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Real life MMD: Should youngest get more?

Should youngest get more?

My eldest child will have borrowed from student loans about £9,000 to pay his uni fees. Assuming youngest child goes to uni, his student loan for just the fees element could be £27,000. So assuming that we could repay 18k, would you give 9k each or 18k to the youngest?
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  • mintymoneysaver
    mintymoneysaver Posts: 3,527 Forumite
    First Anniversary Combo Breaker First Post Home Insurance Hacker!
    Good question! I think I'd have to give 18 to the 27 child so that they come out with a similar debt. Or would I give 12 to one and 6 to the other? Decisions, decisions! As both of mine will have to pay the 27 I won't have this problem at leeast!
  • BlueAngelCV
    BlueAngelCV Posts: 671 Forumite
    I would give the same to each.

    Or, if the eldest has already gone to Uni and has the debts could you give him say £6,000 now & tell the youngest that you will "help out" and then give him more than the eldest but do it more subtley so that it doesn't cause resentment. They're unlikely to add up what you've given over all the years but giving one more than the other (particularly when 1 doesn't actually have the debt yet) is likely to cause issues.
    Wedding 5th September 2015
  • higginsb
    higginsb Posts: 20 Forumite
    It is not up to parents to repay their children's debts. They get repaid out of the student's earnings once the student is employed, and earning over a certain amount. If you are particularly affluent, and really want to pay off your kid's student debts, you should divide your money so that both of your kids are left in a similar financial sitution when they leave uni, which will obviously mean the younger one will get more when the time comes.
  • 3400581
    3400581 Posts: 20 Forumite
    NOOOOOO! Don't waste your money on propping up the government. Invest wisely in things you enjoy like holidays, fine wine and dining etc. Your kids need to learn to fend for themselves and if they don't make a very good job of it the Governemnt will get b*gg*r all back.
  • [Deleted User]
    [Deleted User] Posts: 2,175 Forumite
    First Anniversary First Post Combo Breaker Name Dropper
    So assuming that we could repay 18k, would you give 9k each or 18k to the youngest?
    just because i COULD, doesn't inherently mean i WOULD...
  • scotsbob
    scotsbob Posts: 4,632 Forumite
    Split it £9K to each and send youngest up here to live in Scotland where no student tuition fees.
  • mancmum
    mancmum Posts: 86 Forumite
    First Post First Anniversary Combo Breaker
    This is a real question for us and its horrible because when its a real question a lot more comes into play. There are three of them...one is likely to be more successful that the others...how do you handle this?

    At the core of the question for us is that we as parents want to help our kids in the ways that they need.

    So far we have had a family round table and told them that the most important thing is that we are always there to help them and we will not help anyone until everyone is through the system and we have a better idea of how much we might have to help with.

    In the interim we have set aside the same sum of money for both of them and said this
    is yours we are giving it to you. !!!! it against the wall in the student union and its gone...save it and use it wisely and you might have some left at the end.

    But the world has moved on since number 1 went to university. He got a job in a fried chicken joint and worked for the first two years of his degree. He had his lump sum and never touched it.

    Where will number 2 find a job when he's at university? Already the ground has shifted and that's much less likely. I have to admit I've identified how he could set up a microbusiness in the summer before studying and I'm push him to do that.

    Number 3 might be bright enough to get an award or a sponsor...how do we treat that.

    For the moment we have said we won't pay out to anyone, we'll hold onto the money...if one of them for whatever reason needed help with health that will always be our first priority and we've sat round the table to talk about that with the whole family. We've also said - think about this decision..university is expensive. 27,000 (not that we have that much) would set you up with a white van and a trade. Better to be the brightest electrician around that a third rate degree holder.

    Now I'm really starting to think what support we might be able to offer as the mature...travelling to live near them to provide child care if they want it, help to do up a house, or whatever and ultimately that might be worth a lot more than paying off a uni debt. Also wondering about putting something into a pension rather than paying off debts.

    May be we've already given them the best start we can, they can cook a better currying than the local takeway, they have been brought up to question not falling prey to the latest trend, to share and to make the most of what they have got.

    Will read the responses with interest.
  • CGirlPeaGirl

    I totally think you should give the younger child the £18,000 and explain to both that the reason you are doing this is that the situation with university education has changed dramatically since the first one started.

    Put simply, without the extra money the younger child will be paying for a very long time to repay this debt and the older child must understand that times have changed. I'm sure if the older child was in the younger child's position they would appreciate this.

    It is very good of you to help them both out in this way.

  • swangirl12
    I think I would invest the money wisely for now, and let them see how they get on with repaying the fees themselves. It may be that at some point in the future they will value additional help, perhaps with money towards a house deposit or something like that, or perhaps if one of them begins to struggle with paying expenses while at university. If you want to put it towards uni fees, it is fairer to help them in relation to need rather than just give out an equal amount to both, when the cost of the university education is not equal. It is unfortunate that a university education is a lot more expensive now (so the younger one is already at a disadvantage as will need to borrow more); also if either of them goes on to post-graduate study, there will be more student fees added before anything gets repaid. They don't have to repay until they get a job. It is also worth checking the conditions of any new student loans - there was talk of heavy penalties for early repayment under the new system, which would not make it an attractive option to pay off anyway. Make sure they are doing a degree which will enable them to get a well paid job afterwards !! I am 52, but if I was having my time over I would become a doctor - my brother did it and he repaid all his loans and is very well off now !! Most jobs are asking for degrees so it is probably worth the investment, I am about to go back to uni to study as a social worker because I have been unable to gain employment with a community education degree !! Good luck with your dilemma, the children are very fortunate to have parents who can afford to help them out .... hope they appreciate you!! :)
  • tom1985
    To the OP, if you are set on covering your children's tuition fees then yes, I believe you should give £27,000 to the younger child and £9,000 to the oldest. This doesn't represent any profit or advantage to the youngest child, it merely leaves them in the same position as their older sibling. Any unfairness is the fault of the governments.

    To the other posters saying children should pay for their own debts, whilst I would generally agree with this sentiment I wholeheartedly disagree where education is concerned. A majority of members of this site would have grown up when university education was free. Now kids are expected to pay £27,000 tuition fees, have less chance of finding a job, pay higher taxes and work more years until retirement. Have some compassion.
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