University

pollyanna24

Okay, a bit premature here as my children are 8 and (almost) 6.

As I'm a single mum earning just over any threshold to get any benefits (except for child benefit), will I be expected to help fund my children through university? Will their father be expected to help? - he does pay maintenance.

I want my children to go university, but would they be able to get a student loan and pay it back once they get over the threshold of earnings to have to pay it back? Is this the way it is done now?

As we live close to London, I will be happy for them to live with me for free (unless circumstances dictate otherwise), so there won't be the extra needed for rent. It's just the actual studying I'm worried about.

KiKi

I can't help with the questions (so my contribution may be useless to you!) but don't forget, you're talking ten years from now, minimum. So any advice you get now may well be void by then.

In addition, whilst uni is still seen by many as the 'best' option if you're academically able to do it, more and more people can see the benefit of doing professional apprenticeships, or trades, and I suspect that, if the changes in work continue the way they do, in ten years' time a uni degree will only be useful if it's in a specifically relatable subject, and practical apprenticeships / equivalent will be more relevant and useful for a career.

What I'm saying is: plan as if you have to / want to contribute and support, but bear in mind that things will probably be quite different then, or your kids might not want uni! (In which case you'll have a nice savings pot to treat yourself to!)

KiKi

missbiggles1

At present, their student maintenance loan would be based on household income - ie yours and anybody you were cohabiting with. It wouldn't be based on their father's income.

If you're on a low income they'd be reasonably well supported, although they'd receive less if they live at home.

Placitasgirl

I think that if world events of the last 24 hours prove anything it's that nobody can predict what will happen in weeks, months or even years in today's economic climate. Your children are young and by the time either of them is considering their academic futures the UK will be a very different place.

Consider also that your children will grow and become their own person, and whilst you can guide, nurture and mother them, you can't ultimately make them go to university.

Nobody today can tell you how things will be in 10 years time. We could have men on the moon by then and my advice would be to enjoy your children whilst they're children; they grow up way too fast as it is. Relax, stop overthinking and trying to micro manage a future that may well look completely different to that you see for them now.

onomatopoeia99

You are a long way ahead of yourself at this point and the legal position regarding funding may change. One thing to bear in mind is that there are universities all over the country, and if your children decide to go they may well choose those much further afield as being more appropriate for the subjects they wish to study. I grew up inside the M25 ring, and while I had an offer from QMC in London, I preferred to go to Bristol, for example.

pollyanna24

Thanks for everyone's replies.

I guess I am getting a little ahead of myself and will calm down a little, haha.

I earn a not considerable wage, but it is over the threshold to get any help (it's £32,000 working 4 days a week).

If this sounds great, then it doesn't take account of the two mortgages that I am paying to keep the house that I have. So even though it might look as though I am doing okay, half the time I'm not !

AylesburyDuck

If we were talking now, then yes they would apply for a student loan and then pay it back when above the earnings threshold.
Most students these days get a loan and then also work part time to pay their own way through Uni.

anotheruser

Don't worry about it.
Our education system will have changed by then.

If you want to do anything, start saving a little money each week. Maybe start with £5.
£5 x 52 = £260.
£260 x 10 (for the 8 year old) = £2600 - a good start to Uni!

curty510

As it's years off,it wont need much putting away each month to have a good nest egg available when the time comes. Can you not speak to their father and both agree to pay into an account for them, where neither of you have access to the funds?

pollyanna24

Thanks again everyone.

Talking to their father about anything to do with money is not a good idea as it sends him off on one. He already seems to think he gives me too much.

As for me saving for them, I literally can't at the moment. I'm hoping things get a bit better in time to come, but I only bought my brother out of the house earlier this year.

LEJC

I agree with what others have said about starting a nest egg fund.
My son has just started uni and yes I can confirm it is an expensive business....but grants,loans and even suitability can easily change in 10 years so whats available now may not be when the time your children get to 18.

It's also worth reminding yourself that your dream may not be theirs,so dont push the university option there are plenty of other good recognised avenues to go down to get a good foundation to life other than one route....not everyone favours university as a means to securing a good or worthwhile career.
At the age your children are now they should just be sucking up school like a sponge and enjoying learning....you should be supporting that with planning a little for their future but Its possibly a little early to be attending open days or even talking it over with them to see if thats what they want....theres nothing worse than having an expectation put upon young shoulders.

I never for one second even wanted to go to university but I did come out of school with a good set of A levels and started work...in hindsight I possibly did better than some graduates who came into the workplace later than me but I had 4 years of work experience behind me at that point and so was possibly better "qualified" with on the job experience...but I guess each case is different but what I am certain of is my parents never once told be that they harboured a desire for me to achieve anything other than happiness and fulfilment in my work.