Real life MMD: Should youngest get more?

Good question! I think I'd have to give 18 to the 27 child so that they come out with a similar debt. Or would I give 12 to one and 6 to the other? Decisions, decisions! As both of mine will have to pay the 27 I won't have this problem at leeast!

It is not up to parents to repay their children's debts. They get repaid out of the student's earnings once the student is employed, and earning over a certain amount. If you are particularly affluent, and really want to pay off your kid's student debts, you should divide your money so that both of your kids are left in a similar financial sitution when they leave uni, which will obviously mean the younger one will get more when the time comes.

MSE_Penelope wrote: »

So assuming that we could repay 18k, would you give 9k each or 18k to the youngest?

just because i COULD, doesn't inherently mean i WOULD...

This is a real question for us and its horrible because when its a real question a lot more comes into play. There are three of them...one is likely to be more successful that the others...how do you handle this?

At the core of the question for us is that we as parents want to help our kids in the ways that they need.

So far we have had a family round table and told them that the most important thing is that we are always there to help them and we will not help anyone until everyone is through the system and we have a better idea of how much we might have to help with.

In the interim we have set aside the same sum of money for both of them and said this
is yours we are giving it to you. !!!! it against the wall in the student union and its gone...save it and use it wisely and you might have some left at the end.

But the world has moved on since number 1 went to university. He got a job in a fried chicken joint and worked for the first two years of his degree. He had his lump sum and never touched it.

Where will number 2 find a job when he's at university? Already the ground has shifted and that's much less likely. I have to admit I've identified how he could set up a microbusiness in the summer before studying and I'm push him to do that.

Number 3 might be bright enough to get an award or a sponsor...how do we treat that.

For the moment we have said we won't pay out to anyone, we'll hold onto the money...if one of them for whatever reason needed help with health that will always be our first priority and we've sat round the table to talk about that with the whole family. We've also said - think about this decision..university is expensive. 27,000 (not that we have that much) would set you up with a white van and a trade. Better to be the brightest electrician around that a third rate degree holder.

Now I'm really starting to think what support we might be able to offer as the mature...travelling to live near them to provide child care if they want it, help to do up a house, or whatever and ultimately that might be worth a lot more than paying off a uni debt. Also wondering about putting something into a pension rather than paying off debts.

May be we've already given them the best start we can, they can cook a better currying than the local takeway, they have been brought up to question not falling prey to the latest trend, to share and to make the most of what they have got.

Will read the responses with interest.