How much for university?

[silverfridge21]

I'm wondering how much you'd ideally want put aside for a university fund? One dc

Appreciate the answer is probably ££ but wanting to get a realistic feel re living costs

And then some contribution towards maybe not taking the full loan- or take the loan but could be used towards a house deposit?

Not sure what financial planning I should be doing!

Do you have a personal pension for yourself & savings first ?

C £18k per year, so £54 k if you wanted to cover the majority of it!

I'm working on that. You think more into my pension first?

I pay all costs for DC 1
Give her £1500 a month to cover everything
In Scotland so no fees

1500 a month!!!

I wouldn't pay fees. Let them get a loan. 9k a year is recommended maintenance loan. Accommodation can be anything from 90 to 200 a week for 40 or 50 weeks.

Covers halls ,books travel everything
I was always skint as a student and that's not what I want for mine

Don't pay the fees directly - that's what student loans are for.
Your obligation is to make up the difference between what she gets as a maintenance loan (for living costs and it is dependant on your earnings) and the maximum Maintenance loan (around9k)
Martin Lewis money man has some really great advice on this and helps to reframe the costs - I.e not a loan but a tax on earnings - the more they earn after graduation, the more of the loan they repay.

How much do you earn because your household income will decide their loan amount and really as a minimum you need to cover the difference between the max loan and what they actually get.

So dd would get the minimum which is something like 5.5k a year which in a lot of cities/halls wouldn't even cover the rent. And then obviously she needs to eat, travel, bit of a social life.

So I was expecting to have to find 4-5 k a year for her, maybe less if she got a part time job. But then she decided to stay at home so she gets free board and lodging and nothing else.

I pay for my child’s accommodation (Which includes bills) and phone contract. They have the minimum maintenance loan which funds everything else. They work in the summer holidays for any extra.

I speak to people who say they pay £4-£8k/year, which is on top of maxing out how much the student can get in loans or bursaries.

How old is dc at the moment?

Absolutely no intention whatsoever of covering the fees regardless of my income but planning on probably putting about £10 per year into living expenses

That’s £10k not £10

What if you are a single parent on minimum wage..I bring home under 1100 a month.

I can't afford to top up her loan or anything.
I have 2 other dc still at home. I'm barely scraping.

Dd1 who is going to uni also has autism and struggles with people so God knows how shed get a job

I

If you're on minimum wage your dc will get a higher amount of loan.

Don’t pay fees, that would be a huge waste of money. The loans (some people rightfully want it renamed as a tax) are given out in the full knowledge that the majority of students will not pay the full amount back. Saving up for accommodation and books etc would be very supportive.

user1487194234 that is 18k a year! Are you serious!

Mine gets 4k a year from the minimum maintenance loan. I cover the extra 2k for halls and she gets 350 a month. I also pay for her phone. She works in the long holiday

We paid £9k fees, then about £365 per month for rent in Years 2 and 3, and a generous allowance. Cost less in fees for the MA, but loads more for accommodation as ds was in swanky new PG house.

No idea if we will be able to support or DC when they go next year. It partly depends where they go, one is looking at a Uni in Holland. They don’t do loans for non-EU students.

It’s really stressing me as well as them.

I'm hoping that she will come through to be honest. She's come on leaps and bounds this past year, volunteers with 2 places and goes to college where she has to travel. But she doesnt socialise much out of college so the whole uni thing mmm.. but it's what she wants and needs to do to get the job she wants and is good at. The campus she's going to is a small friendly one and we loved it as soon as we went there so hopefully she will be ok

My student fees were £55k and my accommodation was £5,500 each year. Plus living expenses.

Just help by paying rent if possible you don't need to pay their fees, a house deposit is far more useful

I mean the career she's picked, and ultimately a job at the end but I do worry that uni won't be for her.

The alternative is if she's struggling she can transfer to the uni much closer to home which would be much better but she has it in her head she wants to live away from.homr

@user1487194234 Jesus your daughter gets more than I earn working 50 hours a week wtf