A fresh start

ZTD

Seaxwyn wrote: »

But even more than that, I had a discussion with my dad about how he wants to help with university fees for my two oldest daughters. They are 17 and applying for university now (actually one is planning to defer it a year but never mind that detail).

He wants them to have the opportunity to go to university without getting into debt, which is an amazingly generous offer. We discussed that it probably costs £15,000/year to gain a degree (£9k tuition fees and £6k living costs). I need to find out whether the tuition fees are paid up front each year of if you pay them in installments.

We discussed the possibility that it might be better for him to pay off part of my mortgage instead of giving me the money for the university costs. This might be more cost-effective.

I've got to get my dad a good proposal to discuss with his stockbroker (never knew he had one of those!) if anyone has ideas or advice on the best way for my dad to help me I would love to hear it. Also, is there a better part of the forum to post this request?

Thanks!

Seaxwyn - have you seen this? If they aren't homebirds and have decent grades, they could end up quite a bit better off.

If they choose the right part of the US, jobs will also be easier to get.

hypno06 wrote: »

I have a cracking headache now, but will give it some thought tomorrow x

Oooh stress Hypno - you take care of yourself and just keep saying "At least I'm not a Man U supporter..."

Seaxwyn

Thanks ZTD - that is really interesting. 've got a couple of days off this week so will find out more about the American universities. I had also read about Dutch universities being a good option. I think the girls would be pretty keen to study in the US but I would be sad to have them so far away!

Meanwhile, I will look into ways for my dad to fund their education wherever they should choose to go.

ZTD

Seaxwyn wrote: »

Thanks ZTD - that is really interesting. 've got a couple of days off this week so will find out more about the American universities. I had also read about Dutch universities being a good option. I think the girls would be pretty keen to study in the US but I would be sad to have them so far away!

If you're not actually seeing them in that instant, it doesn't matter if they're 1 mile away or 1,000 miles away. However, the trips to see them will be better than if they studied in Hull...

Do the Dutch Unis teach in English?

Seaxwyn wrote: »

Meanwhile, I will look into ways for my dad to fund their education wherever they should choose to go.

Education is a competative market, and the english (and especially the scottish) universities are pricing themselves out of the market.

Seaxwyn

Yes many Dutch universities teach in English - http://www.studyinholland.co.uk/ - I would prefer that to the US but I know I have some anti-american prejudices which aren't relevant or helpful!

DD2 is fairly set on going to Exeter so I need to get an alternative plan quickly before she commits herself

ZTD

Seaxwyn wrote: »

Yes many Dutch universities teach in English - http://www.studyinholland.co.uk/ - I would prefer that to the US but I know I have some anti-american prejudices which aren't relevant or helpful!

And she'll have them too, once she gets the Sooty experience from the TSA...

Seaxwyn wrote: »

DD2 is fairly set on going to Exeter so I need to get an alternative plan quickly before she commits herself

Why Exeter?

Seaxwyn

She liked the course at Exeter, which is a mixture of modern European languages and linguistics. Then when she went to the open day she fell in love with the campus. And it's near the sea, and near Cornwall, both of which appeal to her.

She would probably drop all that for Harvard though! A few years ago I seriously thought about sending her to the US on a sports scholarship, as she was doing very well at running, but she has given that up. Luckily her academic performance is holding up better than her athletic one!

The other DD is more inclined to study art and may choose not do a degree anyway. But I want to work out a plan with my dad to cover her costs if she does choose to. I also have two younger children, and DD3 is currently very swotty so may well want to go to university.

Talking to my dad brought home to me my total lack of financial planning. He was asking how I had planned to pay for these costs - I didn't like to say basically I was planning to wing it and hope for a miracle!

millionaire_in_training

Winging it is a particular favourite of mine too Sea . My DD is applying soon for uni as well but we are very lucky here in Scotland and there are no charges yet. Also the course DD wants to do is in Glasgow which is within an hour of us so that'll be fine too. I've told DD that I will keep her in food and a roof over her head but she will have to earn any other expenses required. I have also warned her though that if she starts getting into debt then she will have to start paying for her keep as I refuse to remain skint if she makes no effort to help herself. Well done to your dad for helping you. That's fab news as I reckon getting them through uni with minimum debt at the end of it is a huge helping hand into their future.

ZTD

Seaxwyn wrote: »

She liked the course at Exeter, which is a mixture of modern European languages and linguistics.

If she can speak foreign languages, then Europe is basically her oyster. I must admit, I was focussing more on the English-speaking places...

Seaxwyn wrote: »

I also have two younger children, and DD3 is currently very swotty so may well want to go to university.

Talking to my dad brought home to me my total lack of financial planning. He was asking how I had planned to pay for these costs - I didn't like to say basically I was planning to wing it and hope for a miracle!

But at least you'll be able to impress him with your planning for the younger ones.

tyllwyd

Hii! Good luck with the decision about university / student loans.

I've been trying to collect info about alternatives to student loans, so there are a few useful links here and some links about studying abroad. If you find more, please do add them!
https://forums.moneysavingexpert.com/discussion/3375116

My understanding is that tuition fees are paid up front each year, not in installments.

There have been some pretty heated discussions on the board about whether or not parents should pay student loans up front, and Martin has quite recently blogged about it
https://forums.moneysavingexpert.com/discussion/3499355
There are a lot of other student loan 2012 threads and articles/blogs on the board as well.

It's not a straightforward decision (my OH is very taken with the idea that the kids should study at a Dutch university as well) -- good luck to you and to them!

Seaxwyn

Thanks everyone - and particularly Tyllwyd for those extremely useful links. I've now read Martin's article and see that there is a strong argument for not paying the fees upfront.

I need to balance Martin's clear-headed financial savvy against my dad's wish to spare his grandchildren starting their adult lives with debt.

Whilst I need to do some more research, I am keen on the idea of him paying off a section of my mortgage so I can use the money spared from mortgage repayments to fund them through university.

There are loads of interesting links on the pages Tyllwyd posted which I recommend to anyone with children of school-leaving age, whether they want to go to university or not. In my case, DD2 definitely does want to study languages in a traditional academic course, while DD1 is more interested in art, work and travel.

Hypno, what is your DD planning to do?