Parental support worries
mikebren12
Posts: 1 Newbie
1st time poster, so be gentle...
My daughter is 17 and is currently looking at university to study Maternity, the bursaries have been abolished. Obvs we are aware of the student loans for tuitions and the maintenance student loans.
My question is if you are earning over 75k a year as a household, and have lived life to the full, and are not in a position to offer financial aid or support to your child, then what can you do?
Do you simply tell her 'No' we can't help? or do put yourself in financial difficulty trying too?
Many thanks
Mike
My daughter is 17 and is currently looking at university to study Maternity, the bursaries have been abolished. Obvs we are aware of the student loans for tuitions and the maintenance student loans.
My question is if you are earning over 75k a year as a household, and have lived life to the full, and are not in a position to offer financial aid or support to your child, then what can you do?
Do you simply tell her 'No' we can't help? or do put yourself in financial difficulty trying too?
Many thanks
Mike
0
Comments
-
Sad state of affairs. If you can't spare anything for your child, it strikes me that it is not her that is putting you in financial difficulty.
You are free to tell your daughter you will not help, but as you have a year before she starts, would it be an idea to start budgeting properly so you can offer some help? Obviously she can get a part time job to help herself also.0 -
I think you are able to decide for yourself what to do in this situation.
The suggested parental contribution is only a suggestion, not the law. The student loan is, some say, enough to live on, depending where you live. In London, and some other places, probably not, due to housing and transport costs. (Don't know if she is entitled to a loan for her course. Hope so)
A part time job is a good idea for your child.
It is unfair to expect a huge contribution of parents, when it doesn't take into account your mortgage and other outgoings.
You are also entitled to have fun and enjoy your life and what you have earned.
The student loan amount ought not to be determined by the level of parental income, it seems v unfair to parents and children.0 -
Think of all the money you'll save when she's not living at home any more. You could use those savings to give her a financial allowance.0
-
mikebren12 wrote: »
My question is if you are earning over 75k a year as a household, and have lived life to the full...
What exactly does this mean? Do you have vast debts due to your sybaritic lifestyle and servicing those debts mean that you have no disposable income available out of the £75K? If not then I suggest you consider your daughter as a part of your household and start living a little more frugally so that you can make the appropriate level of contribution to her education.0 -
we are in a similar position to you and we are not willing to get ourselves into debt for the sake of our kids. We love our kids but we won't go into debt for their education. If you can afford some contribution, fine. If not, don't. Do what you feel comfortable with.0
-
we are in a similar position to you and we are not willing to get ourselves into debt for the sake of our kids. We love our kids but we won't go into debt for their education. If you can afford some contribution, fine. If not, don't. Do what you feel comfortable with.
It shouldn't be a case of getting yourself into debt, just budgeting more carefully. We can all make cuts to our spending if we set our minds to it. A few sacrifices are surely worth it for your child's future.0 -
we are in a similar position to you and we are not willing to get ourselves into debt for the sake of our kids. We love our kids but we won't go into debt for their education. If you can afford some contribution, fine. If not, don't. Do what you feel comfortable with.
If you earn £75k and (unlike the OP) have no debts, why would you need to get into debt by supporting them at university rather than at home? On that income the maximum you might want to contribute (and, obviously, you don't need to contribute the maximum) is £4.3K - around £84 pw - far less than one of them will be costing you at present.0 -
Mikebren12, you ask whether you should not put yourself into financial difficulties - I'd say, no, don't do it. If getting into financial difficulties is your only way to help her, please don't.
Don't feel that you need to tell us more of your info, e.g. Whether you are in debt. It's your business.
Rather than saying a blunt 'no', explain to your daughter the current situatation. that education is not free now, sorry, that was years ago, but that we live in a democracy, and things may change. Some political parties believe education ought to be free as it benefits our whole society.0 -
I might be biting at a bait post here but...the student loan is rarely enough to live on even if they get the full amount. Most kids find that it just about covers their accommodation cost but doesn't come close to covering food/equipment/travel etc. However, your kids won't even be getting the full amount because it will be a reduced amount based on your 'contribution' and as you are not planning on giving them that contribution then your children wont have the 'full amount' . So - your kids will need to get a job to pay the shortfall between the loan and what they need to survive.
As for how you break the news you are not going to support your child though Uni - well - work that one out yourself - I cant think of anyway to say that to a child and still sound like a parent who gives a ****. However, if its debts that are the problem - then you are going to have to talk to the kids and explain what happened. I still think you can at least give them what you would have spent on them anyway if they were at home. You have a year to sort out your debts so you can support her - and she has a year to work and save up.0 -
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards