How much should parents contribute financially?

DollyDabbler

Person_one wrote: »

Never met any arts students then? They can spend a fortune on supplies.

This is what bothers me about DD going to uni for 2013. She wants to do Art. DS currently at uni, gets money each week so that we know he is eating and occasionally a little bit extra if its coming up to bill time, or end of term when his overdraft is being squeezed. The rest is up to him. Despite encouragement to get a job, he hasn't so far (he's in his second year).
I'm sure that DD thinks we will pay for everything needed. We have said that to be fair, she will get money for food too, but the rest will be up to her getting a part time job.

Fang_3

DollyDabbler wrote: »

This is what bothers me about DD going to uni for 2013. She wants to do Art. DS currently at uni, gets money each week so that we know he is eating and occasionally a little bit extra if its coming up to bill time, or end of term when his overdraft is being squeezed. The rest is up to him. Despite encouragement to get a job, he hasn't so far (he's in his second year).
I'm sure that DD thinks we will pay for everything needed. We have said that to be fair, she will get money for food too, but the rest will be up to her getting a part time job.

Depending where your son is, it might not be that he hasn't tried to get a job, it's probably that he can't get a job.

mumps

I think jobs are harder to find but to be fair my DD currently has 3 on the go. Its not as if she is in a big city but she is always on the lookout for something that will fit into her timetable. DS going in September so I will have two away so I am planning how to hel them both.

rupertb_2

It is a tricky one Narla, we were in a similar situation with our kids, we ended up biting the bullet and a combination of them working summers and us contributing to their food bill and other expenses meant they came out with little to no debt above tuition fees. I think the most important lesson is to teach the kids not to waste money, for too many of our boys friends their debts mounted through too many nights out and buying things they didn't need.

DollyDabbler

Fang wrote: »

Depending where your son is, it might not be that he hasn't tried to get a job, it's probably that he can't get a job.

his friends have mostly got work. Particularly at the start of this second year, when he knew where to go, he still was slow of the mark and when he did look, it was too late

mintymoneysaver

stedwell wrote: »

Hi
Reading this thread with much interest. My daughter will be going to uni in 2013 so hitting the probable £9000 a year tuition fees. I am worrying already and trying to put money by now so that I can support her when she goes. In light of the huge increase of fees does anyone think that parent contributions will have to increase too?:(

We are in the fortunate position of having put some money aside for our children in the hope that they would go to university. This was only because my OH has a share scheme at work where they take money out of his salary before he gets it, then match it and plough it into shares.
The plan with this was always that our children would not have much debt at all when they left uni as we thought we would have approx £6000 a year to give them.
Obviously now that won't even touch the sides but I am hoping that even though they will have to have a tuition loan we will be able to not rely on a maintenance loan at all, paying their rent and giving them living expenses.
We are not affluent in any way, shape or form, but would be just over the boundaries to get any help with grants. We talk about £27,000 as a horrific figure but for people who are unable to help their children, even though they would love to, then the debt will be much higher.

evespikey

For my degree my parents gave me £200 a month, approx £2k per year for my 3 yr degree. I came to live at home over the summer, christmas and easter to save money. I could live off this- I was on a very strickt budget but I could do it. I didn't have a part time job. I didn't use my overdraft. My maintainance loan literally covered just my rent and bills. Bearing in mind this was 4 years ago now! (i.e. rent, food and travel have ALL gone up).
If I wanted money to eat I would have had to use the overdraft if my parent's hadn't paid for me. Some parents seem to see students using their overdraft as ok which I find very scary- it is just as much a loan as your maintanance loan, only less safe as the amount decreases year by year and banks happily charge. And you can't just blithely say: 'oh in a year I will have earnt some money to pay off the overdraft'- you can't guarentee that, especially considering how difficult people who are available to work full time all year round are finding it to get a job atm.

Some parents seem to rely on the 'they can just get a part time job' argument which is quite scary, considering parents are supposedly more educated in matters of money and the economy. Firstly, It is not easy to get a part time job. Secondly, if your course is something like medicine- it isn't possible. There is no point going to uni if you are going to sacrifice the grade of your degree by working instead of studying.

