Idea to fund my son(s) through university - is it any good?

Person_one

Oldernotwiser wrote: »

That's an unnecessary comment to make to a young person who's got both their head and heart in the right place.

And a healthy ego too apparently.

Sharing personal experiences when they might be helpful is one thing, smug superiority is not quite so welcome. Having parents willing to help you through uni (or at all) does not make anyone less adult, less capable or less worthy of respect.

Amethyst_ice

oh dear, it seems my post was taken totally wrong.

I was trying to make a point that i think many parents think they HAVE to help their children out, point i was making is they are over 18 and adults, they make the choice so surely uni is a brilliant point in life to start teaching your kids about budgeting and for them to learn to survive themselves. The ones who do support themselves do not suffer for it.

I hardly feel superior, i feel proud of myself yes, i am in my 6th year of uni after having to stop for health reasons and for the past year have been surviving off my own savings, ones i hoped to save for a housing deposit but felt as i am 23 i shouldnt run to my mum when things get tough as she has her own life and my siblings to support.

stop attacking for no reason when i was trying to help highlight a point. The OP should enjoy that extra money for herself as she has been a mother for 18 years, she deserves a treat

Oldernotwiser

Person_one wrote: »

Having parents willing to help you through uni (or at all) does not make anyone less adult, less capable or less worthy of respect.

Just because parents are willing doesn't mean that adult children have to accept. I have a lot of respect for someone who wants to be independent and not cadge off their parents.

Voyager2002

Amethyst_ice wrote: »

I am in university currently and am proud to say i have never and never intend to take a single penny from my mum. I get so annoyed with my friends parents either paying their rent, giving them pocket money etc...my mum has offered but i know she would be going without and quite frankly i am an adult and its my choice to go onto uni and not to work so i should take out the max loan i can and support myself.

If he is an A-A* student he should have no problem learning to budget and will come out feeling much more capable of living in the big wide world after

You have evidently made some well-thought decisions, and I hope that your family are very proud of you.

I actually think that the ability to budget is different from the ability to do well academically, and many able students can get into financial difficulty. No-one should assume that just because a student is good at their work, they will know how to avoid money troubles. That is one of many reasons why Martin's campaign for financial education is important for everyone.

I actually question whether it is possible to live on even the maximum maintenance loan and grant. Many students need a part-time job as well, and unless their time-management skills are very well developed, this is not going to do any good to their studies. Some parents might choose to avoid this dilemma by providing enough financial support for their progeny to devote themselves entirely to study.

Cardozo

I personally, as a current university student, I think you should simply save until he's 21 and give him the lump sum as a birthday present and tell him to use it wisely. From this point you should use the rest for your benefit.

That method gives your son responsibility and control over his own life. Your son may have no intention of living where you buy a house... He may feel pressured into living there because of your investment in it.

What you do is ultimately your own choice, but you'd be better off asking him, rather than us, if he wanted you to do this or give him money at 21 or any other idea you think of before you decide for him what you'll do.

kiss_me_now9

Could always save it and see if there's a house in his uni town that you could buy as an investment? The house I'm currently living in was bought by my landlady when her daughter was entering second year 5 years ago and now she rents it out to other students. Does depend on the town though - where I am there is a distinct lack of houses and good landlords.

With regards to helping your son out, I agree that too many children are mollycoddled and don't know the true meaning of money leading to budget and financial problems at uni - but equally parents giving them money doesn't mean they'll never learn to budget. I can't work whilst I'm at uni for various reasons and so this year I've found myself in a fairly decent amount of debt which I can't do much about until Christmas when I can start working full time again. Even then, my studies are going to be affected because I've got January exams and should be using that time to revise. The loan doesn't give enough at all, with increased living costs and the intricacies of student life.

apple_pies

Amethyst_ice wrote: »

Hmmm i wasn't trying to be martyr, just i think many parents mollycoddle their kids too much and as a fellow peer i see who often comes out better. Was trying to show the OP that it is possible to come out of uni without parental help..tbh if you get the max loan and grant you should end each year with some left over...i go out with friends and treat myself but often the ones who know they dont have to worry so much if they go in the red because mum will help finish uni and are stuck when those parents cut them loose.

Most people don't get the full loan and grant, that's the point of it being means-tested. Those who don't get the grant have to have parental help, as the loan + full grant is the amount the government expect students to live on during the year.

The parents are meant to make up the difference between their child's financial entitlement and the amount of the full support package.

I'm surprised you're so quick to make stupid judgements when you don't know what you're talking about.

The "mummies and daddies" of the country are paying for your grant so you can study. You are as much in their financial pockets as your "friends" are in their own parents'.

ska_lover

I wouldn't even bother commenting back to them Amethyst_ice, as usual, on the first page of what promised to be an interesting topic, a petty, small-minded slanging match has begun. They are like a pack of feral animals on here..ugly behavior

Some people are independant and can manage, and others cannot for whatever reason. Seems that the cannot's are rather jealous of the enviable position you are in. I don't think your post came off as trying to be superior at all, you were giving a different viewpoint and it is reasurring to know people can manage without parents help.

You sound a very well rounded, mature and capable person...Screw anyone who wants to ''put you in your place'' - you will be their Manager in five years!

devildog

apple_pies-
I think to an extent what you say about those not receiving the grant is true as in the student ideally needs parental help(although I totally appreciate some students 'go it' alone and do very well for themselves) To a large extent I think this depends on degree course taken, area of country living, accomodation costs etc etc.

However, where you state "the parents are meant to make up the difference...." says who? Certainly not Student Finance. Two of mine get approx 1/5 of the student grant and according to SF we are not 'expected' to finance them with "Parental Contributions"

We do though. One is up North, the other down South. The difference in basics such as accomodation charges is huge. For one their loan/grant more than adequately covers accomodation charges with money left over, the other, the loan and grant will not even cover accomodation charges.

Lifes_Grand_Plan

My advice to the OP, if your son wants to go to Uni then let him take the loans available to fund it himself, thats what they are there for. He will only pay it back when he's earning a decent salary.

If you want to save some money to help him then do so, but IMHO the money might be better as a deposit towards his first house than for Uni.

Oh and Amathyst_Ice, ignore the comments from people grinding axes... I agree with you 100%. I went through Uni with people who got paid £100 a month from parents on top of their student loans - all they did was p*ss the extra money up the wall along with their student loans... basically they wasted it.