how to raise £8k for daugther's college year?

Arleen

I especially cannot agree more with the recommendation for her to take a year off and work through it. Then she will not only be able to pay for her college year, but also help with household expenses as they are now, maybe even make a tiny dent in the existing debt, which given your current incomes is very high.

theoretica

How much can she earn between a summer/winter job and a part time job while studying? Would she still go if you made your contribution a loan rather than a gift?

Could you rent out her room while she is away?

missbiggles1

theoretica wrote: »

How much can she earn between a summer/winter job and a part time job while studying? Would she still go if you made your contribution a loan rather than a gift?

Could you rent out her room while she is away?

Given the OP says his daughter "plans to" work this summer, I assume she hasn't yet got a job so the likelihood of earning anything is pretty low.

lynz68

Does your daughter fully understand your financial situation if not then please have a chat with her about it. You can't really afford to take on another £8000 of debt and you don't even know if that will be enough.

Maybe if she is made aware she herself may find a course close to home that will still take her in the direction she wants to go.

My daughter is heading off to University in Sept close to London she could have went last year but simply I didn't have enough money to fully support her, we live in Northern Ireland so it's a big move. Now I have the money to cover her accommodation for the year and she will have to survive on student loans and get a job.

I know your situation isn't the same but it's all about timing my daughter had to put her plans off for a year in that time she has learnt more about money basically that the bank of Mum is not a bottomless pit, she has her own savings. So please talk to your daughter it's all very well encouraging and supporting our children's dreams but at the same time it has to be affordable.

BrassicWoman

residential support scheme?

https://www.gov.uk/residential-support-scheme

if she cannot get that because essentially you are servicing debt, so have too much income but too little available, then you need an adult conversation.

lika_86

Agree with the other posters who said it. She needs to get a job and if she's living at home while doing so then she should be paying rent too, this will help your situation, rather than making it a whole lot worse which trying to finance her foundation year will.

Caroline_a

Another agreement here - I would say that the drop out rate for students doing new courses at foundation and university level is very high, so you might need to also speak to your daughter about her level of commitment to this course. Maybe point out that if she does drop out then you will hold her responsible for the costs that you've incurred, which might focus her mind on whether she really does want to do this or if she's just taking what she thinks is a good option rather than getting a job.

Sorry to sound harsh, but there were 2 girls in my daughter's year at school who both dropped out of uni within a week of starting. Costs for what was nothing were very high!

AnotherJoe

Another "You can't afford it" vote.
She takes a deferral for a year, stays at home and works and saves.
Maybe she also looks during that time at a different course that doesn't require a foundation year. She might in the intervening time change her mind in any case.
Sooner you tell her this sooner she can start looking for a job. I don't think the £8k is realistic either so yshe could get into problems half way through end up bailing out and you with another loan that might tip you over the edge all for nothing.
Bigger picture you need to raise your household income to deal with those debts.

owlet

I would definitely look at the Open University - she can study from home as well as work in order to save for future study . Even if she doesn't want or need further studies it would be good for her to get a savings pot going.

The OU are excellent & offer a wide range of courses. It really would be your best plan - you simply can't afford further debt. She may also be eligible for funding of the fees from the OU in her own right , rather than you financing.

duchy

Is it a specific course or a general arts foundation ?

If not specific - why so far ?

It's summer now has she started looking for work ? If she found work now she could make a big dent.

Same goes for your wife- if she found a job with more hours or a second job to help fund/clear debt.

Would an alternative be an arts based NVQ locally which would be funded and still get her into university ?