How does 'the system' work with 2 or more at Uni?

Claw_back_money

Hi all
I'm hoping that someone else has got more than one child at uni and can explain how things work. Up until now our youngsters have only got the 75%/72%* of the loan that is universal, due to our incomes.

DS1 - is finishing his 2nd year, so is under the 'previous' scheme administered by our LEA.

DS2 - is finishing his college course, and hopes to start uni this autumn. We have applied under the 'newer' scheme, which is not local.

We have filled in the income papers and sent in P60s, but DS1 has been told he is only eligible for the 72%* again, so we would envisage giving him the parental contribution of 28%. We haven't heard on DS2 yet.

The complication for us is that DD, who dropped out of uni 3 years ago, has seen 'the perfect course' and went to an open day yesterday. They told her that as she has been living independently for 2 years any loan/grant is assessed on our income. She asked if we would be able to do this. I wanted to know if we would have to pay 28%* of all three children's loans + (in addition to all the other things parents end up doing) so I phoned student finance today and the guy didn't seem very sure of things, and said that it would depend on how we are assessed, whatever that means.

She has debts and low-paid jobs, and won't be able to save much by the autumn, in fact it sounds like the best she'll be able to do is reduce her maxed out overdraft by £750.

DD wants to know asap whether she can apply for the course. If she waits a year the new top-up fees are going to apply, which will straddle her with even more debt in the future.

Before I say anything I'd love to know what happens with 2 or 3 childrn at uni - would we have to pay 28% x 3? Can anyone point me in the right direction for info on this? Does anyone have any experience of two or three children at uni and how the parental contribution is calculated? Failing that - I might have a child or two up for adoption.....:rotfl:

Thanks in advance
Cbm

* I thought it was 75% that was non-means tested, but the guy on the phone said its 72%.

Oldernotwiser

My understanding was that your contribution should be split between your 3 children but I'm prepared to be corrected on this.

In your daughter's case she would be in an enormously better financial position if she could wait a year before going to university as she'll no longer be assessed on your income after supporting herself for 3 years. This will mean that she'll get a non repayable grant in addition to the loan.

The question of top up fees is still very much up in the air but I doubt very much that, even if they are introduced, they'll go up by the £3,000 that your daughter would get each year as a grant. That's just my opinion, of course. In addition, an extra year's work would maybe allow her to get her finances under control before she goes.

Surfbabe

I'm in the same situation - 1 going into thrid year and 1 starting. they've aplied for their finance and didn;t apply for grants as we are over the threshold, so unless we missed a bit of the form then they will both only get 72% of the loan ewach meaning we have to top it up!

Taiko

It is 72/38 on the Non-Means/Means Tested Loan.

The calculated contribution (£1 for every complete £9.50 above the threshold) applies to the maintenance loan, and it's this contribution that gets split between of your children, however there are several variables that affect this.