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should I save for my granchildren ?
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Maryb_2
Posts: 1 Newbie
I have been saving money in a child trust fund for my grandchildren. If either go to university will money in a CTF be taken into account? They live with their mother, my daughter, who has just started a JOB ON MINIMUMM WAge so it seems they will get max. loan.
Would I be better saving the money in my name and giving it to them towards a deposit on a property when they need it? Maryb
Would I be better saving the money in my name and giving it to them towards a deposit on a property when they need it? Maryb
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Comments
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No, money saved for them would not make any difference to their eligibility for student funding. However, I think that your money will make most difference to them now: poverty in childhood often leads to poor educational attainment and hence a lifetime of low earnings.0
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As Voyager says the CTF doesn't impact their eligibility for funding.
Part 2 of your question is little more specific to the person - If your Grandchildren are doing a course where they need to do work placements (like nursing etc) then the extra money may benefit them better now.
If they are a doing a subject where they have set days in Uni and can get a PT job then the money may be better saved for their future plans, mortgage deposit etc.
This also depends on the area - if they are studying in London, the living costs are much higher than other parts of the UK, so I don't think a blanket yes or no is appropriate.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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