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

MSE_Kelvin

Hello there Forumites,

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

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

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.

silvercar

Whatever it is, it won’t open on an iPad!

[Deleted User]

...or safari

silvercar

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.

peachyprice

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.

AllyRG17

Please can you clarify what to put in the annual income box for those not PAYE, ie self employed or Ltd Company?

MSE_Kelvin

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_Kelvin

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.

meer53

Not very helpful really, too many variables for it to be accurate.

rdansie

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.

Spendless

peachyprice wrote: »

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