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?

Sorry haven’t read the whole thread so this may have been mentioned before but all student bank accounts come with a large overdraft facility (£1000-£1500 typically) and there’s no Shame in using this to “top up” if necessary

Not really bizarre. It's becoming more and more common in the UK (as is already the case in other parts of the world for students to go to their local university or use distance learning. Partly because students simply can't afford to move away from the family home and partly because many students have other reasons to stay e.g. caring responsibilities.

We are fast moving back to a world where going away to university is the preserve of the rich (and possibly the very poor who are eligible for extra bursaries etc).

The nice cheap room that a poster said was £120 a week 4 years ago? I bet it's at least £180 this year. Prices have gone up a lot.

Your DC will get a higher maintenance loan if you're on a lower wage.

This.

My friends son rented a room in Exeter four years ago that was 155. Room on exactly the same street for dc next year is just under 200.

We don't! My kids get the maximum amount of loan because our income is low. They choose the uni they go to very wisely and most of that consideration is how much accommodation is going to cost them.

I teach IT and most of my students are applying for degree apprenticeships this year. All university fees paid for and a good starting salary. Last year I had a good number of students who were successful in this. Many have stayed local but some have moved away including a student who has moved down to the South Coast for the JP Morgan scheme. There are lots of IT and Computer Science based roles around so definitely do some research into degree apprenticeships.

1. do not study in London.
2. choose a course that allows time for part time work
3. Take a year off, at least before starting
4. teach budgetting
5. consider a "home" University if you are lucky enough to live near one.
6. be really really sure why you are going to uni and what benefit it will give you.

Sounds like she might get the full loans but I'd check the calculators.

My advice would be to make it clear that you aren't going to be able to support her but she has options:

She can:

apply to a local Uni and still live at home.

Apply to degree apprenticeships. My DGD has done this and is now earning a tonne with a company car at 23 with no debt.

Factor in the price of accommodation when she selects where she's going to apply to.

Save up as much as she possibly can.

I've also heard that the accommodation is cheaper at Oxford & Cambridge and she would probably be eligible for Bursaries.

I realise that some of these might not be practical depending on the course. So if she's going for something like Medicine she'll very much have to apply strategically and ignore all of what I've suggested

Absolutely!

My student experience (back in the days of student grants) was a world away from the experience my DDs had.

Not all courses leave time for part time much less full-time jobs. Both my DDs were on STEM courses with extended lab sessions as well as lectures and tutorials. Both worked during their first year but found it impossible to keep going beyond that.

We said to both DDs we would fund uni but could not afford to pay for fun (especially as we couldn't afford any of our own). If they wanted to be able to go out they would have to fund this from holiday jobs.

A friends son saved mych if his birthday and Christmas money, worked the summers from 16. took a gap year and worked as many shifts at Sainsbury's as they offered him. Then took himself off for a month travelling around England camping or youth hostels - so didn't spend too much then. He started uni with £11k in his bank (his parents didn't charge him any keep while he was working ). It has meant he has had enough to support himself above the loans.
Most kids I know also work every summer and long holiday and during term time if possible.

I wonder if he declared that when applying for his loan. He is supposed to.

Also saving Christmas and birthday money for uni is something that only happens in the mumsnet forums.

We were in the position that we were unable to save while kids were younger having got ourselves in a bit of a financial mess, we are in a much better position now (thankfully). We have 2 dc both at university doing 4 year courses. Both have had to partly pay their own way, DS applied for a sponsored place at boarding school with RAF for 6th form and got accepted, they are helping him through uni by paying a bursary plus he gets paid for attending squadron activities throughout term time plus he works in McDonald’s (1 shift a week term time in uni town, more in holidays at home). DD works in a hotel over the holidays when she is home, last summer she worked every hr she could and earned enough to see her through this year plus put money towards a car. She’s not working as much this summer and plans to get a part time job when she goes back. We give them money generally worked out at the beginning of the year depending on how much their rent/outgoings are. DS generally gets less than DD as he gets his bursary (this was an agreement we came to when he got accepted on his RAF scheme as we had to pay means tested fees for him to attend 6th form

She'll get full maintenance loans and might qualify for a bursary directly from her university. And she can get a part time job if she needs a top up.

Is there a university nearby offering courses she's interested in, so she could stay at home?

Many parents literally cannot help, though. We wouldn't have been able to. Luckily DD lived at home through uni (we live in a city with a Russel Group university and there's another one ten minutes by train away so she had good universities locally, which I appreciate not everyone has).

The government has subtly shifted responsibility for paying the living costs of adults, sometimes in their mid 20s, to their parents. Which is bonkers. I remember a Tory wheeze about 10 years ago that those under 25 - whatever their circumstances - should be subsidised by their parents. No benefits or council housing etc. They cut benefits for under 25s and the expectation that parents will pay for their adult children to study is an extension of that, imo. It also means (and this thread illustrates this perfectly) that children from poorer backgrounds will be put off going to university. Keep the plebs in their place and all that. Can't have them getting too clever and questioning things and, heaven forbid, challenge them!

