How much should I save for university in 2030?

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DD is 14, so due to go to university in 2030. How much should I put aside to help fund her?

Some context: I don't work, I'm a full time carer for disabled DS. DH works full time but on a low salary. The only benefit we receive is carers allowance but we get by fine. Our mortgage will be paid off the year DD turns 18.

I've just been given £100k, which we will partly need to live off in lieu of my salary, but I plan to ring fence some in a savings account for DD.

No idea at this stage what she will study or where she will go and I appreciate housing costs can vary a lot, but I have no idea how much to put aside. I assume she'll get the full student loan due to our income. I'd rather avoid her needing to work if we can. I do want her to live away from home - university is where I met DH and I had the time of my life, I'd love for her to have the same experience.

It would be great to hear from those with children at university how much would be a realistic amount to fund her as much as possible through the 3 years.

General rule of thumb for university costs per year is £10k fees, £10k accommodation, £5-10k living expenditure.

Obviously accommodation and living costs depends on uni but that’s just a guide.

With you not working and your DH on low salary, she would be entitled to full loan I imagine. She may also be able to have a little bar job or something to help with living costs.

So I guess it’s up to you how much of that £25k+ per year you want to help her with to reduce the amount of debt she leaves university with.

I’d also look into investing the lump sum you decide to stash away as opposed to just putting it in a savings account.

Yes good point, it's doesn't need to be a savings account as such. I just want to have in mind that it's for her university and whatever I do with it I can access it in 2030

Well done for planning ahead - we found this helped.

Also uni locations vary enormously for accommodation is so your DC can still go away but Sheffield student houses for instance per month cost much less than Exeter though both good Russell Group unis. Could save you £3-5K per year.

Put a stash in an ISA for her. Maybe £25k? Then loans for the rest.

In terms of post graduation employability, it’s quite important that she has some so,I’d work experience, so she could help by working in a gap year to save up her own lump sum, or work during the vacations, and at the very least, the summer.

so if she has a job to contribute to her university costs, it kills two birds with one stone!

I would avoid trying to pick one exact 2030 number because student finance and rents may change. I’d build a range instead: first-term rent before loan arrives, accommodation deposit, travel home, laptop/course kit, and a monthly top-up if the maintenance loan does not cover rent. Keep your own family buffer separate from anything ring-fenced for university.

Do you have any other savings or help for her?

If you don't, then personally I would put as much of it as you can spare into a savings/investment account, and keep it for her house deposit rather than university.

She will get loans for university, and she might actually want to work.. even if she doesn't, a little cash a week to top-up what she gets from her student loan is plenty.

For most young people having a deposit for their house, after university, is much much more helpful and valuable than having more disposable money while studying. Unless you have other plans for the house, she will thank you later if you keep it for that.

You say the only benefit you get is carer's allowance. Don't you get DLA for your son too?

I would keep the money in your name, you are a low income family and you don’t work so your DD may qualify for bursaries etc. She may also work and save in a gap year and work during university holidays, both for money and to prepare for graduate life / enhance her CV.

Would he get maximum loan ? If he would , he could apply to unis where your money goes further and avoid places like London , Bristol , Bath , York , Manchester .