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

peachyprice

Spendless wrote: »

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

£153 pw in with an ensuite bathroom, shared bathroom was cheaper though. She'll be able to stay the whole three years.

With the remainder of her loan and the £2.5k we give her she is left with about £100pw

MallyGirl

My daughter will be starting a vet med course in September 2020 - its a 6 year course which is not an option on the calculator.

JayRitchie

MallyGirl wrote: »

My daughter will be starting a vet med course in September 2020 - its a 6 year course which is not an option on the calculator.

Which university? Have you checked how much maintenance loan she would get?

Wembley1966

If a parent pays in to a private pension, will the ammount paid in to the pension annually be subtracted from the household income in relation to this living costs grant?

pedrouk

The tool is good, but please can we have an explantion of calculating residual income with regard to pension contributions. Which ones can be deducted? Do we deduct employee pension contributions as shown on a payslip, or do we only deduct additional pension contributions made outside of payroll? I assume a self employed person can deduct all penison contributions made into their own private pension. Thanks

andybristoluk

Does anyone know what happens if you click the 'I'm not prepared to give my details' box on the slc site? I think it's probably too late anyway as I have progressed beyond that, but I assume there is a risk they will simply award the minimum maintenance loan. I am just interested to know if anyone has done this. 

silvercar

andybristoluk said:

Does anyone know what happens if you click the 'I'm not prepared to give my details' box on the slc site? I think it's probably too late anyway as I have progressed beyond that, but I assume there is a risk they will simply award the minimum maintenance loan. I am just interested to know if anyone has done this. 

Exactly that. If you don't give details you only get the minimum.

JayRitchie

andybristoluk said:

Does anyone know what happens if you click the 'I'm not prepared to give my details' box on the slc site? I think it's probably too late anyway as I have progressed beyond that, but I assume there is a risk they will simply award the minimum maintenance loan. I am just interested to know if anyone has done this. 

Loads of people do that - they just give the minimum maintenance loan.

Mobeer

Would be interesting to add a calculation of how much is need to save if you don't want to be dependent on a loan.

Spendless

Mobeer said:

Would be interesting to add a calculation of how much is need to save if you don't want to be dependent on a loan.

You need to add up a minimum of 3 years of tuition fees, more if you want to take into account that child might do a foundation year or a PGCE or both or a longer than 3 year degree.
Then add on the maintainance loan that they would likely receive, or the maximum to be on the safe side and the liklihood if they would live with parents or not and if they would study outside of London.
If you calculate maximum amount of degree years plus maximum loan over this time,  then you will have an answer. Of course, a subsequent Government could change fees to more even if you do this.