Uni in 4 years time - what sort of costs are we looking at?

Jet

My son has just turned 14 and is hoping to go to University if things go well with GCSE's and A Levels.

I have been living with my partner for nearly 2 years (not my son's Dad) and because my partner is a high earner (over 40% tax band) I seem to understand that my son will get very little help with funding to go to university.

Currently my partner and I keep our finances seperate and I provide for my child and he for his (we have his 4 children live with us a third of the time) and he pays maintenance and extras. We currently pay around half the household bills each from our salaries and run our own cars seperately. Because DP is a higher earner than me (I earn about a quarter of what he does) he tends to pay for treats and holidays.

Am I right in understanding that my partners children will receive grants to go to university if their Mum (who they live with 2/3 of the time) continues to receive benefits and not work, however, my son will not receive any grants and DP and I will be expected to fund him or he will be expected to work part time?

I am trying to ascertain how much I should be putting away now for my son and if I am going to need to approach DP to help out. My son's father is self employed and I have only received £20 per week maintenance for the last 2 years from him after receiving nothing for 8 years, so I know my son can't depend on him to help out.

Thanks.

Dunroamin

Both sets of children will be assessed on the household income from their normal home, so your assessment of the situation is pretty accurate. However, your son will be eligible for a fee loan and part of the maintenance loan so is income will only need topping up.

You can get an assessment based on the current situation here.

http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Gettingstarted/DG_171579

Jet

That's interesting, although everything on there seems to talk of parents income rather than parents household income which is a bit misleading, I think.

So we're in a position of not knowing what DP's ex will do regarding her personal circumstances (she is talking of moving in with her current partner), so DP children may well end up needing financial support from DP, but we have no way of knowing this. The sensible thing would be in that situation for DP ex and her DP to pay a proportion for her and DP children and for DP and I to pay a proportion to his children and a larger proportion to my DS.

If someone can give me an idea of what the tuition fees are likely to be and then what other costs (accomodation, books, food, etc.) there are likely to be?

What loans can all students get? What grants are students from a main low income family likely to get?

Lokolo

Jet wrote: »

That's interesting, although everything on there seems to talk of parents income rather than parents household income which is a bit misleading, I think.

Not sure I get you.

Everything on there talks about household income in the headings.....

Dunroamin

Jet wrote: »

That's interesting, although everything on there seems to talk of parents income rather than parents household income which is a bit misleading, I think.

So we're in a position of not knowing what DP's ex will do regarding her personal circumstances (she is talking of moving in with her current partner), so DP children may well end up needing financial support from DP, but we have no way of knowing this. The sensible thing would be in that situation for DP ex and her DP to pay a proportion for her and DP children and for DP and I to pay a proportion to his children and a larger proportion to my DS.

If someone can give me an idea of what the tuition fees are likely to be and then what other costs (accomodation, books, food, etc.) there are likely to be?

What loans can all students get? What grants are students from a main low income family likely to get?

At present, fees are £9,000 and students, regardless of household income can take out loans for the full amount. 65% of the maintenace loan isn't assessed on household income either.

The simplest thing is to look after the child (ren) of the relevant household if they need more funding than the state provides, otherwise it's going to get very complicated and unfair.

Jet

Lokolo wrote: »

Not sure I get you.

Everything on there talks about household income in the headings.....

Yes, the headings say household income, but the detail and assessment form itself doesn't mention household income, only parents income, I think.

I'm in work, so apologies if I'm not reading everything fully. I will have a proper look tonight.

I think this is the joy of the blended family. If DP's children end up in the same situation as my DS (through their Mums living arrangements), then I am sure they will come to DP rather than go to their Mum and partner for money. My DS, however, only has me to come to and this is why I am thinking about this now whereas DP is very easy come, easy go on this probably because he is assuming he will have to fork out very little based on grants his kids can receive based on the current situation.

Thanks for the information on the loans. How much is the full maintenance grant and what is it actually for?

MusicalLawyer

The Maintenance Loan and Grants are for the student to live on.

So they'd pay rent, books, food, going out etc etc with the Maintenance money. The grant current stands at £2984.

My friend is at a University in London, and he gets tuition fee's and maintenance loan - not based on household income as his parents earn way above the threshold. His maintenance loan pays for his rent (he rents a room in a shared house). His parents gives him £100 per month for food etc. Don't know if that helps you, but may do.

Your son could get a Saturday job which would give him something like £50 per week which he could use as his entertainment money. I am sure his rent would just about be covered by his Maintenance Loan regardless of where he attends.

bouncydog1

You're talking about what the position might be in four years time and a lot of things could change by then.

In your position I would be encouraging your son to start thinking about how to earn some extra money so he has a bit of a nest egg to help out when he goes to Uni.

I would also try to put aside as much as you possibly can to help out. Depending on where your son wants to go to Uni (if he does) there are often bursaries available particularly from some of the Unis that are not so much in demand.

He may decide that he wants a career where all of his training is paid!

Jet

bouncyd!!! wrote: »

You're talking about what the position might be in four years time and a lot of things could change by then.

In your position I would be encouraging your son to start thinking about how to earn some extra money so he has a bit of a nest egg to help out when he goes to Uni.

I would also try to put aside as much as you possibly can to help out. Depending on where your son wants to go to Uni (if he does) there are often bursaries available particularly from some of the Unis that are not so much in demand.

He may decide that he wants a career where all of his training is paid!

Absolutely and he may leave school at 17 and walk into an apprenticeship, we don't really know. However, I think it would be irresponsible to do nothing now because of not knowing what the future holds. If I save up some money now and he chooses not to go to uni, I could give him the money when he wants to buy his first home, first car etc.

I'm just trying to get a feeling of what could happen and to look at all the likely scenario's and find some middle ground.

AnnBar

Where are you resident - England, Scotland,N Ireland or Wales? Everyone is assuming that you are in England. If you are not then the rules are different.

beth.stephenson2009

It really depends if he wants to live in/out.

I will be going to university in September- my rent will be £102 a week for self catered ensuite accomodation- the cheapest at the uni I will be at (LJMU) is about £65 a week.

I expect my monthly expenditure to be (roughly) as follows: £408 for rent (includes all bills including basic contents insurance) £100 or so for food and drink, £60 for socialising, £45 for my phone bill, £20 for insurance and then probably £40/50 a month for leisure bits (clothes, DVDs etc)

My parents are on (roughly) a combined income of £90,000- I am eligable for a £1244 maintenance loan per tearm, and tuition loan which is paid to the university. My parents will be giving me (roughly) a £2k allowence per tearm, plus I get £150 DLA a month. Hopefully I will be getting DSAs, so any course equipment will be payable out of that.

Obviously only you will know how much you can afford- it can be very expensive so if you cannot afford it, if your son goes to university it may be an idea he stays at home and goes local. He will still get an maintenance loan (albeit less) and his tution fees paid for (until he is employed and earning over £20k of course!)