Son going to Uni in September

KatieKatKins

Hi mumsthe, like your son, I was also the first person in my family to ever go to Uni, I went 100 miles away and lived out for 3 years. My mum was a single parent on a very low income (but employed), and hence couldn't afford to help me out. I got the odd £10-£20 every 6 months or so which I used as a treat :-) I managed. Yes I had a small overdraft and the full loan, but I also had a grant that I didn't have to pay back due to the low-income-ness of the family. I can't imagie going to uni and living at home, I know eveyones different but for me that was a massive part of the whole experience, finding my own 2 feet and surviving! I had catered halls in the first year so food wasn't a problem but things really aren't as bad as people make them out to be, he will survive, and not just survive, but he will thrive and live! Hope he has fun whatever decision is made x

pjcox2005

To add my pennys worth I would agree with MrsManda. Whilst I understand the principal of not wanting to take on debt, i've found paying off a student loan more than manageable as it relates directly to salary (it just feels like additional tax!!) and there is not the concern that if I fall on harder times I would struggle to pay it back casuing issues (as they would suspend collecting until a new job has been found).

I'd also suggest that if possible living on campus is a great option. It's an easy way to first become independent and meet a lot of people who will hopefully stay close friends for life.

Oldernotwiser

mumsthe wrote: »

Student loans!! Due to getting myself into debt some years ago and now only having 1 year left of payment to be debt free I am trying to teach my boys that they live within their means and pay only in cash not get into finance agreements, loans worry me but I suppose he has to work it out for himself, he has got a sensible head on his shoulders.:rolleyes:

You will be doing him a great disservice if you try to talk him out of taking his Student Loan out and doing extra work instead. If you don't understand how different they are from ordinary credit then please ask and you will be given the information.

With a Student Loan, a Maintenance Grant and a few hours of part time work he should be able to manage perfectly well and you could use the money you would be spending on his food and share of the bills to give him a small allowance if you would like. There is really no need for him to limit his university choices for financial reason and this would be a very short sighted view to take.

Awec

My student loan (from The Student Loans Company) gives me my course fees (~£3000 a year) and then I get ~£3000 money for me. That's non-income assessed (I tried to do the income assessed last year and didn't get it, so didn't waste my time filling out all the extra forms this year as my parents income has went up).

I believe there is a grant you can get on top of your loan which you don't need to pay back.

Of course you have to remember with the loan he will probably chalk up 6k of debt for every year he is at Uni (I'm at uni for 5 years ), though if he is living at home I dare say the £3000 loan will not be spent as he won't have living costs to pay, which is my single biggest outgoing. If he lives at Uni, the £3000 will be swallowed up pretty quickly. Last year, when I lived on campus, my £3000 was pretty much gone after paying for my rent and my phone bill came out of this aswell. Money for food and other things ( ) came from my pay.

As for talking him out of student loan and doing extra work, I can tell you now that it's hard enough getting your uni work done never mind a part time job. I had to give my job up during the week and only work weekends now.

johnswife

We have just filled out the grant applications on line, though I am not expecting much back. My OH has had well over the income limit until 3/3/09 when he handed in his notice. We have just set up a new business and have no money coming in and living off savings!!!!!

We did send a letter back with the P60's etc to explain so fingers crossed.

We have two daughters possibly starting uni this September so double the expense but it will be good for them to be independent. DD2 will be living on campus even though it is about 45-60mins away so she could live at home easily. I think she might regret it if she didn't try it.

Awec

On the living at home / living at Uni thing, I REALLY recommend that they live at university.

It's an important experience in my opinion.

busiscoming2

I have a dd who graduated last year, she went to uni in London (about 50 mins on train away) she stayed in halls for all 3 years, she had the loans and grants and worked part time whilst she was at uni, she managed to use her loans just for halls fees and her earnings to live on. She left uni with a few grand saved up.
My ds1 went to uni last sept (same uni) he saved from his pt job whilst at 6th form, but has loans and grants and has no job since going, but he has budgeted £80pw to live on (loans pay hall fees) and finds he doesn't need nearly as much as that.

From a mothers point of view it is sooooo hard to see them go, but I really believe it does them so much good. I have friends whose children went to the local uni and live a t home and I can see the difference.

bitsandpieces

Yes, student loan terms are more favourable than 'normal' debt. I've never had an interest-charging overdraft, a personal loan or credit card debts, but I did choose to take out the max student loan. Would strongly advise applying - even if it's initially to put the money in a high interest account in case it is needed.

Living away from home is more expensive, but do you not still get a slightly higher student loan if away from home? Your son will - or should! - be spending lots of hours studying over the few years he's at university, and the time commitment (and contribution university will make to your son's future career) would often outweigh the extra cost of halls etc. in my opinion. The main thing is to choose the best place to live and study - at home or away - then make sure that it's feasible financially.

Living away from home, learning to cook etc. can be a very useful experience. I've known *lots* of people who moved away from home completely unable to cook etc.; none starved, and most learned to do things fine themselves (a few found partners to do it for them...) Even if your son stays living at home, it might be helpful for him to take on some (more) responsibility for cooking and other housework: he'll need these skills when he does eventually get a place of his own.

mumsthe

Thank you everybody once again for sharing all of your experiences with me.
My son is able to cook basic recipes and dabbles in baking as well (he made a lovely cake for my gran for her birthday!). He is also very good at keeping house as I have always taught the boys to help around the house to keep it clean so I have no worries about that side. I was more worried about him having to work too many hours to earn enough money to live and trying to fit studying in around working then being too tired and dropping out of his course.
I used to be a manager of a night club and alot of the staff were students who were trying to make ends meet.
I want to be able to support him in whatever way I can but I am unable to help financially (I work full-time but not great money), he now thinks that I don't want him living at home because I have suggested that he live on campus so I will have to leave that conversation for another day.
I will also encourage him to apply for any funding, grants etc that are out there for him to take.

Surfbabe

mumsthe wrote: »

he now thinks that I don't want him living at home because I have suggested that he live on campus so I will have to leave that conversation for another day.
.

Are their students that he can talk to to get their perpesctive on living away. If you live in Plymouth then going to the Uni and talking to the students there and contacting Bristol might be a good option for him. Students do tend to tell it as it realy is ! :rotfl:

Good luck what ever he decides