Weekly/Monthly budget for University

[Tinkers]

I wasn’t implying that everyone with a degree should pay a graduate tax btw.

That’s not what I (or ML for that matter) meant. I don’t think any government would dare to even think about it.

It is more about the mindset of what the student loan system is. And that it is better to think of them as a graduate contribution (I didn’t even write tax as such) than a loan.

The term ‘loan’ conjures up a certain image, which for student loans doesn’t fit. Unlike loans, the amount paid back is dependent on your earnings and not on the amount owed.

Yes, the terms could change, but it’s a ‘could’ not a ‘will’ for a start and none of us have a crystal ball so don’t know how it ‘could’ change if it did. We also don’t know how our DCs future is going to pan out. As said, I doubt my DD will end up a high earner, but there’s always a possibility she might.

There’s also the possibility that’s those taking degrees that we would usually expect them to end up as high earners may end up on a different path for various reasons and not earning as much, if at all. I’ve had colleagues give it all up to have children and I work part time and have done for some years (for reasons other than just childcare).
It’s impossible to factor in every possible scenario.

Yes every family needs to look at their own circumstances, but in most cases they are likely to be better off taking out loans than not. A play with the calculator is definitely recommended.

[hermanmunster]

Really? So they'd chase 80+ year old pensioners - that would go down well.

Wouldn't put it past them

[KB]

There's a real danger that parents perceive it as a traditional loan and think they are doing the best for their child by avoiding them getting in debt. It is just possible they are but its important they make that decision with all the information available.

Many schools have 6th form introduction evenings abd/or UCAS information evenings for parents. It would be good to see this aspect covered.

Maybe ML could make a short clip to be shown to parents and A level students who haven't seen him on the topic.

[Tinkers]

There's a real danger that parents perceive it as a traditional loan and think they are doing the best for their child by avoiding them getting in debt.

I have a number of friends and colleagues who think the same, and are thinking they need to pay out substantial amounts each year for their DC. I was brought be to be debt averse as I guess many of my generation are, so calling it a ‘loan’ really doesn’t help.

When I’ve advised them to go away and actually look at how it works, and the ones who have have realised that actually when they’ve done the sums for their circumstances, it’s better to go the student loan route and keep their own money in the bank to maybe help their children later.

[kenyancowgirl]

Unfortunately, if your child has ambitions for Medicine, or Veterinary, or a number of other specific careers, there is no option but to go the Degree route - you just can't learn on the job like you can for say engineering - or even teaching now. There is no other choice. This is the system that is in place now - it's a poor system (but on this forum we are used to that!) - and I will never forgive Clegg for his u-turn on it - apart from the timothylewin's among us, the majority of normal people will have to encourage their children to take on the loan (although I do not believe it is a loan in the true sense of the word). Yes terms and conditions could change - in the same way that they do for many mortgages, in the same way fuel prices go up and down etc etc but, if you are studying a particular course, you have no choice and have to suck it up. I would like to think that even future governments will try and protect the conditions as much as possible - or even wipe out the cost for those who study and move into the NHS (they are desperate for staff in that one sector, over and above all others, after all, so why not sweeten the deal for those who commit to staying for a certain length of time - or wipe out a year's loan for every year completed?!) Lots of possible permeatations to changes in terms and conditions and not all of them necessarily bad!

ML speaks so much sense - thanks for reposting the links - I remember reading it all ages ago when I started to worry about the amount of "debt" and then re-reading it again today reminds me that actually it isn't. Even if I had all the money, I would not pay the fees up front - and I would still require my children to have a job, at least in the holidays, as, sorry timothylewin, but handing it all on a plate to them is ridiculous, even if it were true!

[doodles]

Well that was tough, just left DS in his hotel style room, in his very nice flat, in his just built hall of residence.

The local Wilko was doing a roaring trade and was obviously geared up for student return weekend, clothes airers were walking out of the door by the dozen, in fact I don't think we saw anybody there today who wasn't carrying a Wilko bag or a clothes airer

[mad?]

Well that was tough, just left DS in his hotel style room, in his very nice flat, in his just built hall of residence.

Big hugs doodles, 1st cut is the deepest, DC2 will be easier (she says, on repeat)

[scary mum]

DC2 is definitely easier. I'm very much more easy come, easy go now. I miss them & am glad to see them home but it's not so painful when they go.

[mad?]

Yes I agree, but little high and little low nonetheless

[kenyancowgirl]

Nothing really matters....except that they are happy, and engaged with their studies.