Parental financial worries

Madhamster

I’m worried to death about my daughter going to uni. 

On paper me and my husband bring in a joint £50k a year before tax but we spent the first 10years of my children’s lives skint as I was a SAHM then I went to do my nurse training. We have spent the last 8 years of the kids lives trying to to get back on a financial even keel. We’re just about managing now (with a mortgage, loan payments, credit card debt repayment and usual bills etc) 
we haven’t managed to save anything for uni due to our own changing financial situation over the years.  

Now I’m worried that when my daughter goes to uni we’re going to end up financially worse off. According to the calculator she isn’t going to get enough maintenance loan to even cover her rent due to our income (they don’t seem to take into consideration your outgoings!) 
she knows she’s going to have to work while she’s there but I know we’re going to have to find her more money to survive when we’re only just surviving ourselves. 

Is there extra loans/ funds she can apply to at uni? Should we just get ANOTHER loan to give  her money? I don’t want to sap the joy out of her going to uni but I’m really worried about our own financial situation 

Just because you earn money doesn’t mean you’ve always earned this amount and have spare cash flying about! 

silvercar

As well as looking at courses, you and your daughter should look at the cost of accommodation. This can vary wildly between universities. 

Spendless

As above. Where is she going to study?  My son is in studying in a cheap Northern town, though that is where his preferred course was. Rent is a lot cheaper than the city that was his 2nd choice. I know of several people who have to live at home and commute to a local Uni due to the circumstances you describe. Son house-shares with students living constantly in their overdraft due to little or no parental financial support. Will she be able to work? I know Nursing courses can be 'full-on'. Does she work now or can she delay going for a year and find work so she can put some wages away, this is what my Neice and Newphew are doing as they're twins and parents can't afford to fund both at same time 

peachyprice

You really need to sit down with her and explain to her that she needs to take living costs into account when choosing where she will study.  It varies greatly from uni to uni,  There are plenty of unis where her loan will be enough to cover rent and still have money left over , especially if she shares a bathroom, .

Don't rule out big cities altogether, some unis own their own accommodation which is usually cheaper than those run by a third party and remember if she chooses a uni in London, including those in any London Borough outside of the centre, her maintenance loan will be higher but the rent might still be the same as elsewhere.