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Student Loans 2012
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No he doesn't.
We haven't decided whether it's worth taking a maintenance loan yet. If the loan attracts interest at Zilch until the student earns £21k then this is a plus.... but this might be counteracted by the interest at RPI + 3% later in the loan.
It's a difficult call.
On balance, I think it's probably best to go with known facts, so I would tend towards thinking that a government maintenance loan is a bad idea.0 -
Oldernotwiser wrote: »My background is in education and guidance.
If you saw as many posts as we do on here from graduates who know nothing about the debts they have incurred ( because their parents have done it all) you would understand the importance of involving your children in this.
I'm not sure I understand this - how do parents get their kids into debt?
Back in the day, when I was at Uni, the students who were in debt where the ones whose parents never gave them enough money to live on - whatever the reason for that. Some parents didn't have it to give and some parents were just too tight.0 -
setmefree2 wrote: »Thank you for your post. He doesn't have to take this loan does he?0
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setmefree2 wrote: »I'm not sure I understand this - how do parents get their kids into debt?
You misunderstand me.
There have been numerous posts on here from graduates who have no knowledge about the terms of their student loans. They haven't known that interest is charged from the start, that the loans are written off after a period or that they are still payable when living abroad. (Very common, this last one, almost an urban myth.)
When challenged about this ignorance they always say that their parents did all the paperwork (apart from signing) and they knew nothing about what they were taking on or what it involved.
I'm sure that you'd agree that this isn't a good thing, which is why I suggested that you involve your son in your research.0 -
Oldernotwiser wrote: »There have been numerous posts on here from graduates who have no knowledge about the terms of their student loans. They haven't known that interest is charged from the start, that the loans are written off after a period or that they are still payable when living abroad. (Very common, this last one, almost an urban myth.)
When challenged about this ignorance they always say that their parents did all the paperwork (apart from signing) and they knew nothing about what they were taking on or what it involved.
Some parents are even doing their child's graduation stuff now! :eek: I've seen it all too often. The parents are wanting to go and register for their child, get the gowns for them, etc.0 -
setmefree2 wrote: »Thanks so much for your responses. My OH and I had a look at some accomodation costs at a variety of Unis and came up with a figure of roughly £100 a week - often this includes food and often this can be done for 32 weeks. This would be in the first year.
So I think the very top end of what it costs is £8k p a - including books, etc. So £20k to £25k in maintenance for a 3 year course.
Does that seem correct?
I think that, £8K is unnecessarily high, particularly as it doesn't allow for any financial contribution from the student him/herself. £8K pa for only 32 weeks (presumably you'll be keeping them anyway during the holidays) is £250 per week. Even allowing for accommodation at £100, that level of support is unnecessary.0 -
Oldernotwiser wrote: »You misunderstand me.
I don'tI disagree with you
There have been numerous posts on here from graduates who have no knowledge about the terms of their student loans. They haven't known that interest is charged from the start, that the loans are written off after a period or that they are still payable when living abroad. (Very common, this last one, almost an urban myth.)
When challenged about this ignorance they always say that their parents did all the paperwork (apart from signing) and they knew nothing about what they were taking on or what it involved.
I'm sure that you'd agree that this isn't a good thing, which is why I suggested that you involve your son in your research.
Parents have a responsibility to give their kids a sum of money towards their maintenance costs - that is built in to the UK system. (Why else would they ask a student about their parents income?). Kids are not expected to live on £3.5K per (how could they?) their parents are expected to top that money up. If a student's parents can't afford to give you the money you get a grant. If a student's parents can afford to give you the money you don't get a grant.
If, as a parent, you are expected to pay for your kids maintenance at University and you don't, then you are failing your kids.0 -
Oldernotwiser wrote: »I think that, £8K is unnecessarily high, particularly as it doesn't allow for any financial contribution from the student him/herself. £8K pa for only 32 weeks (presumably you'll be keeping them anyway during the holidays) is £250 per week. Even allowing for accommodation at £100, that level of support is unnecessary.
Yes if we can do it for cheaper than that that would be great!0 -
setmefree2 wrote: »I don't
I disagree with you
That isn't a good thing. But not for the reasons you think.
Parents have a responsibility to give their kids a sum of money towards their maintenance costs - that is built in to the UK system. Kids are not expected to live on £3.5K per (how could they?) their parents are expected to top that money up. If a student's parents can't afford to give you the money you get a grant. If a student's parents can afford to give you the money you don't get a grant.
If, as a parent, you are expected to pay for your kids maintenance at University and you don't, then you are failing your kids.
Parents who can afford it have a responsibility to top up the student loan to the amount of the combined loan/grant but they don't have the responsibility to take all financial independence away from their adult offspring.0 -
Oldernotwiser wrote: »Parents who can afford it have a responsibility to top up the student loan to the amount of the combined loan/grant but they don't have the responsibility to take all financial independence away from their adult offspring.
Parents have a responsiblity full stop..... not just whether they can afford it! They should make sure they can afford it! THAT'S THE SYSTEM - PARENT'S ARE EXPECTED TO PAY.
It's not optional and anyone who thinks it is, is lettng their kids down and putting their kids at a serious disadvantage.0
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