Topping up to the full loan amount isn’t necessary if it’s unaffordable though so as not to scare people who can’t do that.

DS1 goes to uni where accommodation is covered by the minimum £4600 loan, halls and 2nd/3rd year costs about the same. This can be done if you take accommodation costs into account when picking the university. We give him £60 per week term time only (40 weeks) pay his phone (£10 a month) and send him with a load of food. If he comes home, we pay his train/coach fare or pick him up. He says this is fine, he eats and has from what I’ve seen a pretty big social life. Again he picked a cheaper city to live in so this is achievable. Holidays he has to work for his spending money.

Not really!
it’s more common than you hi j for students to live at home. Out of approx 25 teens I know who have gone to university in the last 4 years I know of 3 that have moved away and lived in student accommodation the others all live at home.

my teens will come out of uni with no debt whatsoever the ones that live in student accommodation will have approx 35k worth of debt.

I know which Situation I’d rather my 2 graduate from.

I also know people who give their DS £30 a week (40 week term), the DS also works and manages really well

She goes to a University within commuting distance by Tube. We pay her Tube fare.

The other thing to consider is to do the maths carefully.
DC chose a catered option for first year.
I appreciate there is more initial outlay which might be problematic but we calculated that the cost of each meal was less than £1. So it made far more sense for them to go catered.
Also look at things like en suite. Neither of my children went for en suite options as they add so much cost and they know that that money would mean less to spend elsewhere.
I don't know about Oxford but Cambridge is much cheaper than other unis for accommodation in my experience. Also the bursaries are not advertised ahead of time but every single person DC at C knows whose parents do not pay the full maintenance (or are not expected to due to their income) got a minimum of £4k per year to top up, regardless of what their parents did actually pay.
At the uni where other DC is, there was no mention of bursary till actually applying for accommodation after accepting the place. Then the option to apply for a bursary was one of the drop down boxes and, again, it looked as though there was a sliding scale of offers depending on parental income. It definitely looked as though it could really help, well into the thousands per year.
I honestly wouldn't panic too much. If she wants to go to uni and is prepared to work then there will be opportunities.
I know this might sound controversial, particularly among people who don't like "ranking" unis, but my impression (borne out by a fair amount of knowledge but not exhaustive) is that the "higher ranked" / older unis ie RG, Bath, Warwick etc tend to have more bursaries available to offer. This is likely because historically they have had fewer students in that financial position compared with some of the newer unis. So although, as in my previous comment, I would consider carefully the cost of cities such as Bristol, London or Southampton which are extortionate and probably unaffordable for many, I would also not rule out other unis that are older and therefore might be perceived as being more expensive as they are more likely to be generous.

Also saving Christmas and birthday money for uni is something that only happens in the mumsnet forums.

@Maglin - really? I'll have to tell my DSs that the $1,000 ish that each have in their personal bank accounts is imaginary then, as it doesn't really exist (16 and 13 year olds). Oh and that imaginary money is due to increase significantly as they've both gone and got themselves part time jobs and have said I don't need to give them pocket money anymore.

Although in fairness given that they know they don't need to SAVE money for uni as they'll continue living at home they'll probably buy cars with their money instead.

That's apart from the 30% from their earnings they've both agreed to put into an investment account for themselves (Vanguard).

Financially responsible teenagers is actually a thing, you know.

Although in fairness given that they know they don't need to SAVE money for uni as they'll continue living at home they'll probably buy cars with their money instead

Then why bustle on and snipe at me when they aren't using their savings to pay for uni costs, for goodness sake!

It's a shame it's not more publicised about parenting needing to support dc through it. It was a massive shock for me because I too thought the loan would cover me. My parents didn't have a clue, I ran out of money in my first year and due to my course it would have been very difficult to have a job as well. I hate so much I never got to graduate in what was effectively my absolute passion due to funds.

I assumed that mine would be able to borrow full living costs. I didn't realise until the year before that they'd only be able to borrow 4k!

Our daughter is off to uni in London in September. Accommodation costs vary so widely so a measured view is needed. An nhs degree receives a 5k bursary. Under 50k your daughter is likely to receive maximum loan of between 11 and 13k. Yes this is repayable but we are not anywhere near worrying about it. It took me 20 years to pay mine off whilst raising a family, part.time, full time. It wasn't treated as debt for our mortgages etc.
We have agreed to fund our daughters food, and travel costs and she is paying her rent which is 850 a month, from her bursary and the half amount of loan she is entitled to on a means test. She will be left with 2.5k a year to live on.
We are trying to not over think it. Her degree means she cannot work due to placements but she will work in holidays.
My.parents give her 20 pound a month pocket money, we give her 40 a month already and this will remain in place.
When we add up.how much it costs to have her at home we were surprised so have used that to calculate what we can fund her with when away. Lunch money, bus fare, clothing etc. It all.added up in the end.
She will be living on cheese toasties, and pot noodles.like every student since the dawn of time.