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Higher education

Talk to other parents whose children are preparing for university on our Higher Education forum.

Original poster

So, how the hell do you afford uni for your kids?

645 replies

F0XCUB88 · 27/06/2023 05:39

Just been looking at prices for accommodation, £200 per week!

So looked at Money Saving Expert to see how much we need to contribute on top of loans. It says we need to save £358 per month.

We earn £50,000 between us, mortgage payment just went up by £££ and now can't actually get to the end of the month so how do we save £358?

Do we just say no she can't go? What do other people do?

I know it's a first world problem but she's really bright. Neither of us went to uni and finding it all a bit confusing. I just can't see that everyone else can afford it?

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confusedlots · 27/06/2023 05:44

What age is she? Do you at least have a few years before she's due to go to uni to start saving what you can? I think most people start savings accounts for their children when they're small and put away a little bit each month, it all adds up over the years and usually goes towards uni/house deposit etc

JuneOsborne · 27/06/2023 05:45

Well, one option is something like the pwc (there are others) degree apprenticeship programmes. With the study first ones, you get to go to uni full time, all fees paid and a wage. Take a look.

Original poster
F0XCUB88 · 27/06/2023 05:46

She is 17 so going next year. Then other dd is 15 so will also want to go. We have been on low incomes up until the last few years. I did save some money, they have £3000 each. Was hoping it might eventually go to a house deposit but maybe that will have to go towards uni. I don't think it will scratch the surface though.

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MrsBennetsPoorNerves · 27/06/2023 05:54

I used to work at a university. It's a massive problem because lots of parents don't realise until nearer the time that their kids won't be able to borrow what they need to cover their costs... many assume that the loans will cover the basics for everyone, which they don't. There needs to be much better information for parents about this, so that they can start saving from an early age.

Work out what you can afford to contribute. Your dd will have to get a job to cover the shortfall. Would she consider taking a gap year and working through that to build up some savings?

SignalLow · 27/06/2023 05:55

She’ll have to get a job. It’s fairly common.

SwedishEdith · 27/06/2023 05:56

Most students get a job. I used to top up my eldest's weekly income by about £50 pw about 8 years ago so would be more now but not double. Do you give your daughter anything pw now? Think of what you'd top up as extra from that. And only during term time. It's not easy but there is an end to it as well.

Original poster
F0XCUB88 · 27/06/2023 05:57

At the moment they get £50 a month

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Mindymomo · 27/06/2023 05:59

Do you have any local universities so that they can still live at home. My DS was happy doing this and as he only went in 3 days a week, it was definitely the right decision financially.

Original poster
F0XCUB88 · 27/06/2023 06:00

MrsBennetsPoorNerves · 27/06/2023 05:54

I used to work at a university. It's a massive problem because lots of parents don't realise until nearer the time that their kids won't be able to borrow what they need to cover their costs... many assume that the loans will cover the basics for everyone, which they don't. There needs to be much better information for parents about this, so that they can start saving from an early age.

Work out what you can afford to contribute. Your dd will have to get a job to cover the shortfall. Would she consider taking a gap year and working through that to build up some savings?

I just feel like I've really let her down now. I think she might find it hard to get a job as she is autistic and socially a little awkward but would getting a job even cover it £800 a month for rent!

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Original poster
F0XCUB88 · 27/06/2023 06:01

Mindymomo · 27/06/2023 05:59

Do you have any local universities so that they can still live at home. My DS was happy doing this and as he only went in 3 days a week, it was definitely the right decision financially.

Yes we do. I think she likes the idea of moving away but may behave to do this

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Original poster
F0XCUB88 · 27/06/2023 06:02

*have

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Somethingintheattic · 27/06/2023 06:03

My son worked for a year before uni (admittedly this was due to covid) and this provided a good financial cushion. He is home now for summer and working. I think generally people need to be more aware of the costs - hall fees are really expensive. Also (and I realise moving away from the topic) know that your son/daughter are signing legal contracts for both the loan and the accommodation - should they get to Christmas and decide uni is not for them they will be paying back a proportion of the loan and also the accommodation fees until the summer.

