Hang on a sec ....

SamMoffatt28

I've just had one of those lightbulb moments. I'm starting Uni this September to start a 3 year course. By the time I finish my daughter will be 16. If I get a job paying more than £15k I will have to start repaying my student loan etc. Then if my daughter follows her plan and does A levels for 2 years, she will be going to Uni at 18 (2 years after I graduate). In theory, if I am working and my hubby is working, they will assess my daughter's student finance on our income, so it looks like I will be repaying my student loan and paying some or all of my daughters fees as well!! Is it really worth me doing it, I'm trying to better myself for my kids and the Government will just take it all off me anyway.

chugalug

This happened to my sister in law. She was a single parent with 3 children, did an access course, then social work now a children's guardian on good money. She's still paying off her student loans and her 2 youngest are going to uni. She's been assessed as having to contribute despite still paying her loans back. I suppose the way to look at it is that you're giving your kids the best start in life they could have. What would your finances be like if you didnt go to Uni. Also, how would you feel if you didnt take this chance just to avoid contributing to your children's education?

SamMoffatt28

chugalug wrote:

I suppose the way to look at it is that you're giving your kids the best start in life they could have. What would your finances be like if you didnt go to Uni. Also, how would you feel if you didnt take this chance just to avoid contributing to your children's education?

Very true, but I had in mind that I was going to put money away for each of my 4 children to help them with deposits for their first homes, weddings, children etc. But education is the best gift you can give some one. Lets hope I do well at Uni and get a good job, then I'll be able to do both!

surfcat

SamMoffatt28 wrote:

In theory, if I am working and my hubby is working, they will assess my daughter's student finance on our income, so it looks like I will be repaying my student loan and paying some or all of my daughters fees as well!!

But under the new system aren't fees payable after graduation, together with the student loan?

SamMoffatt28

surfcat wrote:

But under the new system aren't fees payable after graduation, together with the student loan?

I think that only counts if you get a loan for your fees doesnt it? Surely if we are assessed as able to pay it they will want it there and then?

I guess this is only a hyperthetical argument anyway, as my daughter may not decide to go to Uni, and even if she does the rules may have changed again by then!

crazyscientist

like you say Sam, the rules will probably have changed another 5 times before then! i say worry about it when the time comes and not before. by going to Uni you are improving your chances of having a good job and are setting a good example to your kids to value education. try not to let the politicians scare you off!

SamMoffatt28

crazyscientist wrote:

try not to let the politicians scare you off!

Yeah, I liked Tony Blair when he first came on the scene and I've voted twice to keep him in. Look at the thanks we get ... Cheers Mr Blair, I'll think very carefully next time the elections come around though!

robhammond

Hi Sam,

I'll clarify things for you...

When you go to Uni in September you will not pay a penny in fees, nothing. You will receive a student loan if you want one. Plus low income families will be given, by the government a grant that you do not have to pay back - up to 3k a year - like I say only for the lowest income families (it is graded). Whilst at Uni you can also apply for another grant - called the Access to Learning Fund (as mention in my thread).

THEN when you graduate you pay your fees & loan back, if you earn 18k per year you will pay £26 a month. So 15k will be less than that. (Plus if I recall correctly any outstanding debt is written off after 25 years - if you never earn good money from your education it is clearly wasted & therefore they don't make you pay).

The exact thing will apply to your daughter, you will have to find no money whatsoever to pay her fees, she will pay them back in her tax just like you will.

I'm not going to be all political on you but this new system, although not perfect, is a vast improvement on the old one - it certainly beats the credit card intrest rates on student loans the Tories were proposing in the last election!!

It means parents in your situation do not have to worry about being able to afford to put thier children through Uni. They pay for themselves IF they get a good job from thier education - that has to be a pretty good deal!

SamMoffatt28

Thanks Rob I really appreciate you clarifying things for me!