In terms of parental contribution I would give them the minimum amount you consider reasonable- as a previous poster said, they will learn to live off it. Personally the amount I would consider is £250/month but obviously some cities are cheaper than others and some cities you have to travel further to uni.

stedwell

mintymoneysaver wrote: »

We are in the fortunate position of having put some money aside for our children in the hope that they would go to university. This was only because my OH has a share scheme at work where they take money out of his salary before he gets it, then match it and plough it into shares.
The plan with this was always that our children would not have much debt at all when they left uni as we thought we would have approx £6000 a year to give them.
Obviously now that won't even touch the sides but I am hoping that even though they will have to have a tuition loan we will be able to not rely on a maintenance loan at all, paying their rent and giving them living expenses.
We are not affluent in any way, shape or form, but would be just over the boundaries to get any help with grants. We talk about £27,000 as a horrific figure but for people who are unable to help their children, even though they would love to, then the debt will be much higher.

That is exactly what we are planning. I plan to have 12000 saved for when she starts. This will hopefully pay her rent for the three years. I can then pay her living costs so she doesn't need the maintenance loan and will just leave with 27000 debt. My second daughter will go just as our mortgage finshes so although I will have no savings left I will be able to use my payments to support her in a similar way. Then hubby and I will retire totally broke with no nest egg and have to downsize to raise some cash! :rotfl:

danclarkie

This thread annoys me a bit. My parents offered 0 financial support for me if I went to university.
I didn't go.

To be fair the dependence on free money from student loans and the bank of mum and dad mean that Uni students can live it large for 4-5 years in financial security. What kind of responsible financial mentality does this install in people?
Perhaps one that borrowing is good, repaying your loans isnt something worth worrying about as long as you have the latest clothes and gadgets etc.
But I suppose if this was the case we would end up with a society of 20-30 year olds heavily in debt, unwilling to work and the economy would be on its knees, the government would be pushing through economic measures to redress the deficit, there would be huge protests on the streets of London.. Oh wait.

Sometimes you need to let them stand on their own 2 feet, Ive been working since I was 16, at 18 Joined the Emergency services and at 20 moved to a different country on my own, found a place to live, found a job, learnt the language.

Just saying students going to University aren't little children that need supporting and their hand holding along the way. If you want to do an adult thing and get an adult qualification from University then its not unreasonable to make an adult decision about your finances, either work to support it or take out a loan to cover it!
Uni students are not helpless little children, though sometimes they may act like it :P

Derivative

danclarkie wrote: »

This thread annoys me a bit. My parents offered 0 financial support for me if I went to university.
I didn't go.

To be fair the dependence on free money from student loans and the bank of mum and dad mean that Uni students can live it large for 4-5 years in financial security. What kind of responsible financial mentality does this install in people?
Perhaps one that borrowing is good, repaying your loans isnt something worth worrying about as long as you have the latest clothes and gadgets etc.
But I suppose if this was the case we would end up with a society of 20-30 year olds heavily in debt, unwilling to work and the economy would be on its knees, the government would be pushing through economic measures to redress the deficit, there would be huge protests on the streets of London.. Oh wait.

Sometimes you need to let them stand on their own 2 feet, Ive been working since I was 16, at 18 Joined the Emergency services and at 20 moved to a different country on my own, found a place to live, found a job, learnt the language.

Just saying students going to University aren't little children that need supporting and their hand holding along the way. If you want to do an adult thing and get an adult qualification from University then its not unreasonable to make an adult decision about your finances, either work to support it or take out a loan to cover it!
Uni students are not helpless little children, though sometimes they may act like it :P

Bit unfair really.
Those on low household incomes are expected to be able to make ends meet without a part time job, or at least with minimal hours.

The student loans offered take into account household income, it's only fair to support your kids if they get half the normal amount. I doubt you'd have much luck trying to get a 15k+ commercial loan from a bank with no job.