Uni fund

sillyvixen

I think putting some money away for your daughter's future is a lovely idea, at 12 you don't know what her future plans may be. She may need help through uni, she may decide not to go down the higher education route and want to purchase her first home, she may have a good buisness plan and need some money to get going. What ever her future holds you will have saved funds to help her achieve her dreams.

Fireflyaway

Tabbytabitha wrote: »

Do you need to save foryour future home first, particularly as (given your earlier thread) you may want to cut back to part time?

Yes this is our first priority. we already have a chunk from the sale of our previous but I'd like a bigger deposit. I think I've decided to carry on full time but hopefully in a different job until we move and whilst we still have school fees. Then go part time. I think I've realized it's the actual job that I resent!

M2808

Please don't pay for the uni loan.
I have a HUGE student loan. I had the max fees and max maintenance loan.
Currently I earn just shy of 25k and do not pay a penny. Next year I will earn almost 27k and I will be paying back £12 per month! It is only dependent on what you earn, if I drop down again I stop paying. It's the safest loan ever. Its only 9% of the amount you earn over 25k.

The deposit for a house would be much more useful.

Larac

M2808 wrote: »

Please don't pay for the uni loan.
I have a HUGE student loan. I had the max fees and max maintenance loan.
Currently I earn just shy of 25k and do not pay a penny. Next year I will earn almost 27k and I will be paying back £12 per month! It is only dependent on what you earn, if I drop down again I stop paying. It's the safest loan ever. Its only 9% of the amount you earn over 25k.

The deposit for a house would be much more useful.

I would agree - my son owes around £50K and earning around £25K and he is paying back £30 a month (he did a masters on top and there is a different billing arrangement). I help him out by not charging him large amounts for living back at home and will help him with the deposit. IMHO the whole student loan thing is right 'time bomb' for the future as can't see many paying it off. My daughter is doing a Police degree in September and she readily admits she can't see paying it off.

Malthusian

Larac wrote: »

IMHO the whole student loan thing is right 'time bomb' for the future as can't see many paying it off.

Timebomb for whom? It can't be the borrowers because as you point out, the repayments are affordable and eventually any remaining debt is written off. It can't be the taxpayer, because it's a drop in the ocean. And in due course the Government will flog off the loan book at a knock-down price (with a nice cashback to somebody's offshore account), as we've done with previous student loans, as if so it won't be us holding the baby anyway.

Fireflyaway

Thanks everyone. I suppose student debt can be huge but it makes sense to gift £50,000 on a deposit rather than pay £50,000 uni fees if the rate it's paid back is so low. A deposit would be more useful and saving for a deposit isn't easy.

svain

personally, if i was in a similar situation, i would do everything to discourage university .... biggest waste of time and money for most people

LilElvis

svain wrote: »

personally, if i was in a similar situation, i would do everything to discourage university .... biggest waste of time and money for most people

What subject was your degree in? Do you feel a better choice of course might have led to a better career progression for you?

svain

LilElvis wrote: »

What subject was your degree in? Do you feel a better choice of course might have led to a better career progression for you?

i am of an age when going to University did not result in a financial noose .... but declined anyway and started working for a living.

Tabbytabitha

Larac wrote: »

I would agree - my son owes around £50K and earning around £25K and he is paying back £30 a month (he did a masters on top and there is a different billing arrangement). I help him out by not charging him large amounts for living back at home and will help him with the deposit. IMHO the whole student loan thing is right 'time bomb' for the future as can't see many paying it off. My daughter is doing a Police degree in September and she readily admits she can't see paying it off.

I'd think someone entering the police as a graduate would be one of the few who actually might repay it all.