Early-retirement wannabe

bluenose1

stoozie1 wrote: »

Just delurking to ask those who have recently supported children through University; what approximate annual contribution you've made per child?

I think this is the single most factor likely to affect our retirement dates, so any idea how much to allow would be very helpful.

Depending on what your income is a lot of Universities now give Bursaries to low income families.

Crikey, I feel really mean now.
1. Son no 1 - he lived at home so I didn't give him anything, though is suppose free board and lodge is equivalent.
2. Son no 2 - lives in private student house. I give him £20 per week over 52 weeks =£1,040, as well as pay for some of his shopping etc. Plus my ex husband is supposed to give him the equivalent but he is lucky if her gets half.
3. Son no 3 - doing his GCSE's though would be surprised if he left home to go to University.

I wish that parents were made to contribute to Students rather than it being up each parent. Including those that are divorced.

stoozie1

Many thanks to everyone who has commented on University contributions

Lots of food for thought there.

We have 4 sons, so I need to ready myself for the worst I think!

cfw1994

MallyGirl wrote: »

DD's intended course is either 5 or 6 years. It requires an additional 38 weeks of extra-mural studies to be completed in the holidays during the course so working is going to be a challenge. Hopefully she will manage to do some.
Full maintenance loan for London is £11,672 for 19/20 but one of the halls is £8,376 self catering (only has spaces for 83 and the course takes 250) and the other is £10,403 also self catering. Since I'd like her to eat healthily, have a bit of a social life and come home every now and then I can see that the parental top up may need to be more than just making up to max. London is 3rd choice so it may not come to that.

Just on the eating bit.....our first was veggie before he went to Uni, and found it was actually a very cheap way to eat well, AND he is a decent cook now!
Our second used to eat some meat, but has pretty well followed him down the road of vegetarianism, and also eats very well (evidenced regularly by meal shots on our family chat group!).

Mnd

My son went to university about 12 years ago, when his fees were £3k a year. We paid 1 years fees and said we wouldn't get involved in any further payments.

His mother and I are separated and I think she did the same and his grandparents may have paid the final lot.

We did kit him out with toaster, cutlery and crockery etc when he moved into a shared tip. Sorry ..house.

Now he's earning good money, perhaps it's time I mentioned this loan! :beer::rotfl::beer:

DT2001

stoozie1 wrote: »

Many thanks to everyone who has commented on University contributions

Lots of food for thought there.

We have 4 sons, so I need to ready myself for the worst I think!

We have 4 children. 1st on an apprenticeship so only free board and lodgings. 2nd at French Uni (tuition fees €170 p.a) and has found free accommodation in exchange for 3/4 nights childcare (website promotes various bartering for free/reduced accommodation) - rest of funding from grandparent and from previous paid work. 3rd will be major drain if, as he hopes, he gets to Oxbridge. 4th Who knows, apprenticeship is appealing to parents pockets!

Like most budgets for anything relating to children it can be quite affordable or quite expensive and you’re not sure which til close to the time as plans change rapidly.

Terron

DT2001 wrote: »

We have 4 children. 1st on an apprenticeship so only free board and lodgings. 2nd at French Uni (tuition fees €170 p.a) and has found free accommodation in exchange for 3/4 nights childcare (website promotes various bartering for free/reduced accommodation) - rest of funding from grandparent and from previous paid work. 3rd will be major drain if, as he hopes, he gets to Oxbridge. 4th Who knows, apprenticeship is appealing to parents pockets!

My time at Cambridge was cheaper than for my sisters at other universities, because the college provided college owned accomadation at relatively low rents - as in a third of what my sister paid one year when we were both at uni. Of course things might have changed in the last 40 years.

AlanP_2

All 3 of ours have been to Uni and, on average we contributed £2-3K a year to supplement full loans by the time contributions to train fares and shopping were added on.

Grandparents gave them an additional £1k a year and they all had holiday jobs.

crv1963

stoozie1 wrote: »

Just delurking to ask those who have recently supported children through University; what approximate annual contribution you've made per child?

I think this is the singlemost factor likely to affect our retirement dates, so any idea how much to allow would be very helpful.

It very much depends on what you can reasonably afford. I've two sons- eldest went to Uni, I paid him directly the balance from what I'd been paying his mother, as my CSA reduced. He dropped out in the second year.

Youngest didn't want to go to Uni- now doing a degree through work, he pays the fees employer gives him paid time to attend when he has to.

Bought both their first car £500 each (with the additional cost of a full service and years MOT thrown in by me) on the understanding that they pay their own insurance. Youngest recently moved out from his mothers home so I gave £500 to buy a fridge and a washing machine- will do the same for the eldest when the time comes.

My mother (age 80) recently paid for my shed electrics to be fitted and bought me a coat for my birthday- so children don't really get any less expensive as you age!

kangoora

We paid for accomodation at circa £3k-£4k/year for each - northern universities so cheap accomodation available. On top of that we gave them £55 (average) term time for food/costs/drinks and £20/week when back at home.

Finally, free trips to/from Uni and a bonus at start of each year of £100 to help with purchase of text books/whatever else they needed.

Rough spend for both combined was around £40k over 6 years, they are 3 years apart in age which helped as no overlap.......

Finally we contributed £3k on successful graduation towards a car/graduation present, their Nana put the same in, so they had £6k to buy their first cars.

DairyQueen

An interesting mix of responses on the contemporary cost of supporting young adults into independence.

Looking back, my parents were blessed. I left home for uni at 18. No tuition fees then, worked to supplement maintenance grant and never returned home. Parents loaned me the cash for first banger and insurance. I repaid in a year.

Oh, they also paid for my first wedding. That being the only post-18 major expense parents anticipated. You worked (and paid keep) or you studied (at taxpayer and your own expense).

House deposits were self-saved.

How times have changed.