How much for parents to save for university?

[Deeprug]

Just starting to get my head into this. Two dc at secondary close in age and potentially would be at uni at the same time. We have an average income; how much would you try and save for each child to try and take the pressure off us when we get to that point? What would be a good amount? We are not rich, so it would have to be for a basic level iykwim. Is it £5K per child, per year? £10K??

@ShanghaiDiva looking at Warwick but put off by the acxmd threads here

We are paying DD’s rent at 1k a month (including bills) and she’s using the student loan to live off. Remember a lot of accommodation contracts are 48 or 50 weeks. I’m also currently buying her bits and bobs as she finds she’s not got stuff she needs (rolling pin and kitchen scales today).

Defo recommend Martin Lewis

Wow that is also really high! Is that for 52 weeks as well? Do you mind me asking where?

I am paying DS2's rent this year (previously he has covered it with his loan and I have paid him food/fun money) as his loan is a lot less; it’s £570 pm (inc bills) which is the most either of my two uni DC has paid (and I can't lie – I am looking forward to not having that monthly debit!).

I know people have unis they want to go to, but I agree with a PP that rents have gone up and up and along with rising cost of food, it means some students from less well-off families are going to have to compromise – whether that means choosing a cheaper uni than their preferred, or going to uni locally and commuting, or takign a year or two at home to work and save.

You can’t be put off a top rated uni because of accommodation issues this year, it’s a much more reasonable option than Bath in terms of 2nd and 3rd yr rent as well as the first year on campus options that are very reasonable if you select shared bathroom.

@clary manchester. No we managed to get a nine month contract.

cheapest uni halls is £175 a week and goes up to £248 a week. Private halls are often more. A house share would be cheaper but it’s her first year and she doesn’t know anyone. I’m hoping she might do a house share next year but I suspect she won’t want to.

@hockeygrass the issue is also getting a good uni for her course though and bath has very good employment prospects

Bath is or was slightly higher than warwick for biology.

Ah @CameForAVacationStayedForTheRevolution I see nearly all the halls in Manchester are en-suite, that's why it's so much, Still I am a bit shocked at £250 pw for a uni hall. I hope it's really nice and she has a lovely time. Manchester is a great city and an excellent uni. Agree, would hope that a shared house is a bit cheaper next year (tho ofc will be 12-month contract).

Lots and lots of unis are excellent for biology tho. To say "Bath is slightly higher than Warwick" is a bit meaningless. In what uni table? There are so many. I am sure you can find one where Warwick beats Bath. Bath is a great uni, don't get me wrong, but so are lots of others.

In the CUG for biological sciences for example, Durham and York are both higher than Bath, and Cardiff, Loughborough and Sheffield (those three likely to be significantly cheaper for accomm) are only a few places lower.

Regardless of accomm, IMO it’s really not a good plan to fix on one option. There are so many variables and ways it could not happen. Best to have a back-up plan. In DD's year 13, I can only think of one out of her immediate circle of eight friends who got in to their original first choice of uni.

Wow why didn't they get in Clary ?
Durham and York are too far for her
Bath is an hour away

She's predicted three a stars

This year for my daughter we needed to add £3000 to the maintenance loan for accommodation and £100 a week living costs. The accommodation term is 44 weeks so a total of £7400 per year. We also spent hundreds on setting up for uni. All kitchen items, bathroom, bedroom, suitable laptop. It’s an expensive time!

I’m not saying she shouldn't go to Bath for sure - great uni, good programme of years in industry, lovely small city. But it sounds to me as tho it might be a struggle for you financially (according to what you have said). That's all I was saying. If you want to stay in the south I agree the options are fewer. has she looked at Brum? Great uni with a better range of accomm prices perhaps and deffo cheaper options in later years.

Some of DD's friends changed their minds from their original plans as they didn;t get offers or realised they wouldn't so pivoted away from higher ranked "dream" unis; some (inc DD) didn't get the grades (this was pre-Covid and I think that now, certainly this summer, a lot more unis are seeking students than in 2019).

I can think of three friends who ended up at their insurance, three who went into clearing (inc DD) and two others who did a foundation year at their chosen uni.

I mean maybe it was a bad year (it was for us haha – clearing was a nightmare day). I am not saying your DD won't get her grades but it's important to have another option.

