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

[F0XCUB88]

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?

Even if you get the maximum loan you are going to be struggling at a lot of places these days.

I disagree with this. DS and most of his friends are in Uni at the moment and the value of the full loan (either via loan or top up) is plenty for all of them. Some (non drinkers) have saved some of it too. They live simply and don't spend money on luxuries such qs takeaways, coffees, clothes etc. and budget carefully for shopping etc. I am thinking specifically of 3 kids at Oxford, Durham and Loughborough - all manage perfectly during term time on their full loan plus work in summer for extras.

How much is their accommodation?

Student loans haven't been enough to cover accommodation in a large number of places for years..... I was delivering student finance talks 8 years ago and having these conversations.
There is definitely is an expected parental contribution which is not talked about enough.

Their accomodation costs vary, obviously. But less than full maintenance loan and either catered or enough left over for simple cooking. Oxford being the cheapest by far.

I know Oxford is cheap. But st other unis if accommodation is 7k in the first year that gives them 2.5k so 60 a week for 40 weeks. I guess that's doable if you never go out and earn during the holidays

Dds accommodation costs next year are 200 a week. For a full year. So more than the maximum loan.

£60 a week is plenty and definitely allows you to go out too!

Hardly @Chewbecca

Omg. No, it isn't. Have you seen the price of food lately. And going out costs a lot.

Dd says the boys who do almost nothing but game and eat the most basic diet manage to do OK on 60 a week. Anyone else interested in clubs, being relatively sociable and eating well would not manage on 60 a week.

(By clubs I mean sports/drama clubs not nightclubs!)

£60 a week simply isn’t enough to live on. Food will be about £40 of that, leaving £20 for everything else. Not enough at all and way below what the government expects them to have as a minimum.

Most students get a job.
I have two dds at university. Dd1 took a gap year before uni ( worked for nine months and travelled for three months)
She managed to save some money which has been a life saver. She also works ten hours a week
Dd2 didn’t take a gap year but also works ten hours a week.
The real issue arises they move into private accommodation in the second year where the contract starts in July but the students will not start uni until the end of September. Rent has to be paid despite the fact that the students are not actually living in the property.
We have just paid £2000 for dd2’s rent for July - September.

Yep, me too. 2270. Dd is going back there for a bit at least.

Totally agree

I knew I’d get someone like you saying… oh you probably only paid £3k.

I did a five year degree in Australia. My fees were more than the £9000 per year they charge now and my accommodation fees were extortionate because I stayed on campus.. my first semester alone, what was $16,000 in 2008. That’s without food and nights out.

I still managed to pay for it all myself.

I was supported up to the age of 18, and then I was on my own. I don’t understand the mentality of kids, these days that can’t earn a living and learn to save up.

@DrSbaitso this was for you ^^

It was a few years back but some of my kids friends lived on crazy low amounts of money each week. Not sure they are that healthily though.
They got big bags of frozen chicken and rice from a local Indian supermarket and bulk cooked. That type of thing.L

I worked 9 hours on a Saturday, 5 hours on a Sunday and 5 hours on a Thursday night (late night shopping in Aus).

Then I worked full time in the holidays.

I found myself jobs in companies that sold items I needed like smart workwear. Then I bought pieces at staff discount for my first job.

No freezer space in most first year accommodation

I think anyone talking about how things were years ago need to realise how much things have changed.

We have been incredibly lucky to find a year 2 house for £80 pw in Nottingham, so the minimum loan covers the rent, with a bit left over - possibly not quite enough for bills, but she won't be very short. The landlord only has this house and he charges the rent in three instalments, to tie in with the loan payments, which is also fantastic. So we're only looking at giving dd money to live on. In year 1 she had £50pw despite being in catered, as she had to provide 4 meals a week and without any cooking facilities, she ended up having to buy out or have toast! I'm guessing we'll need to give her around £75 pw.

This year I said this was only going to be paid for the 30 weeks she was at uni. The other weeks she's got the option of being at home where she can eat our food. She's away on various holidays this summer, which she's funding from her child trust fund - this came to about £3-4k and she also used it to top up our money in the first term when everyone was socialising every night. Clubbing/going out is expensive!

Dd also works in the holidays to top up her fun money/savings. So it is possible to give them less than the top up to the maximum loan if that's all you can afford, but you need to choose the university carefully. Avoid Bristol/Bath/London/Exeter and there are probably others! I'm hoping dd gets a job in her uni town in year 2, but if not she can still do her zero hours warehouse job in the holidays when she's home.

And you earned 16k Australia dollars a year doing that?

Tell her to pay for it with a p/t job, look for bursaries, scholarships, etc, look for local grants and loans and lastly look for work sponsorship.
If that still is no good tell her to get a job now and reapply as a mature student

I don't know if anyone has mentioned it but as she's autistic she may be able to get a discount on accommodation. My autistic DD has just finished her first year and accommodation was discounted from £180 to £114 per week for an ensuite room.

@WithASpider hi, can you tell me how this was accessed? Our DD did get a disabled room due to privacy issues and because she is asthmatic (they don't allow asthmatics top floor rooms in case they need an ambulance).