11 Plus Exams Forum

Hello,

Can anyone give me an approx. cost for what the average cost is for a child to go to Uni...I understand it depends on which uni, where in Engalnd, what cost of the course but is there an average.

Debating whether to send DD to a fee-paying Independent or pocket the money and fund ALL her Uni expenses by sending her to Grammar school.

I went to Uni many, many moons ago when my LEA paid!!! So, no loans or anything else. I think I left Uni with some money in my bank balance

Course fees: 9 000 x 3 = 27 000 if a three year degree

Living expenses: two meals a day catered halls non-ensuite = £5 400 a year + extra for washing, third meal, etc. DS has found that most course materials are supplied so he hasn't had to buy textbooks.

In London it will be more ... start saving!

Or save the money as a deposit on her first property, letting her take out loans for Uni.

KB wrote:Or save the money as a deposit on her first property, letting her take out loans for Uni.

Getting a mortgage with a large debt won't be easy ...

the course fees are currently £9000 - this is fully covered by a loan
, regardless of parental income and never actually seen by the student.#

The minimum maintenance loan is about £3600/year outside london. any more loan or grant is means tested.

If you kids are on min loan then they will not have enough for accommodation - this can be up 6-7k / year depending on where in the country. then there is travel / books etc etc.

KB wrote:Or save the money as a deposit on her first property, letting her take out loans for Uni.

you can only take a certain amount out as loans - there is a gap between what is loaned and what is needed for accommodation

I think the mortgage companies will only take into account the repayments on the loans rather than the amount of the loan - looking at affordability in the sense of income less outgoings. So there will be an impact but not as if it were a commercial loan.

Even with the need to top up the loans the amount would be much less than indie fees saved over 7 years.

Another option to consider depending where she ends up at university is to buy a property there ( some people do it by remortgaging their own home) and let rooms to her friends. ( usual caveat on financial advice

KB wrote:I think the mortgage companies will only take into account the repayments on the loans rather than the amount of the loan - looking at affordability in the sense of income less outgoings. So there will be an impact but not as if it were a commercial loan.

Even with the need to top up the loans the amount would be much less than indie fees saved over 7 years.

Another option to consider depending where she ends up at university is to buy a property there ( some people do it by remortgaging their own home) and let rooms to her friends. ( usual caveat on financial advice

No-one would guarantee that to us and no-one has graduated from the time of the increase in fees in 2012 yet ....

atmyage wrote:Hello,

Can anyone give me an approx. cost for what the average cost is for a child to go to Uni...I understand it depends on which uni, where in Engalnd, what cost of the course but is there an average.

Debating whether to send DD to a fee-paying Independent or pocket the money and fund ALL her Uni expenses by sending her to Grammar school.

I went to Uni many, many moons ago when my LEA paid!!! So, no loans or anything else. I think I left Uni with some money in my bank balance

So in the (my) old days about 7% went to University...

In the old days you got a grant (usually) and that covered most things.
You could realistically come out of University around debt free if you worked the summers.
If you couldn't be arsed working, you could sign on in the holidays! And they didn't ask silly questions like are you trying to find a job!

And with such a relatively low % of the population graduating it was pretty easy to find a decent job!

Nowadays it costs loadsa money, seemingly everyone goes, you come out with a huge debt, you can't buy a house, you can't get a job...

Makes no sense at all to borrow money to pay for uni fees is my first point. You will pay far more interest than your child. But if you have the cash, great. Many of us don't. We don't. I have faith (because I have to) that the mortgage situ will work ok (We've time to watch) and that they will indeed lend on outgoings not the size of debt. That being said, if you only pay 10% of your net income once you earn over £21k, then hopefully that won't be too large.
There is nowt wrong with working through uni, both in your free time and holidays. I did both and ended up in big income job for 18 years, as did my friend who is a doctor (she worked as a health care assistant).
Its very dispiriting for the many of us who can't afford to pay for our children through uni to constantly hear about how terrible it is and how unless you pay your children are doomed. It is as it is and we need to find a way to manage it, but personally, even if we could afford it, I still expect my children to get jobs through uni to help support themselves.