Saving for university costs: How much?

MrsCautious

Hi, I'd really welcome some common sense advice in connection with my twin daughters going to university in four years' time.

I have various savings accounts and money invested for the longer term.

I'm struggling to get my head round how much my girls will need when they are at university, I've read various resources around the Internet and this has left me more confused. I'm also doing my best to understand student loans and grants etc. When I was at university a little over 20 years ago, I held down more than one job to get me through and had minimum input from my parents, I do want my daughters to work to support themselves up to a point but also want to help them as will be in a position to do so.

I'd like to cover their rent/consider a buy to let so I'm paying a mortgage rather than renting and will have the means to pay a decent deposit if this does turn out to be a realistic proposition.

But I'd really welcome any pointers as to how much is a reasonable amount to estimate helping them will cost me, I read a very long thread on here about university costs but it was a little out of date.

So far I have factored in accommodation, travel, books and food. I think socialising should come from a budget from their own earnings. I think they will be at different universities and I reckon they could be a long way away, from me and each other, with one currently setting her sights on a renowned Northern uni and the other, London. Perhaps this is the wrong approach and I should be thinking more about helping them repay a student loan? I'm very confused about it all!

It is very important to me to help them in this way, especially as our family's 'fortunate' financial position comes in part from their wonderful dad being taken from us far too young.

How much would you plan for? Thank you to anyone who can help and for reading x

jellymid

If you have a look at some university websites, they will give a range of accommodation costs. Anything from £80 to £160 per week, depending on size, location, ensuites, catering etc. We support our student with £50 per week, term time only. She has used her student loan to pay her accomodation fees, about £4000 for 40 weeks. She has had jobs in all summer holidays since she was 17 and this pays for any extras. We only provide food and lodgings in the holidays. She could be self sufficient but as you are, we are in a position to help. She hasn't been extravagant by any means, and has healthy savings which she will use to self fund an MSc.

Cambridge university advise upwards of £7000 to cover living costs each year, I know it is much cheaper in 'the north'.

However, her year abroad cost much more than this, but was an incredible experience.

MrsCautious

Thank you jellymid, that's really very helpful and gives me much more of a sensible idea as to what's realistic to expect. I can't tell you how much I would love my girls to have a year abroad as part of their studies (as I did) but I don't think the subject areas they are interested in lend themselves too well! Sounds like the student you support is doing amazing, how proud you must be.

Lokolo

I used to get £225 a month after accomondation costs.

apt

I wouldn't say 'the north' is uniformly cheap. Durham is a large university for the size of the city so rents are quite high. Newcastle - the residential area closest to the universities - Jesmond - is not a cheap area. York - quite an expensive city - etc. etc.

poledancer49

I give my son £280 per month for food etc.....only term time only and have to top up his maintenace loan for accomodation about £1000.00 per year. We both work so no "grants"...he/we will have to pay all loans back.

Idiophreak

Most students can manage by themselves, pretty much, if they're able to work in holidays and get a good amount of loan...Maybe just give them £200/term spending money or something - or just buy them shops / meals out when you see them.

Personally, I'd save the bigger numbers for when they want to buy a house or get married - these are the things people often struggle with on their own.

poledancer49

Not all students can get work during term time or summer hols and it may not be enough to cover rent plus food. If you can get a good loan or even grant you may be ok but if both parents are working they will get less even though the parents debts are not taken into account when calculating loan.

MrsCautious

Thank you for all the replies, I used to live in Jesmond while working in Newcastle and my daughter has said she likes the look of Durham, that's if she gets in and it's still a few years away. Some interesting thoughts and figures for me to digest, really appreciate it.

atush

I put one thru uni at Birmingham, first year was 8K on living costs incl books and travel home. Second and third years a bit cheaper.

I've now got twins at Uni. One at warwick, costing me around 7.5 ish, another at Chester costing me around 6500. This is first year, now. Dont know what next year will cost, but Warwick is looking like 6K ish next year. Wont know for sure for a whole yet, but i am budgeting for 6.5K as that doesn't include books and some other costs.

Hope this helps. Bham is further north but was more expensive than top 10 Warwick. Go figure lol.

I have a friend whose son is in final year at UCL, and it costs over 10K. So beware london unis lol.

If mine had gone to the same school. I would have bought a house or flat for them and others to live in.

PS, mine had bank accts opened when they were babies with around 2K in them (pocket money, bday xmas money etc, which they are spending as well (on going to footie games and concerts, nights out etc).

These are things I do not pay for, and expect them to work to fund when the money runs out (and the twins are going thru their a lot faster than their older brother did- his lasted 2 full years incl summers)

Reue

atush wrote: »

PS, mine had bank accts opened when they were babies with around 2K in them (pocket money, bday xmas money etc, which they are spending as well (on going to footie games and concerts, nights out etc).

These are things I do not pay for, and expect them to work to fund when the money runs out (and the twins are going thru their a lot faster than their older brother did- his lasted 2 full years incl summers)

Amazing.. You are paying them thousands of pounds each year for Uni essentials and yet acknowledge they have spare cash of their own which they are currently wasting?

I didnt realise times had changed so much since I was at uni 5 years ago. I worked hard every weekend and school holiday since I was 16 to save up for uni, had part time jobs throughout uni and was never given a penny by my parents for uni.

I'd never dream of paying for my child's university whilst knowing they had spare money of their own and were wasting it on foodball games and concert tickets..