Student Loans 2012

Lokolo

setmefree2 wrote: »

I think we've done this to death?

I've argued my position -

now please will you all leave me and my thread alone?

It's an open forum. If you don't want people replying, ask a moderator to close it.

[EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]

Just email them and say you don't want people replying to this thread and you wish it to be closed or deleted if you wish. They may / may not reply but just close it.

setmefree2

minerva_windsong wrote: »

I went to university in York (graduated last year, currently paying back my loan) and my parents' approach was that they would pay for me during term time as university was my job. After seeing some of the kids on my arts course who had jobs and were knackered by reading week, I'm very grateful to them for that. However, this was all on the understanding that I would work during the holidays and that would pay for anything I wanted in the holidays, as well as stuff I needed before term started like books. I found that a very balanced approach and it's one I'll use if I ever have kids.

My parents gave me £75 a week in first year, and £100 a week in second and third year as I had to pay bills then, and I ate well, was involved in clubs and societies, and went out about twice a week on that. Equally, there were people who got more (although in my experience these were also the ones that squandered it on pricey clothes and going out all the time) and people who got less.

I did get a maintenance loan and that paid for my accomodation, but be aware that from what I read on this board many universities and letting agencies appear to have lost the plot and are now charging annual rents that are bigger than the basic maintenance loan, that the rent will normally be taken every term rather than every month, and that you are likely to have to pay over the summer in student houses.

Also, just a couple of other points - as far as I know the student loan does not show up on credit files unless you default on a payment (which as far as I can gather is pretty hard to do due to how payments are taken), and based on the amounts I've been paying it's not money I'm missing, so I personally don't find it all that financially crippling (although I'm living at home and don't have any real expenses like bills yet). To be honest though I wasn't expecting to own a home until I was in my 40s, which I'm OK with but other people might not be, so horses for courses I suppose.

And can I just say how nice it is to come on one of these threads and find it hasn't descended into 'kids whose parents pay their way through university are scrounging lazy little brats'!

Thank you so much for your useful post. Full of lots of helpful info. I hope we can be as helpful to our kids and it's great to know that you are grateful for their help.

Good Luck!

setmefree2

Lokolo wrote: »

It's an open forum. If you don't want people replying, ask a moderator to close it.

[EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]

Just email them and say you don't want people replying to this thread and you wish it to be closed or deleted if you wish. They may / may not reply but just close it.

You'd like that would you?

Lokolo

setmefree2 wrote: »

You'd like that would you?

I couldn't care less, I'm just here to help

setmefree2

minerva_windsong wrote: »

And can I just say how nice it is to come on one of these threads and find it hasn't descended into 'kids whose parents pay their way through university are scrounging lazy little brats'!

It would seem that there are posters who would like this to happen. Thankfully, there seem to be many that don't want this to happen too A big cheers to those posters

setmefree2

Lokolo wrote: »

I couldn't care less, I'm just here to help

I couldn't care less either! Far too many other things to think about lol...

Oldernotwiser

Lokolo wrote: »

Sometimes it does yes.

Because often it's true.;)

Tinsley1

Not got time to read all of this thread so sorry if I am repeating some things, will try to read back later.

I'm almost 19 and went to uni in Sept, dropped out in October purely on the basis the tuition I was receiving I didn't feel was worth the money I was being charged for it. I am going to a uni from home with the knowledge that even though its not even 1/10 as reputable as the one I went to at first, the teaching cannot be worse and it will be cheaper due to living at home!

I think people are getting unduly concerned about the tuition fee increase, honestly its not too major. I know it sounds like a whole lot of extra cash, but please don't forget that 30 years after your child leaves university, their student loan is wiped out completely. I am fairly sure this is detailed in the Browne Report but it has been about 5 weeks since I have scanned it...

I think anyone who makes additional payments on a student loan is a fool. It will be wiped out if you have not paid it all by the time you are in your fifties. Also, Student Finance is (I believe?) owned by the government who will be giving out money to cover these tuition costs. There was vague rumours of maintenance loans being cut but I cannot see this coming into effect for a rather long time. So long as student finance will cover the loans there is no reason for anyone to feel they cannot or should not go to university.

Don't get me started on grad tax though

setmefree2 wrote: »

Roughly, how much do students need to live each year away from home?

The poorest students seem to get £6k from the government in Loans and Grants, so presumably that is the baseline - will £8k do it? Or is is more like £10k?

I know you've had a few answers but I can give you some specific figures which might help a bit?

My Mum earns about 46-48K a year and I got £5116 for one year of maintenance loans and grants (excluding tuition fee loan) for one year living at a uni away from home. My uni accommodation was £109 a week for 39 weeks (en suite no food) and about £4,250 plus a £150 refundable deposit if its nice when I leave. My Mum kindly agreed to pay half my accommodation and without that I couldn't have survived on the loan I had left. Books in my first term cost me about £260 and I would need to buy about £180 more in my second term. You can try and sell these on and the book shop give you 33% cash of 66% credit for them so not all bad but its a big outlay.

It depends how much people party as to how much they can live off as well! Remember all students are able to get a £1000 interest free overdraft. I went to uni with the idea I would spend that (so in effect have £6,116 available) and get a job in the summer to pay it off, then use it all again in the following year. Getting a job at uni would be great and lots of students feel more comfortable doing it as their first year at uni rarely counts towards their final grade.

I have to say I think its unfair the way kids from poorer parents get more grant and less loan. People in my flat got £3000 loan and £3000 in grants/bursaries meaning they only pay back £3,000. Of my £5,116 only about £330 was grants, so about £4750 had to be paid back. Just because my Mum earns more. Its like they think if your parents earn lower than your friend's parents, you are destined to earn less than your friend, sort of warped logic really...

IMO £8,000 would be plenty to live off and providing your household income is the same or less than my Mum's, at least £5,000 will be given from student finance.

Hopefully this is a copy of the Browne Report, its well worth a read

http://hereview.independent.gov.uk/hereview/report/

Lokolo

FrankieBoyle wrote: »

I just checked your last 10 posts and not one of them has been Thanked.
Does that tell you something about how "helpful" people find your posts?

I wondered why you were replying to other threads I have been! (which is highly annoying as I now have that dream song in my head)

Erm yeh sometimes, sometimes its a thanks for helping me, sometimes its a thanks for replying. If you go to The Arms (http://forums.moneysavingexpert.com/forumdisplay.php?f=58) people will just thank you for anything ha.

If you also look at posters in the competition boards, you'll see they get a lot of thanks.

http://forums.moneysavingexpert.com/member.php?u=464559

Have a look at this poster.....

Thanked 3,025,498 Times in 89,237 Posts

melancholly

FrankieBoyle wrote: »

This one no doubt will descend into the corollary - "all parents who show an interest in their kids or help their kids financially are evil abusers."

lol i don't think it matters how many times people say things like 'help them and educate them on financial matters and teach them practical things to live independently, but still make sure that they are making the decisions themselves (especially since they will be the ones who have to pay back the loan)', some people will hear something different!