Real life MMD: Should youngest get more?



  • ironlady2022
    ironlady2022 Forumite Posts: 1,544
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I would do a percentage split eg 6k for the older and 12k for the younger, that way, both parties are getting the same percentage amount as 9k is a third of 27k.
  • Mark_Beech
    Mark_Beech Forumite Posts: 77 Forumite
    You should not even be considering paying off ANY part of the fees. The new system means that no money need be paid back until they are earning a salary of £21k or more ..... and even then it is on a sliding scale which is very affordable. If they only earn just over the threshold it can be as little as £10 per week.
    They also have to learn to manage their own affairs.
    I would however consider contributing something equally to the living expenses of each whilst they are at Uni. Although again this should not be over generous. They should (as many students do) get part time work to help themselves through the three years.
  • spelter
    spelter Forumite Posts: 9 Forumite
    This is tricky. I have two children, and have always been aware of the importance of treating them equally, to avoid any resentment. In this case, since the Government have moved the goalposts, I feel it falls to you now, to correct the unfairness created, so that both your children end up in the same boat. By giving the 18k to the younger one, they'll both end up with 9k of debt, which, as a parent, I feel is fair. I think your elder child would understand your predicament, and might actually feel uncomfortable if you wiped out their debt, leaving their younger sibling with 18k to pay. Resentment could build in years to come. Good luck!
  • happyinflorida
    happyinflorida Forumite Posts: 807
    Part of the Furniture 500 Posts Combo Breaker
    I would discuss it with them first and see what they have to say on the subject! Personally I think it's fair to divide it equally between them, so they each get £9k but that does leave the younger one owing a far greater sum at the end of it. I'd wait to see what each thought on this. I'd also try and save to help the younger one pay more off eventually!
  • etruscanshades
    etruscanshades Forumite Posts: 38 Forumite
    1 PLEDGE NOT TO VOTE LIB-DEM EVER AGAIN! (They certainly duped me!)

    2 Move to Scotland to get a free education

    3 Don't go to university at all. Why burden yourself with huge debt for what is now a second rate education for an exorbitant fee, for a qualification which doesn't now guarantee a decent job. Risk a huge debt and still work in MacDonalds! (You need a masters or PHD to get a good job nowadays and you're talking double the fees). And what if you drop out! No degree, huge debt, and no job!

    4 If your kids must go to university, and you want to help them equally, then pay the fees (the higher amount to the one who's being ripped off the most).

    I just thank my stars that my kids went through before the rip-off fees started. When I went to university we were paid to go! No fees! and maintenance grants. And the quality was outstanding. A First really meant a First.

    Yet a recent Prime Minister had the cheek to have a slogan "Education, education, education."
  • tallgirld
    tallgirld Forumite Posts: 484
    Part of the Furniture
    I wouldn't give anything LOL!!

    I'm sure they don't have to pay back fees until they start work and earn a certain amount of money. The interest is really low as well :-)
  • Cimscate
    Cimscate Forumite Posts: 145
    Part of the Furniture 100 Posts Combo Breaker
    Isn't this a bit like comparing how much it cost to bring up the youngest as compared to the oldest, prices rise for everything so if the objective is to help with Uni fees surely the cost becomes (almost) irrelevant?
  • lolly-i-pop
    lolly-i-pop Forumite Posts: 84 Forumite
    I went to uni in 2005 when the fees were not astronomical, however, the new fees system does not affect your purchasing power. Under the system that I pay my loan back with, I was paying back £80 a week, while still having to pay off my overdraft. Under the new system, I would have started off paying only a few pound a month, and I would have paid back my overdraft much quicker, saving me a lot of money.

    As it is, my degree has enabled me to get a reasonably well paid career, and, all going well, I will have paid off my student loan by the time I'm 27.

    My parents gave me and my brother the same monthly amount per month throughout uni. I had a part time job at uni, so didn't need the money my parents gave me. They saved it up and gave me the money when I decided to buy a car. It meant I was able to afford a new car, which has saved me so much money in the long run.

    I don't begrudge my parents for giving my brother more money than me (he studied for 4 years, me for 3). My brother needed that help at that time. I'm sure that if I got into financial difficulty in the future then he would help me out. As it happens, I choose a career that is needed even more during tough financial times.

    If my parents had money to give me, I would much rather they helped me buy a house than wasted theirmoney paying back my student loan. Stick the money in the best savings account you can find, then give them an equal amount for a house deposit.
  • Lawsy
    Lawsy Forumite Posts: 4 Newbie
    If you have the money to pay off the loans why does the youngest need to take a loan at all? surely it would serve him better if you assisted the youngest through uni without him taking out a loan?

    I have a student loan still running from when I did an HND over 15 years ago - I wasnt earning enough to pay it back all I had to do was declare my earnings once a year. When I did eventually pass the threshold the repayments were minimal. I am now back at Uni (as a very mature student :-) ) and am about to finish my degree. I have racked up another 3 years of student loans. Both me and my sister have now the same student debt and we have parents that are in a position where they could easily pay off the debt but why should they?

    My point is this... the government have set up a system where it sees itself investing in education - they lend a student money to further their education and IF they prove its worth by landing a well paid job then it is paid back at a rate which will be minimal to the wages they are receiving. If like me first time round and the education proves for nothing it will never be paid back and it will eventually be written off. Why pay these loans off and give the government money when the Government cannot ensure there is enough jobs for your children when they finish their education? I personaly would hand on to your money because I think there will be more important things you may need your money for in the future in the current economy. Your children will not suffer for having a student loan. If this is not an option... well then I am a great believer in giving both my children the same and if I cant afford to give them both the same at the same time - they will get it when I can afford it.
  • harryhound
    harryhound Forumite Posts: 2,662 Forumite
    The only problem with a student loan and all the other taxes we are having to pay, is that a bloated level of government spending has pushed up the tax take to about 50% of GDP - realising that half of what you do is debt slavery to the government has to be something of a disincentive especially if there is risk involved.
    If you win out we will take half?!

    Emigrate? Unfortunately in this crowded world there are not a lot of places that will take even university graduates. Australia? Canada?
    Rich people can buy their way into tax havens.
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