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The 'How much should you save for your child to go to university?' calc

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The 'How much should you save for your child to go to university?' calc

edited 22 January at 12:03PM in Student Money Saving
18 replies 1.7K views
MSE_KelvinMSE_Kelvin MSE Staff
142 posts
Third Anniversary 10 Posts Photogenic Name Dropper
MSE Staff
edited 22 January at 12:03PM in Student Money Saving
Hello there Forumites,

This thread is specifically for discussing our new University Maintenance Loan Contribution Ready Reckoner tool (for England residents only):

This is the first incarnation of this tool, so please give us your feedback.

Cheers,
MSE Kelvin :beer:

PS: If you're looking to discuss other matters related to students and university, please head to the Student MoneySaving board.
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Replies

  • silvercarsilvercar Forumite, Board Guide
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    Whatever it is, it won’t open on an iPad!
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
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  • venisonvenison Forumite
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    ...or safari
    Boycott the right wing press !
  • silvercarsilvercar Forumite, Board Guide
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    The link from this week’s email worked.

    The main fallacy is that the highest means tested loan/ grant is sufficient for a student to manage with. In a lot of cases that would hardly cover hall fees!

    I suppose the aim is to suggest savings to level the playing field for all students.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of moneysavingexpert.com.
  • peachypricepeachyprice Forumite
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    It's totally inaccurate, is what it is. Not enough parameters.

    No way do I need to save £11+k for my daughter for her 3 year course, in London, living in halls.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • AllyRG17AllyRG17 Forumite
    2 posts
    Please can you clarify what to put in the annual income box for those not PAYE, ie self employed or Ltd Company?
  • MSE_KelvinMSE_Kelvin MSE Staff
    142 posts
    Third Anniversary 10 Posts Photogenic Name Dropper
    MSE Staff
    silvercar wrote: »
    Whatever it is, it won’t open on an iPad!

    All apologies @silvercar, the link I used was to our dev area, which users cant's see - I've replaced it with the correct link now.
  • MSE_KelvinMSE_Kelvin MSE Staff
    142 posts
    Third Anniversary 10 Posts Photogenic Name Dropper
    MSE Staff
    venison wrote: »
    ...or safari

    All apologies @venison, the link I used was to our dev area, which users can't see - I've replaced it with the correct link now.
  • meer53meer53 Forumite
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    Not very helpful really, too many variables for it to be accurate.
  • rdansierdansie Forumite
    5 posts
    1. It says that it's about living costs however the amount it says you need to save for students living at home is the same amount as it says for students living on their own outside of London. Presumably if my kids were living at home while studying I would already be covering all of their living costs with the exception of travel so wouldn't need to save anything?

    2. It would be nice if you could choose your country and have it give the relevant info for Scotland, Wales and Ireland.
  • SpendlessSpendless Forumite
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    It's totally inaccurate, is what it is. Not enough parameters.

    No way do I need to save £11+k for my daughter for her 3 year course, in London, living in halls.
    It told me £15K. Out of curiousty how much is your daughter's rent? Mine is wanting to study in London.

    There's too many variables. We looked round a Yorkshire Uni. The cheapest halls were 50% more than his min loan. He decided he preferred to do a course in a North East town, which is considerably cheaper. Last year we paid £85 for en suite halls x 40 weeks and cheaper than this accommodation was available. This year in private it's £105 for 45 weeks. They're looking for something cheaper for next year though
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