SwedishEdith · 27/06/2023 06:03

F0XCUB88 · 27/06/2023 05:57

At the moment they get £50 a month

So you might be topping up £150 pm more, roughly. Not nothing at all but not £358. Be straight with her about what you can afford so she knows. Where in the country is she likely to study as the north will be cheaper than London etc?

autieawesome · 27/06/2023 06:04

@F0XCUB88

We earn roughly the same as you. Both my dd have gone/are at uni.
The course is paid in full by student loan. She will get a proportion of the maintenance loan (roughly 6k a year) but you can look it up. This can cover accommodation . Not the poshest one but a mid road one.
We sent our dd £100 a month each (for food this was their bus fare/pocket money equivalent whilst at school so we were no worse off)
They both got jobs to fund their social lives.

MintJulia · 27/06/2023 06:04

Mumsnet is always against being an older mum but it helps when financing university.

My mortgage ends the year ds turns 18. I'll retire and downsize the following year, freeing up enough money to top up ds' student loan. That's the plan anyway 🙂

Original poster
F0XCUB88 · 27/06/2023 06:07

autieawesome · 27/06/2023 06:04

@F0XCUB88

We earn roughly the same as you. Both my dd have gone/are at uni.
The course is paid in full by student loan. She will get a proportion of the maintenance loan (roughly 6k a year) but you can look it up. This can cover accommodation . Not the poshest one but a mid road one.
We sent our dd £100 a month each (for food this was their bus fare/pocket money equivalent whilst at school so we were no worse off)
They both got jobs to fund their social lives.

Oh this gives me hope! Thanks so much. I'm sure we can afford £100 per month, she doesn't really go out much and when she does she doesn't spend and isn't into clothes. Doesn't drink, smoke etc. so maybe we can do it?

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Original poster
F0XCUB88 · 27/06/2023 06:08

But how does 6k cover accommodation?

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Original poster
F0XCUB88 · 27/06/2023 06:08

Cheapest halls I saw were £137 per week

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SertralineAndTherapy · 27/06/2023 06:10

£200/week is towards the upper end of student rent in most cities apart from London. DD might have to factor accommodation cost into university choices. Also, in the first year, the housing contract is likely to be 40 or so weeks rather than the whole year.

bumblebee2235 · 27/06/2023 06:11

My friend and I when we went took a year out to work and save. Then did part time work around it when we were there. Obvs had student loan too. :)

MrsBennetsPoorNerves · 27/06/2023 06:11

If she can't work due to her autism, could she potentially claim disabled student allowance? Might help a bit...

SwedishEdith · 27/06/2023 06:12

F0XCUB88 · 27/06/2023 06:08

Cheapest halls I saw were £137 per week

The first year was the worst but is that 137 pw term time only (can't remember how calculated now)? Better once they house share.

herbygarden · 27/06/2023 06:12

Hi @F0XCUB88 I imagine the halls aren't payable for 52 weeks though? Is it just 30/40 weeks? If there is a particular uni your DD is keen on - do they have a finance department that you could call to talk it through? It's a long time since I went but I had a gap year first and worked most of it so saved loads and then had jobs at uni. My parents have me a few thousand lump sum when I started but I never touched it the whole time!

SertralineAndTherapy · 27/06/2023 06:14

SwedishEdith · 27/06/2023 06:12

The first year was the worst but is that 137 pw term time only (can't remember how calculated now)? Better once they house share.

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That also depends on the city; some places have ridiculous private rental rates and they are likely to be on 50 or 51 week contracts, too. Certainly worth doing research as part of the shortlisting process!

Taylorscat · 27/06/2023 06:14

I am a single parent on £38k. I figure my food costs will be less when dd is away plus I save a bit monthly towards school trips / clothes and also she has music lessons - all of that combined should give me £200-250 to transfer to uni support instead- do you have anything like that that you won’t be spending with her away that you can redirect? Any more she will have to earn herself. (Oxbridge say you can’t work during term time though which is another example of their elitism !)