Student Financial Support Help

Jeannial

Hello,
I wondered if anyone had any experience of parental student financial support.
My husband and I earn £75,000 between us but have a tiny disposable income because we are struggling to pay off £250,00 mortgage and £120,000 unsecured debts from a failed business we had a few years ago.
We have 3 daughters who have done really well with their studies and have places at universities this year, however the amount of student loan the government calculator estimates they will get is not even enough to cover their accommodation because of the parental contribution we are assumed to make. They all intend to get part-time jobs, but it seems a bit precarious if they are not able to cover their rent from their loan.
Does anyone know if the student loans company takes any debts into account? It seems unfair that our girls should be affected by our difficult financial situation.
Thanks

greensalad

As far as I know, debts are not calculated. They would need to get jobs. Or alternatively they could take their degree part-time so they can work more, or defer until they can consider themselves financially independent from you.

lovehackney

yes unfortunately, they'll have to find another way to fund themselves. many do this through overdrafts, credit cards and a part time job (and then graduate with a lot of debt which is hard to shake - speaking from experience!)
The system is unfair IMO, my parents had three children, close in age. So one year had three children at university, two years had two children there etc. We didn't qualify for any grants / bursaries or extended maintenance loans as our household income was too large, and student finance doesn't take into account how many children the household income is funding.

lovehackney

p.s. are your daughters triplets?!

Jeannial

Twins and another 1 year older

National_Debtline

Hi Jeannial


Sorry - I can only back up the other posters' responses; your credit debts can't be offset against the contribution you are assumed capable of making towards your daughters' costs. It's a tricky one as you won't really have much scope to lower your credit repayment obligations - realistically, creditors won't tolerate this in order for you to financially support what they regard as non-dependent children. No doubt it's a challenge faced by a lot of households these days.


Just a thought: have any of your daughters explored deferring their university places for a year with a view to being able to work and save in the meantime?


Dennis
@natdebtline

System

I saved every penny 9 months before I went to university to have £1500 to help me along. I also had a part time job whilst studying, which sadly, isn't common for teenagers to think to do nowadays. That, and the difficulty finding a job !

greensalad

When my friend was struggling to find a part time job at uni she invented a child. For some reason saying "I have to not work on Wednesday mornings or Thursday afternoons because that is when I look after my son (he's usually at grannies)" is absolutely fine but saying "I have to not work those days so I can go to lectures" was a reason to not get the job.

lovehackney

Another option would be to study at a uni near home, so no living costs?
Otherwise, best bet is for your daughters to have a very frugal summer and work (a lot!) to save up. This, alongside a part time job in term time and taking out a student account with largest overdraft should keep their heads above water.
I know it's not very money-saving to suggest an overdraft but reality is most students get into debt other than their student loans. If they are disciplined, they can pay it back after graduation - most accounts offer 2 years interest free.

lovehackney

Sorry another thought - would any of them qualify for any kind of bursary for being eg good a a particular sport or very academically gifted? Bursaries on offer vary by uni.

Also in terms of getting a job, there will most likely be jobs available on campus (assuming they are going to a campus uni), which tend to be flexible and obviously convenient. Might be worth heading over a few days early to try and secure a job before everyone else has the same idea!

AnotherJoe

Jeannial wrote: »

Does anyone know if the student loans company takes any debts into account? It seems unfair that our girls should be affected by our difficult financial situation.
Thanks

It seems unfair to me that the taxpayer should fork out for your girls because of problems of your own making.