Query on university fee and govt grant

[Belinda]

.

[hermanmunster]

hmm, ok so if parents are near london or in london, then children can continue staying with parents and save on rental money if they get offers in london uni

that is the case for any university - I live in Yorkshire and many apply to Leeds and commute there. I think it is a shame though as one of the great things about university was getting away from home and learning to stand on your own two feet. If your kids do apply to London and then decide they want to live away from home they are unlikely to be eligible for university accommodation and will have to rent in the private (more expensive) sector.

As it is University funding is quite fluid at present .... as your DCs are years 6 and 4 might be worth thinking about this when they are a bit older and the new systems are in place (or about to change again ).

I have come to the conclusion that I will be funding my kids until they are at least 25... so quick adjustment of retirement age..

[XCRGSMUM]

There are very few supporting funds available for post grad masters students, (there are for a few specific courses though so its worth a look at all the unis, (many chase these few funds!) most students have to work part time, take out a small career development loan (available from some banks and backed by the government and still rely on additional support from parents in order to complete their masters. Some unis now offer masters on a part time basis in order to allow for students need to earn a living whilst studying although this is a difficult dilemma because council tax is payable by part time students but not full time students.

There are funded PhD`s but competition is fierce, they always seem to take longer to complete than the funding caters for and most students still seem to have to work part time and/or get help from family.

Hope that helps re the post-grad stuff.

[jemima]

My DS is at uni in Leeds - accommodation is £4,500 a year and thus maintenance grant is a lot short. End up sending monthly payment to cover transport, food, expenses. All the furore about loans really sidetracks from the fact the loans don't cover the costs anyway.

[XCRGSMUM]

Absolutely correct, we`ve had to sub our eldest two (who both worked when they could too) and expect to sub youngest when he starts in Oct. Few students, especially those in cities with high rents, can manage on just the loan and they don`t exactly live the high life!

[KB]

Living costs for students -
We pay the rent for both ours & they use the student loan to live off - neither has much of a social life but they do spend more than most on food (one has special health needs & the other is a serious sportsman!) One has managed to save a bit but 'sportsman' also has to spend on kit so has 'spent out'.
They couldn't fit paid employment in term time & we don't expect them to work in Christmas & Easter vacs as both study hard in those periods but they do a mixture of working for us, Charity work & work experience in the Summer.

If you have 2 DCs close together in age and you have any spare cash it might well be worth setting up a tax efficient savings account. If you have 8 years+ before they need to draw on the funds, a small amount put away would be a help.(I'm not a financial advisor! so do look into anything properly) I often wish we had put away some Christmas & Birthday money from relations (they always had far too much as children) for them to draw on now. Probably not going to be enough to impact on the massive student loan they will run up but it might make things a little easier at the margins - if they are special activities they want to get involved with for example.

[harrow123]

should i worry about my 2 dc uni expenses after 7 years and stop sending them to independent schools rather send them to grammar schools , so the savings can be used for uni expenses and for thier first home deposit etc ?
or keep spending now as much as i can then see what happens in uni times

tough decision, i thought once they are in uni then they dont need support from parents but it is not true as you all suggested with your experiences

[yoyo123]

personally I would stop worrying and take each stage as it comes, a lot can change in 7+ years

[Marylou]

personally I would stop worrying and take each stage as it comes, a lot can change in 7+ years

This is true and I've heard it said before in connection with tuition fees, but I wonder what people think will actually change? With one DC about to enter the system under the new arrangements and three more to think about in the future, it's a question I'm very interested in.

If all goes well, DD will be in the first cohort of students to pay the increased fees. It's never good to be the guinea pigs in a new system. But even if there is a change at the top, could a new government seriously lower the maximum fees that universities can charge after increasing them so drastically? (Not to mention making a real dog's breakfast of the whole thing, but that's another issue.) And even if the situation were to be reversed in full or in part in the future - where would this leave those who have taken out loans for the full whack? Will they still be lumbered with the entire debt?

I'm sure this whole thing will take years to finally settle down, but in the meantime it's our DCs that have to cope with all the uncertainty.

[yoyo123]

I was thinking as much in personal circumstances rather than just government

Maybe the child wants to defer, maybe they will go into employment and be sponsored through training, they may not want to go to university ( I refused and didn't go until I was 30..by which time I loved it and thoroughly appreciated the opportunity and experience.)..