Student Loans 2012

jennifernil

melancholly wrote: »

i feel really a little annoyed that everything that i've said about there being a substantial number of students who really don't even know the terms of their student loans has been taken as so insulting. there are plenty of students who didn't realise interest would even start being applied until they got a job!! with so many financially illiterate students graduating, all i wanted to do was draw attention to the fact that the student themselves should be able to get lots of information themselves and understand the implications of whatever decisions are made. i stand by that sentiment.

i think parental help is vital - whether they give money or not, help is about equiping them with the skills to cope with whatever budget they have. i just think that at 18, students should be able to work out weekly budgets and not have to have parents making such day to day decisions for them. it's all about where the line is and obviously that is subjective.

I could not agree more!

My Mum was a book-keeper and always looked after the finances in our family, and in the family business, so I expect I have inherited her skills. I have always been the one who looked after our family finances, and the one our children turned to for advice. OH was too busy working to support us all!

Our daughter is very savvy, her brother a little less so, but earns plenty. He actually sometimes takes advice from his student sister!

But I see among my daughter's friends plenty of young people who have very little clue about budgeting, saving etc. It really is pretty worrying.

melancholly

jennifernil wrote: »

But I see among my daughter's friends plenty of young people who have very little clue about budgeting, saving etc. It really is pretty worrying.

the problem is that it's very hard to say anything without inherently questioning someone's parenting... i get that, i really do and it's so hard to sugar coat it enough not to cause offense. but it really can't be ignored and sometimes it's easy to see how a desire to help can in fact get carried away and have less positive long term consequences. seen it so many times!!

Oldernotwiser

jennifernil wrote: »

As parents, we would help our children if they needed it, no matter how old they were.

Our son, now 40, recently moved house, there was the possibility he might need a little help with a bridging loan for a week. We offered to help.....as indeed did his student sister (yes, some students do have savings).

Your child is still your child, be they 20 or 60, or anywhere in between.

It's not about being resposible for them in that case, just about wanting to help when possible.

When I was forty, I felt that it was my job to help my parents with money, not the other way round!

jennifernil

Oldernotwiser wrote: »

When I was forty, I felt that it was my job to help my parents with money, not the other way round!

Yes, I am sure he would help us if we needed help, fortunately my OH has a good pension, so we are doing OK at the moment.

Moving house is a bit special, so we would have been happy to help if necessary. As it turned out, the bank came up with the money at a reasonable rate.

agal

Oldernotwiser wrote: »

At what age would you stop being financially responsible for your children - 20, 30, 40, 50?

Personally, I should say when the will is read?

setmefree2

angelofmel wrote: »

i personally hate the idea of my mum giving me money. i certainly dont like the idea of her having to cut down on her living expenses so that i can live the high life at uni. theres a loan available,

If your mum doesn't have the money to give you. Then I agree, that's the right way for you to go.

Good Luck:)

setmefree2

Oldernotwiser wrote: »

No, I didn't say that.

Many students joke about how they con their parents into believing they have to give them more money.

Perhaps you haven't been a student recently?

No I haven't been a student for quite a while.

Our kids aren't like you suggest - nor are their friends. Our kids attend the local state High School and they are not pampered poodles. Well provided for yes but not spoilt.

setmefree2

angelofmel wrote: »

i hope that she doesnt not remain ignorant to the lifestyle that some students live and that offering money so freely may leave her children with the impression that they can do whatever they like, be bailed out whenever and learn nothing about the value of money and take responcibility for it. i'd like to hope that she is sure her children are going to uni for the right reasons-to improve education and job propspects/for a career- and not just to escape working/the real world and to get 'free money' and with the intention to work hard and not spend thier lives boozing and having fun and pulling all-nighters 'just to pass' like what i have seen by many.

I was a student once so I know what's it's like. IMHO Briish universities are a breeding ground for alcoholics! For that reason I dread my kids going to Uni and I can tell you so do so many parents. I think it's dreadful that British Unis do nothing to stop this dreadful drinking culture. Many of my friends hate seeing their kids being turned into drunks.

But there it is. Students have to go to Uni. All we can do as parents is to keep pointing out the downside of alcohol and hope that we have managed to set a good example.

The money we give our kids will cover their living costs. I'm not against drinking in moderation and having a good time. Indeed, I want them to have a good time. As for the rest. I don't expect my kids to shop in Primark (we don't) nor do I expect them to get the taste for designer goods (they won't, it's not really the student way). I'm happy to pay money for good food, I don't expect them to eat junk.

My kids take their education seriously. They know its importance and this generation, more than any, are aware of its cost. I can talk easily with my kids about money, as can my OH.

I think we'll be alright.:)

setmefree2

angelofmel wrote: »

yes, again i agree. but the state money stops. parents' money may not if they think thier children are staving or are going to be homeless when they are infact just wanting to fund another night at the pub...
all im saying is i hope that setmefree is aware of this, is all.

We have a good relationship with our kids re money. In fact, I think we talk about it too much! My eldest is currently doing an AS level in Economics and likes talking about money too. My youngest is like a mini version of Alan Sugar....

...... now we just have to keep them away from the student bar! Any tips?

setmefree2

amiehall wrote: »

Well presumably if setmefree or anyone else for that matter left their child to live off the loan support, and they run out of money, they'd give them more rather than let them starve....

True - but we would be having words too