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?

It's also the preserve of those who come from well off families anyway (and are in a position to give DC money). If my DD (who is 17) had saved every penny of birthday and Christmas money since birth, she'd probably have about enough to feed herself for a month.

apart from the “back in 1982 I managed on £25 a week so what are they meaning about” brigade, threads like this hopefully raise awareness.

In 23/24 Parents are expected to top up to the maximum loan of £9978. If total household income is over £62,343 your dc will only be eligible for the minimum maintenance loan of £4651. You are expected to top this up to the £9978 each year.

Once your household income goes over £25k your eligibility for the full loan decreases on a sliding scale. So if your household income is £40k your child can have a loan of 7839 and you are expected to top this up to £9978.

In their final year their maintenance loan is also lower.

Due to inflation, the loans are effectively worth £1500 less than in previous years

It's also worth pointing out that their maintenance loan comes in three parts, not all together, amd the first two payments (end Sept and Jan) are less than the final payment.

I never managed to find a breakdown with amounts and dates anywhere either.

Students only have to declare non earned income. The fact he has managed to save £11k from working during 6th form/gap year is irrelevant when applying for student finance, he only has to declare any interest he is earning from the savings which until recently was likely to be minimal.

What I neglected to say is that they asked if they needed to save the money for uni. I told them that if they were to continue living at home they didn't, and they could use it for a car instead to make getting to and from uni easier. So they are saving a portion of their part time job income and adding to their existing savings for the car.

Like others have mentioned, it is crazy to not have these conversations with your DC well in advance of uni (that's not aimed at you @Maglin ).

I've had budgeting discussions with both DC since they started getting pocket money. They know that there is a limited pot of money, eg if I buy take away on a Friday then we can't play mini-golf on the Saturday. They have a good general idea of what things like clothing costs. I'm not stingy, but neither am I frivolous with money.

All these DC that are expected to survive at uni on their own because "they're adults" (🙄) and the parents haven't had the basic discussions on how it can be paid for....

My grandson is off to the local collage in September and has landed a job at a local costas meantime, surely she could do the same. He has just turned 16 and will be on just over £160 a week before take offs not a bad effort for his age.
We are very proud of him x

First, £200 per week is expensive and she certainly wouldn't be paying that all year. However, rental costs do vary alot so it is worth her doing some research on cheaper places given that you can't afford to give her more than the minimum. My kids have done fine on the roughly £9,500 that the loan plus parental contributions should add up to. One is Oxbridge (which is cheap as term time only) and the other in a fairly cheap northern city. They work in vacation but not term time.

Second, think about all the ways that they cost you money at the moment that you won't be paying for any more. I know you mentioned £50 per month, but what about food, activities, taking them out occasionally, heating their room, giving them a lift, haircuts...The gap may not be as much as you think.

It depends on the area Beastie. Where I live very few plaes are prepared to employ 16 year olds and they appear to be unwilling to work around college. It's probably because there is a lot of competition for p/t jobs from people my age who can be fully flexible over the entire week (even if only 8 hours are offered.

Lots of my son's college friends had massive problems getting time off work for things like exams, assessments and changes of schedule/timetable.

All these DC that are expected to survive at uni on their own because "they're adults" (🙄) and the parents haven't had the basic discussions on how it can be paid for

All the discussion in the world won't magic up money that's not there.

First, £200 per week is expensive and she certainly wouldn't be paying that all year

This depends on where she goes. It's normal in my dds university city and is a full years contract (private student accommodation for the 2nd year)

He's doing 3 a levels? How many hours a week at a 16 year old wage?

My son did a Btec. When he first started a lot of his friends looked at the timetable, saw that they were only scheduled in for 2.5-3 days per week and thought great, I can get a job the other days.

Except they didn't factor in that coursework requirements meant they needed to be in college a lot longer than those hours (especially if you need to use the college equipment), in the run up to deadlines ds could be in college full time. Then assessments were not always timetabled at the same hours. Last minute sessions were added in.

If companies hire Uni blind now. Just stay at home and go to the local one?

‘My grandson is off to the local collage in September and has landed a job at a local costas meantime, surely she could do the same. He has just turned 16 and will be on just over £160 a week before take offs not a bad effort for his age.
We are very proud of him x’

I’m sure you are, but going to a local college at 16, while living at home is NOT even close to moving away to another city for a university course 3 or 4 years long. Paying rent, bills, expenses, food etc.

‘If companies hire Uni blind now. Just stay at home and go to the local one?’

and if it doesn’t do the course you want to study??

Luckily our 4 have funds put by for this but it's a huge problem at the moment for people who obviously hadn't factored in the huge cost of living increase. I honestly don't know how lots of people manage.

My grandson is off to the local collage in September and has landed a job at a local costas meantime, surely she could do the same
That's great but obviously not all courses are covered at your local college!

Yeah and it's also a 6th form equivalent so free anyway. Not sure why it's at all relevant other than the Pp is proud her grandson has a.part time job shrug

Yeah and it's also a 6th form equivalent so free anyway. Not sure why it's at all relevant other than the Pp is proud her grandson has a.part time job shrug

I assume it's about them saving money in advance of uni? Or possibly about them being more employable when they do head to uni as they will have experience. Or is it that is a 16 year old could get a part time job then an 17/18 year old could.... any of these could work I guess.

But to be earning £160 a week they must be working at least 20 hours a week which is a lot when studying full time.

Part time work is great, but not at the expense of grades. Otherwise what is the point of studying?

But the discussions will give DC the chance to try to work things out. If there's a uni close by, to stay at home while studying, or do a gap year and work and save like crazy, or try for one of those work based options, or go for an apprenticeship instead.

If the DC have a better idea of what the options are, what the options are likely to cost, they are better able to make choices and plan.

Surely the school have already had conversations with them about career planning when making subject choices? Finances should be discussed at the same time.

I hope DD1 will get a job, she has been working part time and earning about £100 per week since she was 16 and is staying in that job until September, working a few more hours at the moment now she has finished school and exams, to put some aside for university.

Also while we will be giving her money, she won't be at home all that time so it does slightly reduce our own living expenses in term time.

Op; please don’t listen to the posters sating please consuder an apprenticeship; respect this is your daughters choice and not yours, it is not for you to consider. It is for her.

rhe maintenance loan for kids whose families are in 50k. Is 6412 a year,

her cheapest accommodation will be 5.5. So she’s 900 left. Which is only 22 a week. But if you give her 1200 each year from her child fund , this brings it up to 52 for each of the 40 weeks. She can get a part time job, Ie supermarket etc, or you say you can afford 100, if so, it gives her 77 a week and it perfectly doable.

please don’t worry she will be fine.

And agree, from the 100 you give her, subtract how much she costs when home, ie food, utilities and you habe the true cost.

I hadn’t realised that student finance had changed so much. It’s been an eye opening thread as I’ve a 12yr old and a 14yr old who will overlap at university- if they both decide to go.

Just booked DD's accommodation for September, it's £152 a week sept-June for a bedsit (sn so sharing was a disaster) apart from London where you get more finance accommodation isn't £200 a week unless you choose very posh!