How much money for living costs at uni?

[QuirkInTheMatrix]

After rent and bills?

DS will get the minimum amount of maintenance loan so we will cover rent (bills included), we will do him a big food shop at the start and make sure he’s set up with pots/pans, etc. His accommodation is a bus ride from campus so we will buy him an annual bus pass.

So will (slightly under) 5k a year be enough for day to day living? Groceries, toiletries, laundry, socialising. He has coeliac disease so food is more expensive, loaf of bread is £4.20. He can’t just grab a sausage roll from Greg’s while out and about for lunch. However he doesn’t drink and his idea of a good evening is more likely to be studying or watching TV!

He’d be happy to get a part time job if he can find one but I’m just aware there’s probably more students than jobs so may not be possible.

Im happy to carry on paying his phone contract. He currently pays his Spotify and also his contact lenses each month. Not sure if he can carry on using our Netflix or whether he will need to pay for his own.

My DD and DS got the minimum maintenance loan
we paid their rent in full and they lived off the maintenance loan.
I also paid for their phones and bought food shopping whenever I visited them.
both worked throughout their studies.
DD at McDonald’s and DS as a pizza chef.
both left uni without any debt (apart from student finance) not even an overdraft.

DS is very careful with money and left uni with substantial savings. He did work 18 hours a week though

We give ours £5629 ( difference between min student loan and the max loan amount outside London). We split it into 3 and give it to them just before the start of each term. We wanted them to be in charge of their money. I did sit down with them before they started and showed them how much they would have to live in either spread out over 52 weeks or 30 weeks ( term weeks). They realised they’d need a job in the holidays! They don’t work during term time as the course is quite full on. They have managed to save some money

That’s quite low though unless they are somewhere where it’s extremely cheap to rent

We pay the accommodation, they fund the rest it’s worked out well

Is it?? That is what we were planning to do as I thought that £10544 was how much they are meant to live on.

It’ll depend where they go and how much rent is but I think even the cheapest unis you’re probably looking at 6k minimum for halls and that’s assuming they get given the cheapest halls. House shares may be cheaper but again depends on the city.

House shares are normally 52 week contracts though, and often have bills as extra. They can be further away too meaning transport costs go up as well.
Halls are normally a shorter contract, and are closer to the main uni buildings/on campus.

In Scotland so no fees
We pay our DC 1100 a month to cover rent and spending money
Also still pay things we were already paying eg phones and contact lenses
My ILS give them £500 a term

Just a random question if anyone knows - dd is 17 and planning on uni.
She lives with me most of the time (goes to her dad every other weekend).

I am on a low-ish income (£34K full time). He is a very high earner. He currently gives me £500pm for her (£1500 for 3 dc) but will stop after sixth form and nothing worked into our consent order for tertiary education. So will be at the mercy of whether he decides to give her money directly or not,

Will student finance be assessed on my income only as resident parent? Or his too

It will be assessed on the household income (gross) of where she lives - so your address. Household income includes your income plus that of your resident partner if you have one.
Assuming you live in England, your DD can apply for loans for tuition fees and maintenance. The maintenance element is the one which varies. There are different rates for living at home, studying away from home and studying in London. This year's rates are attached.

If you live elsewhere in the UK, different systems apply.

Interesting thank you.
No partner for me.

I wonder if I include maintenance I currently get when declaring income.

I guess there will be a conversation to be had with him then, about what he intends. As my understanding is that the interest rates are no longer super low like they were when I went to uni 25 years ago.

Their rent including bills is about £7600 for 51 weeks ( give or take) . As I said, they work during the holidays to create a buffer . They budget to live off about £50 a week . I pay for insurance , phone and one big shop at the beginning of each year at drop off.

Ds has £300 a month from us to live on, and a part time job. We made it clear from day 1 that food and expenses comes out of our money, and beer money is from his own (he definitely does drink!)
I often send him a bit extra for train fares home and as an extra treat, but he seems to be managing well enough.

This is very true, we’ve been lucky I guess that we’ve found a flat for a nine month contract.

@FiveFoxes problem is that in England the value of the maintenance loan has not matched inflation. So about £2,000 lower than where it might be expected to be.

https://www.russellgroup.ac.uk/news/russell-group-responds-2024-25-maintenance-loan-increase

@User5274959dont think so - it’s taxable income.

It depends on accommodation cost. Max loan hasn’t kept pace with accommodation costs.
My dc opted for and got cheapest uni halls which is £6000 a year, we were required to top up £5500 from min to max loan so opted to pay accommodation instead as it’s similar cost. She then uses min loan for living costs.
Her friend at same uni went through clearing, not eligible for uni accommodation and pays private halls - longer contract and far more expensive. Her accommodation alone is more than max loan.
Another friend at a different uni is in uni halls at £9,900 a year (lottery allocated - all the cheaper ones went) so topping to max loan only leaves £1000 a year to live on, luckily she’s on a course with an nhs bursary.

I work on the basis of £12.25k for maintenance. That’s the current figure adjusted properly for inflation over recent years.

We work backwards from that figure. - they have to make choices based on having that amount coming in - can choose more expensive or cheaper accom and therefore have more or less left for other stuff.

Serms to have worked so far.

Money was given termly in yr1.
Funded the deposit for the 2 house on top of- which needed to be paid in autumn if yr 1 as that was when contract signed.

As rent is due from 1 July of yr 1 for 2nd yr house, gave 6 months of maintenance amount then and other 3 months worth in Jan and April.

Of course, if you get full loan, you won’t get the yr2 money until Sept/Oct but you may well be paying rent from July.

Knowing when deposits might be payable for yr2 and 3 and when rent starts for yr 2 and 3 can help parents and kids manage their funds and plan ahead so the money is there when needed. Them having a buffer is certainly helpful.