Finally Debt Free After 34 Years, But Still Need to Live Frugally

enthusiasticsaver

Both my DDs did the University experience and graduated around 10 years ago and never regretted it. My eldest DD did a funded PhD and would not have the well paying interesting job she does without it so sometimes Uni degrees are essential. My youngest also found her company wanted to see a degree and has been promoted several times. They loved the independence and experience of living away from home and when they came back they quickly got jobs and bought their own homes. Eldest DDs loan is going down as she earns well over threshold, youngest has gone part time due to having babies so she not paying anything. They are also on old scheme so their loans were around £12-£15k rather than the ridiculous £40k my niece and nephew and your DS will have. University funding needs overhauling but just tell your DS to think of it as a graduate tax.

Re buying stuff for uni can I suggest you hold back from buying absolutely everything as often when they get into their usually shared accommodation they club together for certain things. No point in having 5 kettles in a 5 person flat. Cutlery, crockery and bedding yes but kitchen equipment is better bought in a local Wilkos at the university after a chat with housemates.

[Deleted User]

HairyHandofDartmoor wrote: »

I went to uni in the 1980s and studied history. It hasn't really helped me get a lucrative career, but I'm still glad I went because I learnt so much about life as well as history (I didn't need Latin Carboot :rotfl:).

Glad to hear it, HH, even though Latin was always my favourite subject;).


The requirement was phased out soon after my time because, I assume, that with the advent of comprehensive education a lot of schools didn't have it on their curriculum. I taught it for a couple of years (bit of a temporary career change in my early 30s) and had to travel a horrendous distance to the nearest school that still had a Latin department:eek:. In my student days there were so few Universities in existence and only Grammar Schools or Public Schools in the main to supply their students. I know Grammar schools taught Latin, no experience of Public Schools though but I expect they definitely did.Universities then were very set in their ways:eek:. The massive University building programme that followed must have helped to drag the old, traditional Universities into the 20th Century;)

[Deleted User]

I hope you've enjoyed your Saturday morning HH. I've just spotted a Costa ad in today's Daily Mail offering a free £1 pastry if you buy any medio or massimo hot drink or flat white before 11 a.m. Probably a bit early for you, HH, but if not I hope you got one and enjoyed it:j


Your Saturday excursions have inspired me:beer:. You've inspired my in other ways too but I love the idea of a regular mooch round a town looking in the charity shops. Whenever I'm in my nearest town I've always got a lot of shopping to do usually at Morrisons and the open market. I like to get there as soon as Morrisons opens at 7 and then go on to the market where I can usually find a free on-street parking space if I'm there soon after 8. Parking's a nightmare in that town especially on market days:mad:.The charity shops usually have to be missed off my list as they're not open that early:(. Some don't open until 9.30. I love reading and hardly ever have the chance to browse the charity shop books at my leisure. I'm going to try to copy you and have a half day maybe once a fortnight dedicated just to charity shops:dance:.

elizabethhull

fraserbooks wrote: »

Three of my children went to university and all had loans which they are still repaying..

I went to uni when they still had grants, and even though I was married for my final year, my father was still responsible for making up the grant. Based on his salary, I received minimum grant, whereas if it had been based on hubby's it would have been a full grant. Seemed very strange to be still beholden to parents.

My girls, due to differing salaries, both finish repaying their loans this year. One is 31 and the other 36. SIL, thanks to being out of work a lot or low income, has never repaid any !

Both girls thoroughly enjoyed uni, as did I. But a lot of students now are having to factor into their pay the student loan, hopefully some pension contributions, attempting to save the deposit for a house, not to mention all the pressures to have the latest gizmos that can make you feel a real loser if you have none. These pressures did not exist in the 60's, along with must-have trainers etc etc. You need to be made of strong stuff to resist the lot and go your own economical way, not get into horrendous debt and try to be happy with less.

I brought my girls up to love charity shops, think George at Asda is a wonderful clothing shop, cook from scratch, and, of more recent years, to relish what you can acquire via Freegle. Like me, they're quite independent thinkers, but I don't criticise those who like to fit in, it's a normal part of human nature, and being 'odd' can be isolating.

To be honest, I'm just glad I'm not young now - it's really difficult in so many ways.

Hillwalker11

My two sons both went to Uni ,both doing very long degrees one did Medicine and the other Architecture. Both were 6 year courses and for both during term time they had no time to do any sort of employment. Both worked in the holidays and luckily they avoided the £9000 fees. It was a tough time financially for the whole family, we paid the fees and the accommodation, so in reality their loan was for them to live on. Neither had a credit card and managed not to use their overdraft very much.However with only a 2 year age difference for 4 years they were both at Uni! Bad planning there! We certainly couldn't have afforded to pay £9,000 a year fees, which for 4 years would have been £18,000 per annum. Absolute madness.
Their loans are close to finishing, the eldest lives in Hong Kong and the student loan is paid back at a set figure monthly. The other who is now a doctor got a shock, as when he covered locum shifts and his pay was sometimes double his normal his loan repayment shot up.
The only way to look at it is that it is viewed as a graduate tax. They have both bought houses and although mortgage providers ask for the outstanding amount it is not used in any calculations for the mortgage.
I really feel for students and families struggling through Uni now with the excessively high fees. Leaving with a debt of £10,000 to £20,000 is bad enough but today's students leave with debts in excess of £50,000.
What is more galling is that all the politicians that decide on these fees all went through University for free. So unfair.

