Scotland.
DS didn’t do as well as was predicted in his highers. He’s unlikely to get a significant upgrade next year with resits so he’s accepted his uni choices are more limited. Regardless, we’d be in the same situation whichever uni he applied to!
Luckily, he has done well enough this year to get onto his first choice of course even with the average grades achieved so far (is staying in for 6th year though to try and upgrade his results) at a nice uni. He’s only 16, so much too young to be applying for clearing for this year.
I would love your help please to work out if he can afford it though. We live in the arse end of nowhere and commuting to any uni in scotland would be a minimum 3hr trip each way.
So he will need to rent somewhere.
I take home about £2500 a month on a yearly income of about 40k. Single parent, dad never been on the scene, so it’s just me. My own essential outgoings come to just shy of £1900 a month.
SAAS put us in the highest household income bracket so DS will not be entitled to a young person bursary. He will get £5100 student loan only which, spread over 9 months, will be about £565 per month between September and May (he’d stay with me over the summer).
DS has various issues and really doesn’t want to share living spaces. The uni offers a student studio flat for about £800 a month between September and May (shared accommodation only about £100 cheaper so not worth it for the stress it would cause).
He will also need money for phone, contact lenses, tv licence, food and groceries - lets realistically say this will come to a minimum of £400 per month (phone - £20, lenses - £20, Tv licence - £15, groceries and food - £55 per week). So his essential outgoings will be at a minimum of £1200 per month.
I can afford at the most to give him £500 a month (though this will really stretch my own finances). So that’s say a monthly income for him of £1065 with my contribution and his loan. He is keen to get a part time job to make up the shortfall and pay for extras like socialising and clothes etc.
This sounds very tight but is it doable? I struggle to see how SAAS label our household as high income. I really thought he’d be entitled to a bigger loan.
Has anyone with similar finances been in this situation? I would love some reassurance and tips!