Stressed Parent!

NahalB

Both my children are starting university and they need help with paying for accommodation, I have calculated that it will total around £32,000 in total over 3 years, is it worth taking out a loan now to cover the amount, I don't want to put the debt on credit cards due to the interest charged, . They both have student loans to cover the fees and maintenance to cover living costs, they are finding it hard to get part time jobs!

Pixie5740

Why start paying interest on £32k for rent that's not due yet and some of which won't be due for another 3 years?

How much are the maintenance loans your children are getting and how much are the accommodation costs? Have the both sat down at worked out budgets for their time at university?

CLAPTON

NahalB wrote: »

Both my children are starting university and they need help with paying for accommodation, I have calculated that it will total around £32,000 in total over 3 years, is it worth taking out a loan now to cover the amount, I don't want to put the debt on credit cards due to the interest charged, . They both have student loans to cover the fees and maintenance to cover living costs, they are finding it hard to get part time jobs!

are your children getting the maximum SLC loans ?

a unsecured loan of 32k is unlikely unless your income is very high in which case can't you simply pay as you go?

how much is your income

Clive_Woody

NahalB wrote: »

Both my children are starting university and they need help with paying for accommodation, I have calculated that it will total around £32,000 in total over 3 years, is it worth taking out a loan now to cover the amount, I don't want to put the debt on credit cards due to the interest charged, . They both have student loans to cover the fees and maintenance to cover living costs, they are finding it hard to get part time jobs!

Please have a look at the guide that Martin Lewis put together this explains things quite nicely and will hopefully put you off getting a huge loan.

Don't panic and don't stress, there's some very good advice out there.

http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

19lottie82

Your kids may be finding it hard to get jobs, but it's not impossible! I doubt you will have to support them for three years.

As someone has said, an unsecured loan of 32k isn't going to happen, and why would you want to take a loan out for money you don't need now? Why not just give them the equivalent of the loan repayments each month?

when are they due to start uni? I'm guessing it's not until at least September? Is a uni closer to home not an option to save on accommodation fees? If not i think you need to have a frank conversation with them about how much you can or can't afford to support them while they are away from home!

vlad

A full loan and grant should be enough to pay for accom and living cost, of course it depends on household income as to how much loan/grant they get, but you should only at worse have to make up any shortfall and not offer to pay 3 years accom.

poppasmurf_bewdley

Whereabouts are your kids going to university?

I ask because my daughter went to Nottingham Trent and never had a problem getting part time work there, or when coming back to Worcestershire. She always landed a part time job within a day, and that was several years ago when we were supposed to be in recession!

Are you sure they are trying hard enough? It wouldn't be unknown for students to claim they can't find part-time work, as it does slightly interfere with pubbing and clubbing.