Parent of possible 2012 student - parental contributions

RosieJD

There seems to be alot in the media about the 'poor student' repaying the debt following Uni, but I'm more concerned about whether I/we can afford to to send her and pay the maximum parental contribution that is expected. It seems we are likely to fall into that category. The finance calculations do not take into account the mortgage or much of the 2nd child, or any debts that were accrued whilst we were not paid so well, but were attempting to provide for our children.
The course my daughter will be applying for is for 5 years, and due to the volume of work it appears that a part time job is not possible either in term time or during the holidays. (She will have to do unpaid work experience).
At present the only options are either to a) attempt to re-mortgage again or
b) seperate from spouse - and send daughter to 'live' with worst paid parent or c) say 'tough' survive for 12months on £3,322.
Has higher education become the remit of the rich or very poor or those able to wangle their tax returns?
To add insult to injury we both paid for our own degrees which I finished aged 44, whereas the policy makers were supported under the old grant system.

Lokolo

If she really wants to go she'll make it work.

She can get summer jobs, before she even goes, to save money. There's student overdrafts.

If she is choosing an area whereby she has to work unpaid then that's her choice.

silvercar

At present the only options are either to a) attempt to re-mortgage again or
b) seperate from spouse - and send daughter to 'live' with worst paid parent or c) say 'tough' survive for 12months on £3,322.

If we are going down the silly options route (d) marry her off before the first day of the academic year and she will be assessed on her and husband's income not yours.

yenool

Lokolo wrote: »

She can get summer jobs, before she even goes, to save money. There's student overdrafts.

If she is choosing an area whereby she has to work unpaid then that's her choice.

Student overdrafts yes, but jobs are not exactly easy to come by at the moment. Getting a job to fit around Uni contact hours is easier said than done and I don't know many summer jobs open to 15-17 year olds where it is possible to save up the amount of cash required?

Also, so many different career pathways now seem to require graduates to have substantial work experience in addition to a good degree. Unpaid internships are becoming almost mandatory to gain access to many diferent careers, I wouldn't say it is necessarily a 'choice'.

devildog

You are correct that financial contributions do not take into account any families circumstances and to a degree it is wrong but so saying if it was then I am sure that it could be open to abuse.

With regards to parental contributions, the amount my 'children' receive does not cover the rent for one of them and yet we are not 'expected' to contribute as per Student Finance calculations.
So only option for us is to help by whatever means we can.

The system is not good!

Lokolo

yenool wrote: »

Student overdrafts yes, but jobs are not exactly easy to come by at the moment. Getting a job to fit around Uni contact hours is easier said than done and I don't know many summer jobs open to 15-17 year olds where it is possible to save up the amount of cash required?

Also, so many different career pathways now seem to require graduates to have substantial work experience in addition to a good degree. Unpaid internships are becoming almost mandatory to gain access to many diferent careers, I wouldn't say it is necessarily a 'choice'.

I had 2 jobs before university, both at the same time. After my first year I worked over the summer and saved £1500, my friend over £2000. So it is possible.

I also worked part time for my university during my second year.

And well I would never work unpaid, I would rather be self employed and do something by myself as that's experience in itself. So yes, it is a choice.

stedwell

silvercar wrote: »

If we are going down the silly options route (d) marry her off before the first day of the academic year and she will be assessed on her and husband's income not yours.

So what is the answer when the student loan hardly makes any impact on the rent let alone pay for living expenses?

The jobs are not around for students at the moment. My daughter recieved her GCSE results today. We have spent a lot of time this summer on the computer filling out mind bending job aplications or trailing round shopping centres.

At the moment she cleans our local village hall but this job is not 'official' so cannot be included as experience when she applies for other jobs.

If she cannot earn as a student and build up savings before she goes to uni then we have no choice but supplement her income up to the full grant amount. The only way we could do that is to top up our mortgage. It is not a silly option it is a fact of life that many parents are having to deal with.

Lokolo

stedwell wrote: »

So what is the answer when the student loan hardly makes any impact on the rent let alone pay for living expenses?

The jobs are not around for students at the moment. My daughter recieved her GCSE results today. We have spent a lot of time this summer on the computer filling out mind bending job aplications or trailing round shopping centres.

At the moment she cleans our local village hall but this job is not 'official' so cannot be included as experience when she applies for other jobs.

If she cannot earn as a student and build up savings before she goes to uni then we have no choice but supplement her income up to the full grant amount. The only way we could do that is to top up our mortgage. It is not a silly option it is a fact of life that many parents are having to deal with.

Er yes it can? If she's working, even voluntarily or under the table, it's still work experience and can be included.

mumps

My daugher worked all through A levels, in second year she was working between 24 and 30 hours per week. She got five A grades. At uni she works several jobs, working for the uni in two jobs and doing care work at weekends. She also works fulltime in the summer.

I know the system is hard but we do have 18 years to prepare. Our income isn't great, my daughter does get a grant but it is only about £300 a year I think. With our income we still manage to put £4k a year into her savings. She doesn't use this money, when she graduates she could use it to pay off most of her loan but I think it will be the start of her savings for a house deposit but she is travel mad so might go round the world and blow the lot.

Just edited to add that her brother starts uni next month so £8k in savings this year, thank heavens they only overlap for a year.

silvercar

stedwell wrote: »

So what is the answer when the student loan hardly makes any impact on the rent let alone pay for living expenses?

You will save money just because she is away. Less food, less electric, fewer mum's taxi runs, fewer fivers lent.

If your daughter can't earn the other option may be for you to earn more.With one less child at home, you will have less to do in your home and could have more time to earn.

Another thing to consider is whether a uni closer to home is an option.

stedwell

I agree that because she will not be at home I will be saving money and that will be a big factor for us in supplementing her loan. I think the main problem is that I haven't had 18 years to prepare for this, I have had 2. The money I had saved did not budget for £9000 a year fees although I do recognise that there is no point in even trying to contribute towards that. I just think it is a shame that extending your learning nowadays has to be a financial decision.
By the way, as a full time teacher I work many hours already although I am looking into private tuition as I will also have more time on my hands when she goes.