Seasidegal58

So many interesting posts on the university issue -lots of food for thought here.

Hope your Saturday saunter has gone well today Hairy and you've found some good books in the charity shop!

beanielou

Hope you had a good Saturday

HairyHandofDartmoor

fraserbooks wrote: »

When I went to university late 60's I was allowed to use German as my second foreign language instead of Latin. I had French 'A' level. In those days I had my fees paid and got a maintenance grant which I topped up by working in the holidays. I did not know which university I was going to until after my 'A' levels so did not have to pay for accommodation until October.

Three of my children went to university and all had loans which they are still repaying. Unless things have improved a lot I think you need to be prepared for loans arriving late. I think university does teach children to manage by themselves and to think independently. I am not sure if it is worth it in purely financial terms. I could not afford to let my youngest son go to university and he is probably the most financially secure of my children now.

beanielou wrote: »

I think my DS has only had problems once in 5 years.
But we come under SAAS. Think that is Students Awards Agency Scotland.
They are a nightmare in other ways though.

Eager_Elephant wrote: »

My son is at Uni now and I think I posted the other week to say that the student loan doesn't always come in before the accommodation is due, my son's Uni have been really good and they allow a few weeks grace to allow for payments to come in.

The key to getting Septembers loan payment is to make sure he goes to everything in the first few weeks such as the inductions etc as it is this attendance which the Uni have to confirm that allows the loan to be paid - after that it is usually paid just as they go back after Xmas and Easter.

I think I also mentioned that my sons loan is enough to pay his accommodation over the year but not enough in each term. He works in the holidays so he has enough money although this term he has used some of his Xmas money which I held back just in case he needed it.
He is back next week and will work for 2 weeks to get a bit more money.

Give me a shout if there is anything you need to know.

Thanks all.

I hope the loan arrives in time as neither DS3 or we can afford to pay for his accommodation or living expenses without it :eek::eek:.

HairyHandofDartmoor

in_need_of_direction wrote: »

DD starts a funded masters programme in July that also carries a 19k bursary. The first payment will be September. She will have to move to England, paying deposits, etc and rent for 3 months plus living expenses before getting paid. She's really not sure how as she has never before had any form of credit!

enthusiasticsaver wrote: »

Both my DDs did the University experience and graduated around 10 years ago and never regretted it. My eldest DD did a funded PhD and would not have the well paying interesting job she does without it so sometimes Uni degrees are essential. My youngest also found her company wanted to see a degree and has been promoted several times. They loved the independence and experience of living away from home and when they came back they quickly got jobs and bought their own homes. Eldest DDs loan is going down as she earns well over threshold, youngest has gone part time due to having babies so she not paying anything. They are also on old scheme so their loans were around £12-£15k rather than the ridiculous £40k my niece and nephew and your DS will have. University funding needs overhauling but just tell your DS to think of it as a graduate tax.

Re buying stuff for uni can I suggest you hold back from buying absolutely everything as often when they get into their usually shared accommodation they club together for certain things. No point in having 5 kettles in a 5 person flat. Cutlery, crockery and bedding yes but kitchen equipment is better bought in a local Wilkos at the university after a chat with housemates.

beanielou wrote: »

Wow. How awesome for a funded Masters with a bursary. JUst wow.
not quite so good on the last bit though.

Happy Saturday Hairy & friends.

Everything has changed for the worse since I went to uni :mad:.

We have a box of kitchen equipment in the void which we bought DS1 for uni. He was only there for six months, so it should be in good nick.

HairyHandofDartmoor

WannabeFree wrote: »

Have a lovely weekend HH

x

Cumbria_lass wrote: »

I noticed you had mentioned earlier about the £1500 DS can apply for. It all helps in the grand scheme of things.

Have a good saunter tomorrow.

Sun_Addict wrote: »

Glad DH had a thorough check up and the uni financial stuff is being sorted, it'll be worth it in the end for DS.

Hope you have a good Saturday ramble

I enjoyed my Saturday ramble . I spent my birthday and survey money on some silver jewellery and two tops. I also had my latte :coffee:.

On Sunday we spent our Mr T vouchers on lunch at Prezzo for the five of us to celebrate my birthday, then we went to my parents for dinner and birthday cake in the evening. So I had a great weekend :beer:.