after and not sure she’ll want a visit.

I should add mine left uni 4 and 8 years ago and have now both purchased properties, requiring a credit rating for their mortgage. They previously needed one to rent a flat when working.

@Benjispruce we are visiting as part of a trip up North visiting various friends too!

@grannycab, that's worth considering - getting a credit rating.