Student Financial Support Help

19lottie82

Can your daughters not stay at home while they study at uni? This would reduce associated costs.

andyfromotley

In these situations study near home/family is usually the best solution.

Jeannial

AnotherJoe wrote: »

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

I think your response is a little unfair - for a start I am a taxpayer! I have always paid my taxes, haven't claimed benefits, and am making every effort to pay back every penny that we owe, and for your information, our situation was related to someone taking us to court maliciously, it got kicked out in the end but we incurred a lost of cost in the process which contributed to the demise of our business.
I am not expecting them to have a handout at all, I just thought that the student loan would cover their accommodation, and of course they would be paying it back! It's a loan - not a grant, and they have to pay it back with interest at the rate of inflation.

AnotherJoe

I am not expecting them to have a handout at all

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Self evidently you are. You are expecting more over and above what they are entitled to. If that's not a handout, what is ?

Your debts are your responsibility not mine. That's the bottom line you want everyone here to pony up a few quid because of your huge mortgage and the debts incurred by a business which was a risk you knowingly took when your went into business.

Takingmytime

What I did when I went to uni, was get a student overdraft after reading the t&cs of several before picking one that would slowly reduce the OD limit over 8 yrs to nil. I took out the £2.5k at the start of my 1st yr and the reduction dates I stored on an online calendar. I paid just before each small reduction was introduced and kept the full amount in an ISA for emergencies during that time (harder access). I did end up using it for shortfalls, but I got to borrow for 8yrs, repay slowly without penalty, and must've made a small profit on it too.
Warning: I did get hassle from the bank over those yrs for not putting my student loan payments in/repaying fast enough, but their terms stated this was a desire, not a condition of the overdraft, so my loan went straight into a high interest account instead!
I also worked part time doing mainly barwork which was fun, flexible and came with tips to put towards random costs.
If they're careful, it's doable without getting into strife. They just need to make sure they have those emergency pots topped up.

pink_petal

They definitely take other students in the household into account when working out the contribution for student loans...when I did my uni application my brother was already a student and we both had to put the details down on the form. I don't think it makes a massive difference but it's something!

My loan wasn't even close to covering my rent and my night out money so I had two different jobs...unless your kids live at home while studying I think it's the only way unfortunately!

PP x

Jeannial

AnotherJoe wrote: »

I am not expecting them to have a handout at all

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Self evidently you are. You are expecting more over and above what they are entitled to. If that's not a handout, what is ?

Your debts are your responsibility not mine. That's the bottom line you want everyone here to pony up a few quid because of your huge mortgage and the debts incurred by a business which was a risk you knowingly took when your went into business.

Wow, I'm sorry that I seem to have angered you to this extent - I was only asking if anyone had any advice, and it's really good that people have been able to share their experiences with me which has been useful. Lesson learned - thanks

foolofbeans

Welcome to the middle ground! In student finance it pays to be really poor or really rich.

We had the same issue when our eldest got into uni. The student loan application was surprisingly short and asks for your income details and whether you are supporting any other uni students. I found it very unfair that outgoings are not taken into account as we happen to live in the most expensive area to live compared to wages. We were lucky (!) that we earn half of what you earn so our child qualified for the majority of the loan which covered housing costs. We contribute a very small amount and I feel very guilty that due to debts we are unable to help further. Saying that though my child worked throughout summer and had a little nest egg and they have become quite adept at living very frugally.
As for opinions that a uni close to home should be considered unfortunately this is not always possible as the unis may not offer the chosen course or they may not get offered a place.
Perhaps post on here with a Statement of Affairs (SOA) and the helpful people can offer advice on how to reduce your outgoings.

foolofbeans

AnotherJoe wrote: »

Your debts are your responsibility not mine. That's the bottom line you want everyone here to pony up a few quid because of your huge mortgage and the debts incurred by a business which was a risk you knowingly took when your went into business.

If nobody took a risk by going into business who would we all work for?!
I don't think it's unfair for a parent to expect their child to have the same opportunities as other children and I think access to education should be a right for all (not just the very rich or the very poor).

duchy

It is unfortunate that you have left it so late to find out what financial support your dauhters are entitled to but ultimately whether it's a huge mortgage or a council flat you are renting - we all make lifestyle choices that will impact .

If your daughters are all determined to leave home for university- would this be an appropriate time to consider downsizing ?