Paying for 25 year old child

happyandcontented

annandale wrote: »

Every single persons situation will be different. I have always lived alone, I have had jobs that paid me 12 grand a year, 14 grand a year, 26 grand a year and much much less than that. For the bulk of my time living in my flat I paid full rent. Off one salary. If I had been living with someone else who earned 14 grand when I did as long as we didn't have significant debt I would obviously have been better off.

.Someone else posted on another thread that a single parent on tax credits and 35 hours x min wage would get their wage and around 6 grand tax credits on top. But not everyone is in that position either. There are people who work much less hours than that, people in insecure work. And tax credits are only paid in the first place because people's wages are so low. Employers know if they pay min wage their wages will be topped up by tax credits.

I don't agree that it's people in the squeezed middle who have the hardest time helping their kids through university. You'll get a loan if your parents earn 100k and you'll get a loan if they earn less than 25k.

Poverty is a barrier to people starting uni. There will be families who can't afford to help their children through university full stop.

I am sure there are some wealthy single parents. I don't know many in that position though

If your parents earn too much to allow you to qualify for any means-tested loan, the amount paid is c £4,000 as opposed to £11,350 for a student on full loan studying in London and £8,700 elsewhere.

Therefore, that shortfall needs to be made up by parental contribution. It is quite a big shortfall to be made up and even then it may not cover all living costs so it could end up being more. If you have several children who go to university in quick succession that is a lot of money to find every year.

Most people live up to or around their income level and so have to adjust their personal spending to accommodate that level of contribution. Therefore, that is why the reference is to the 'squeezed middle'. We never begrudged doing it and we could afford it, but we had done some forward planning.

Tabbytabitha

happyandcontented wrote: »

If your parents earn too much to allow you to qualify for any means-tested loan, the amount paid is c £4,000 as opposed to £11,350 for a student on full loan studying in London and £8,700 elsewhere.

Therefore, that shortfall needs to be made up by parental contribution. It is quite a big shortfall to be made up and even then it may not cover all living costs so it could end up being more. If you have several children who go to university in quick succession that is a lot of money to find every year.

Most people live up to or around their income level and so have to adjust their personal spending to accommodate that level of contribution. Therefore, that is why the reference is to the 'squeezed middle'. We never begrudged doing it and we could afford it, but we had done some forward planning.

I think people tend to forget the cost of supporting their children when they're living at home before university so, when you allow for the fact that these expenses will stop, the amount needed to supplement the loan becomes far more affordable.

I agree that this becomes trickier when you have more than one child studying at university at the same time though.

happyandcontented

Tabbytabitha wrote: »

I think people tend to forget the cost of supporting their children when they're living at home before university so, when you allow for the fact that these expenses will stop, the amount needed to supplement the loan becomes far more affordable.

I agree that this becomes trickier when you have more than one child studying at university at the same time though.

I think though that it is only when they all leave that your expenses come down considerably!!

We never really noticed any massive decrease in either food bills or utilities until they were all either away from home at university, or living independently.

annandale

It is a big shortfall to make up. But it is means tested for a reason, always has been. People with more disposable income are expected to pay more. I think it would be ludicious if a family with earnings of 100k a year paid the same contribution as a family who earned 25k

happyandcontented

annandale wrote: »

It is a big shortfall to make up. But it is means tested for a reason, always has been. People with more disposable income are expected to pay more. I think it would be ludicious if a family with earnings of 100k a year paid the same contribution as a family who earned 25k

Well yes, I agree, but at 18 both students are legally adults yet both are judged on parental incomes which seems a ludicrous dichotomy.

Therefore, if the student from the better paid family has an issue with getting parental support they will end up in a much worse situation than the student from the lower paid family. That doesn't seem fair to me.

Neither does the definition of 'family income' being what goes into the household, not the income of both parents regardless of their marital position or where they live.

Tabbytabitha

happyandcontented wrote: »

I think though that it is only when they all leave that your expenses come down considerably!!

We never really noticed any massive decrease in either food bills or utilities until they were all either away from home at university, or living independently.

I'm sure that's true for large families but most parents in middle class households give their children an allowance/ clothes allowance, pay for their phone, help with petrol or car running costs as well as paying school related costs such as uniform, sports, excursions etc. Then you have the cost of taking your child on holiday(s), their expenses while they're away and, particularly if they don't have their own transport, the general chauffering around that most people do these days.

In most families with incomes over £60k +, I'd be very surprised if the items I listed didn't come pretty close to the £4.5k pa difference between the minimum and maximum loan, particularly as they'll be saving something on food and utilities, even if not as large a saving as in small families.

Spendless

Tabbytabitha wrote: »

I think people tend to forget the cost of supporting their children when they're living at home before university so, when you allow for the fact that these expenses will stop, the amount needed to supplement the loan becomes far more affordable.

I agree that this becomes trickier when you have more than one child studying at university at the same time though.

We went grocery shopping today, 1st time shopping without DS here. The grocery bill was £17 cheaper.

In addition it was costing £15 per week for his college fares/lunches. Over 40 weeks that will work out approx £1280.

Other than some electric as he won't be here during the day, I can't currently see any other savings.

Ahh no just realised we no longer contribute to a savings account. He took that to Uni with him. Pocket money was stopped a while back. Additional £500.

happyandcontented

Tabbytabitha wrote: »

I'm sure that's true for large families but most parents in middle class households give their children an allowance/ clothes allowance, pay for their phone, help with petrol or car running costs as well as paying school related costs such as uniform, sports, excursions etc. Then you have the cost of taking your child on holiday(s), their expenses while they're away and, particularly if they don't have their own transport, the general chauffering around that most people do these days.

In most families with incomes over £60k +, I'd be very surprised if the items I listed didn't come pretty close to the £4.5k pa difference between the minimum and maximum loan, particularly as they'll be saving something on food and utilities, even if not as large a saving as in small families.

Ah yes, I was only factoring in food and utilities because we still paid for all the other stuff listed (excluding uniform cost) even when they went to University! They never had a clothes 'allowance' though, we just bought as and when and for birthdays/Christmas.

LilElvis

annandale wrote: »

It is a big shortfall to make up. But it is means tested for a reason, always has been. People with more disposable income are expected to pay more. I think it would be ludicious if a family with earnings of 100k a year paid the same contribution as a family who earned 25k

I was quite surprised when I put my husband's salary into the calculator and discovered that if our child was starting uni now she would receive just over £4k as a maintenance loan as I had assumed that having a high earning parent would entitle her to zip. I went in the 80s and didn't get a penny - my parents had to foot the entire bill for my living costs.

happyandcontented

LilElvis wrote: »

I was quite surprised when I put my husband's salary into the calculator and discovered that if our child was starting uni now she would receive just over £4k as a maintenance loan as I had assumed that having a high earning parent would entitle her to zip. I went in the 80s and didn't get a penny - my parents had to foot the entire bill for my living costs.

It is a loan though and does have to be paid back.