Student Loans 2012

Oldernotwiser

setmefree2 wrote: »

Why? Your parents are grown ups they can look after themselves.

Didn't they feel guilty taking money of you when you should/could have been helping their grandchildren?

When I was in my forties I was at the peak of my earning powers and my parents had been retired for a while and weren't well off. I was happy to repay the care they'd given me as a child and to help them when I had the money to do so.

I feel that helping family members works in both directions; or at least it should do. I don't understand the idea that people care more for their children than they do for their parents - it just doesn't make sense to me.

Edit: Regarding the highlighted sentence; you were cheering someone for helping a 40 year old son - isn't he a "grown up who can look after himself?)

Char_pdc

Hi OP,

I was at uni in London doing my undergraduate degree 2005-2008. That was under a different loan system to now and I'm not sure how the new rules/loan interest will compare to mine but anyways.

My loan paid my accomodation <just> and then my parents gave me £50 a week during term time for food and extras. I didnt qualify/have a tutition fee loan first year so I found that money myself. I asked for the money weekly to give me practise with budgeting - it wasn't something I had to do before. I also found it seemed a bit random to put together a monthly budget, as my accomodation was paid 3x a year as I was in halls. I also preferred to budget weekly as I played sports and my costs changed depending on whether a fixture was rearranged or an extra training session was scheduled.

The following years I worked monthly because I was in private housing so rent was coming out every month.

I was grateful for the help my parents gave me - the view they took was "while you are living at uni we don't pay for your food/heating/electricity etc etc" so use it to live on at uni. And then hence I didn't get it during the holidays.

Additionally though I had 2 holiday jobs and a term-time job in the sports ground where I played sport, which worked out well for me. I used this money to pay for clothes and other goods I wanted like DVDs etc.

Having read more of your posts towards the end of this thread I think you have a similar attitude to my parents.

With regards to keeping away from the bar - I don't really have any advice I am afraid. Most of the people I spoke to at one point had a night where they got carried away. To be honest the attitude "I don't want to drink loads of alcohol just because everyone is" will go a long way.

Uni is a huge varied mixture of people - which I like. From my experience you have some people who blow their loans on designer clothes and then either struggle/ask their parents for money, while you have others who budget well but still struggle for money and others who get by.

Lokolo

setmefree2 wrote: »

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?

There are none. Especially when drinks at £1.50 each. Bloody hell I spend a lot on nights like that.

Braveheart100

melancholly wrote: »

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.

This is from our very own Martin Lewis

Moving away from home to study is often the first time that young people will have to properly budget for themselves. As a parent, helping your children understand the cost of living and how to budget could really help them to build a good habit for the rest of their life. Help your child start as they mean to go on and sit them down, working out what is going in and out before they even pack to go to university, helping them to allocate their cash

Hum! That doesn't sound like what your saying!!!!

More from Martin Lewis

could you help with money to put towards course books or by stocking up the kitchen cupboards at the start of each term?

Help them think about how they can save money, for example buying fruit and vegetables at the market and ensuring they use their NUS card with all its discounts. Save up loyalty points when you are shopping and convert them into vouchers to contribute to your child’s first/last shop of the term.

I could go on and on.....

.... Melancholly I don't think your view is one shared by MSE Towers (or anyone else for that matter)

Lokolo

Braveheart100 wrote: »

This is from our very own Martin Lewis

That doesn't sound hands-off! Neither does this again from Martin Lewis

Hum! That doesn't sound hands-off either!

I could go on and on.....

.... Melancholly I don't think your view is one shared by MSE Towers (or anyone else for that matter)

Her view is supported by me. By all means she isn't saying parents should never help out if the son or daughter needs it, but why can't they attempt it for themselves?

I myself, created my own budget spreadsheet, without the aid of parents. I learnt how to order broadband, phone and TV, without the aid of parents. I can order pizza, without the aid of parents.

These things can all be done without the aid of parents. Obviously, I have asked my mum for help, for example, the toilets blocked and the plunger isn't doing anything. My step dad then told me to try using a wire coat hanger. Worked a treat. But I tried to do it myself first.

A lot of students won't do this though and just expect mummy and daddy to do everything for them (and trust me, I've seen this plenty of times).

Braveheart100

melancholly wrote: »

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 googled "student debt + parents" and came up with this.

Thinking about cash flow

Many students manage their cash much better on a weekly basis than a monthly one. It's a good idea to sit down with your child and work out what their weekly budget should be. Make sure they have a copy of this. Give them enough money each week to cover the budget. That way, they cannot blow a month's money in a few days.

I found plenty more like that.

It's just your opinion that parents should not be involved. Looking around the internet I found plenty of evidence that it wasn't a view shared by many.

Oldernotwiser

Braveheart100 wrote: »

This is from our very own Martin Lewis

Hum! That doesn't sound like what your saying!!!!

More from Martin Lewis


I could go on and on.....

.... Melancholly I don't think your view is one shared by MSE Towers (or anyone else for that matter)

It sounds pretty well the same thing to me; educate your children in how to manage their money. If you've done this then you won't have to carry on doing it for the whole three years!

posh*spice

Oldernotwiser wrote: »

It sounds pretty well the same thing to me; educate your children in how to manage their money. If you've done this then you won't have to carry on doing it for the whole three years!

LOL :whistle:

Changing your tune now!!!

Melancholly clearly said that budgeting for your kids was interferring. Martin Lewis clearly says otherwise....:p

Personally, I'm really glad that Martin Lewis' view isn't as brutal as yours and Melancholly.

Have a Good Day!

louise3965

I am in the same boat as you, daughter going to either York or Manchester in September - please god let her choose York as we have a house there she can live in for free - but she is a grown up, she has been working part time since 13 and has money saved for Uni herself. I wont be doing any research for her unless she asks me to help as I think thats her job, but I'm planning on giving her £50 a week and I expect her to transfer her weekend job to whichever city she decides to study in. She is buying an education, and its down to her to decide which is the best education provider and how she is going to pay for it.

But I do agree that if a parent can afford it, then we should try and help with financial support. However I do expect her to shop in primark, she's not Paris Hilton

Oldernotwiser

posh*spice wrote: »

LOL :whistle:

Changing your tune now!!!

Melancholly clearly said that budgeting for your kids was interferring. Martin Lewis clearly says otherwise....:p

Personally, I'm really glad that Martin Lewis' view isn't as brutal as yours and Melancholly.

Have a Good Day!

Don't you understand the difference between teaching someone how to do something and doing it for them?

I'm sorry that you seem to have comprehension problems, by the way.