My son did a gap year to save money and works 2 jobs alongside his studies to be able to afford it. We help out as much as we can but it's not a lot. It's shit for kids from low (but not low enough) income families

The only reason I could have considered being able to afford for my DC to go to uni, is because I had an inheritance from my parents. Otherwise I dont know how we could have made it work.

knowing about uni, and being able to put money aside for it, are 2 different things, especially in the current climate. DD can get the minimum maintenance loan but the top up is hefty as she's in an expensive city.

She applied for over 70 jobs it didnt find anything til she came home for summer, and that was only very pt. "Get a job" is often breezily suggested as if you can just walk into a cafe, or shop and they'll take you on. At the moment lots of retail places are taking on Christmas temps, it doesnt work in the uni town because they'll be home for Christmas (DD went for an interview in her uni city last year and was rejected because she couldn't commit to working Christmas eve/boxing day - when there is limited or no public transport) ...and it doesnt work in the home town because they need to start in October!

Then tell the kids they can’t afford uni? Mine both stayed and lived at home for uni is that an option? I didn’t overthink it, if they couldn’t work and loan the money then they had to look at apprenticeships or leaving and working.

DD is in a house share this year. Per week its less than halls, but because its a 52 week contract, it will likely end up being a similar overall cost, and its nowhere near as nice as halls or as convenient location

It's so complicated isn't it. Most people are just getting by, but getting 'by' is generally in an income area where you're expected to contribute the £5k+ to even break even with the full maintenance loan. I would say a few things:

1. The biggest difference is cost of accomodation. The additional savings may just be for 'a nicer halls' which may not be worth the savings! It's so expensive and a lot of loans don't touch the sides.
2. Don't underestimate all the things you won't be paying for. The money we are giving DS currently is the money we've saved by not paying his food whilst he's here, not driving him to and from work, not having him use a tonne of electric and hot water! So actually, it's much more break even with where we've been rather than 'additional' money. I really hadn't considered this but it's a big thing!
3. They really need p/t jobs. Even if it's just during holidays and then saving the money for when they're back.

We had three at uni at the same time and the allowance for having more than one at a time in the loans system is a joke.

My twins ended up at different unis in the same city and managed to get a house share. I did worry they'd end up missing out on the halls experience but they actually ended up both enjoying the experiences of both unis. Eldest did halls for the first year then lived at home for the rest.

With my younger kids I'm strongly, strongly encouraging pt jobs in McDonalds. They were amazingly flexible with the older ones - shifts in uni town term time and then shifts in home town summer and Christmas. Tesco tried to be flexible with the other one, but it didn't work so well.

Good point about money saved. My dc did quite a few £££ activities (dance class, music lessons, athletics) which obvs stopped once at uni (or they paid eg sports clubs). Plus the food reduction, esp for weight trainer DS2

We’ve put away around 2k per year for our kids since they were born, they currently have £12k and £8k respectively at 6 and 4. Hoping it will go towards uni if they choose to go.

It depends on the student but I would say aim for £13-14k for living costs outside of London as total figure built up from loans, grants, jobs, your contribution and any scholarships.

Eg, Grant £1000, Loan £10125 (Wales), summer job £2000. Divide by accommodation needed weeks. So 14125/44=£321

Minus £321 from basic accommodation costs eg £206 per week leaves £116 per week for food, clothes, gym, clubs etc.

Some accommodation is cheaper but some is more expensive but this is what DS spent last year and ended the year on budget after a year in University without parental contribution.

It’s an extremely common age gap to have children two school years apart, also one year apart if birthdays towards either end of the academic year. So having more than one child at university at the same time is an issue that many of us will face.
All you can do is start saving as much as possible, as early as possible (which I appreciate hasn’t been an option for you until now). The rest of the gap after the student loans will have to be made up with a part time job/working in holidays.

This is another barrier placed by the dreaded universal credit. You can't save much for your kid's university costs but will still be expected to contribute. (Yes it's possible to be on UC and earn over the threshold).

Wouldn't families on UC have an income low enough for the DC to get max maintenance loan?
Or is that exactly what you're saying, that even if you were eligible for UC, you may bring in too much for max maintenance loan?
Hmmm.