'Universities must educate students about the new loans' blog discussion

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Comments

  • sisbod
    sisbod Posts: 166 Forumite
    I have a son who is planning on attending uni this year and from my perspective I am in the dark! :mad:
    It is all very well saying the kids need information (and I would be the last to disagree) BUT I see no harm in supporting parents to understand the implications and for that matter the level of support and processes.
    After all the bank of mum and dad is based on very different premis's as this is a new and very different basis to their own education - I finished uni in 2000 and it is completely different to then. Equally just because you can add 1 + 1 does not make you a financial wizard - that is why we need advisors!
  • Here's how it was for me. One you get a loan. Two you live cheaply in halls. Three you eat in the canteen or equivalent and drink cheap beer in the student bar. Sports facilities are free or a small charge. Four you go to the library to read books, hand write your essay and hand it in.

    Here's how it is for my daughters. One you get a loan not a grant.

    Two. In one case, the college has just sold off its student accommodation to pay for an expensive relocation. They subcontract to a firm offering student accommodation at 250 quid a week in a distant location in the East End.

    Three, the student canteen has been subcontracted to 'Starbucks' or similar, and charges equivalent prices. There either is no student bar or common room, their is instead for one 'subsidised membership' of the local nightclub. The University gym charges 200 quid a year membership - even Badminton is 80 quid a year plus a fiver a game.

    Four. All notes are online and all essays are submitted on line. One college - where half the students are 'digital media' students- now offers just 6 PCs on its premise (down from over 50). Students are instead given an offer to buy a Mac at a 'student rate' of 600 quid. They also have to buy software (250 quid for one daughter). University lecturers are given the latest version of Microsoft Office, so they have to upgrade to that, too, to open the docs. They are offered 'subsidised' software prices-up actually only on the ridiculously inflated retail prices - there are in fact completely free versions of alternatives to all this software available.

    One daughter is dyslexic. But they won't help her until she gets a government grant, which requires a test which costs 230 quid, and then she will mostly get a bundle of (overpriced) software anyway, which she will be doubtless left to install herself.

    Do I trust universities to 'financial educate' my daughters?

    They quite clearly are suckers for every software salesman/IT consultant that walks in the door and are having a bonanza out of financially - 'miseducating' my children!

    You should start the financial education with the Universities themselves!
  • Here's how it was for me. One you get a loan. Two you live cheaply in halls. Three you eat in the canteen or equivalent and drink cheap beer in the student bar. Sports facilities are free or a small charge. Four you go to the library to read books, hand write your essay and hand it in.

    Here's how it is for my daughters. One you get a loan not a grant.

    Two. In one case, the college has just sold off its student accommodation to pay for an expensive relocation. They subcontract to a firm offering student accommodation at 250 quid a week in a distant location in the East End.

    Three, the student canteen has been subcontracted to 'Starbucks' or similar, and charges equivalent prices. There either is no student bar or common room, their is instead for one 'subsidised membership' of the local nightclub. The University gym charges 200 quid a year membership - even Badminton is 80 quid a year plus a fiver a game.

    Four. All notes are online and all essays are submitted on line. One college - where half the students are 'digital media' students- now offers just 6 PCs on its premise (down from over 50). Students are instead given an offer to buy a Mac at a 'student rate' of 600 quid. They also have to buy software (250 quid for one daughter). University lecturers are given the latest version of Microsoft Office, so they have to upgrade to that, too, to open the docs. They are offered 'subsidised' software prices-up actually only on the ridiculously inflated retail prices - there are in fact completely free versions of alternatives to all this software available.

    One daughter is dyslexic. But they won't help her until she gets a government grant, which requires a test which costs 230 quid, and then she will mostly get a bundle of (overpriced) software anyway, which she will be doubtless left to install herself.

    Do I trust universities to 'financial educate' my daughters?

    They quite clearly are suckers for every software salesman/IT consultant that walks in the door and are having a bonanza out of financially - 'miseducating' my children!

    You should start the financial education with the Universities themselves!
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    Students should be educated enough to work out that if 60 students pay £6k each that is £360,000. If the government then adds a further (at least) 20% that makes £432,000. For 3 years that makes £1,296,000 - thats to educate just 60 people!!!!!

    AND according to the Unis that's not enough - they want £9k - which amounts to a whopping £1,944,000 to educate 60 people.

    Is it just possible that these unis are inefficient? Yes I hope students are educated enough to ask themselves that:(
  • For the past 15 years I have run a project dealing with students who are facing financial hardship and never cease to be amazed at the lack of awareness so many of them have of financial matters.

    Very soon after starting the project we realised that by the time students arrive at university it is probably too late and we started to visit schools in the area teaching senior pupils the basics of student finance and the importance of budgetting.

    I can recall even 15 years ago that much was promised about bringing financial education into the mainstream school curriculum but thus far little appears to have happened.

    If we continue this laissez faire attitude we are failing in our duty towards the younger generation.

    Talk is cheap -- we need action

    dons fan
  • meher
    meher Posts: 15,910 Forumite
    Combo Breaker First Post
    mastercard, visa and similar payment systems should actually team up with Martin (they should pay Martin royalties :snow_grin) and run a few induction courses for students
  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    First Post First Anniversary Combo Breaker
    Along with Justin Tomlinson MP Im going to meet David Willets Universities minister to discuss this next week.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • Scooby64
    Scooby64 Posts: 98 Forumite
    First Anniversary Combo Breaker
    I'm deeply saddened that Martin has sullied an otherwise exemplary reputation by doing the coalition "dirty work". Willets stupidly believes that parents object to his scheme because we don't understand it. We Do! We really Do!!

    The reason we don't like it is because it isn't FAIR.

    If ALL students had to pay it (Scottish & Welsh) there would be a better argument for saying to the next generation Suck it up! - If only "whites" could go for free whilst "blacks" had to pay, that would be wrong (and illegal) - why should the English pay when the Irish don't and yet OUR taxes are going to bail them out.

    Secondly, if it is reasonable for those who get the education to pay for it, why doesn't Willets and everyone else who has benefited from a university education pay a higher tax rate. That way the burden wouldn't be placed on the few, but spread across all those who are enjoying the higher incomes attributable to an extended education?

    Please reply Martin - I've put these 2 questions to EVERY LIB DEM MP and had no replies!
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