Did you retire early before kids went to Uni? How expensive was it?

DHT

Thank you very much, Zagfles.

Robwales

i am similar and coming from a position of total ignorance...but your post and the contributions have been v helpful!

i have 3 kids aged 6, 16 and 17, and my eldest wants to study Medicine.

From a quick google, it seems the values for the maintenance grants / loans differ between the devolved states?

For a student from Wales, it seems they all get a minimum £1k grant (not a loan) irrespective....and then the loan available is means tested for up to the total £9k value.    BUT crucially It seems unlike in England (where if you earn over £62k you get max loan of £4.4k in 2021/22), in Wales you can get a loan upto the full £9.3k (outside of london).

https://www.studentfinancewales.co.uk/discover-student-finance

i see many of the respondents (England) have responded that they get the max they can (£4k) and then top up £5k per year.  But in Wales what should one do - get the full loan (Tuition and Maintenance) if its on offer?

PS
For NHS - it looks like some students such as Med/Dentistry also get a £1k bursery for 5th yr as part of the NHS Bursary scheme...there is also another means tested NHS bursary component (but im sure we wont qualify for - although i cant see the threshold).

Newnoel

Have you looked at other European countries as an option? 

Some great German institutions, with no fees:
Tuition fees at university in Germany (studyineurope.eu)

I dont know what impact Brexit-cide will have on this arrangement for UK residents

pensionpawn

This BBC article highlights a post A level route (and hence no uni fees) to an exciting and very well paid career that is available to all. It only requires our kids to study science, technology and maths....

cobson

I wonder if anyone on here can answer a query about the student maintenance loan and parental income, in particular how pension contributions are taken into account ? I've tried asking on the student saving board and writing to SFE but no response from either.

The guidance says that parents should give their taxable income from their P60.  If they are in a net-pay pension scheme then this figure will be their salary minus pension contributions as the latter are taken before tax.  Hence their pension contributions are subtracted from their income before the parental contribution is calculated.

Likewise, those who are in a private pension or an AVC scheme have a place on the form to give these figures so that they are subtracted from their income before the final calculation is made.

But what about those in a relief at source pension scheme ?  Their pension contributions are taken after tax, so their P60 will show their full salary, but unlike private/AVC pensions there is no place on the form to give their contributions, so how are they taken into account ?  Surely it can't be right that all the other types of pension contribution are discounted but this one type isn't ?

zagfles

cobson said:

I wonder if anyone on here can answer a query about the student maintenance loan and parental income, in particular how pension contributions are taken into account ? I've tried asking on the student saving board and writing to SFE but no response from either.

The guidance says that parents should give their taxable income from their P60.  If they are in a net-pay pension scheme then this figure will be their salary minus pension contributions as the latter are taken before tax.  Hence their pension contributions are subtracted from their income before the parental contribution is calculated.

Likewise, those who are in a private pension or an AVC scheme have a place on the form to give these figures so that they are subtracted from their income before the final calculation is made.

But what about those in a relief at source pension scheme ?  Their pension contributions are taken after tax, so their P60 will show their full salary, but unlike private/AVC pensions there is no place on the form to give their contributions, so how are they taken into account ?  Surely it can't be right that all the other types of pension contribution are discounted but this one type isn't ?

You mean a workplace RAS scheme like a group personal pension? Pretty sure that would be treated the same as any personal pension contribution.

cobson

Yes, something like a Nest pension.  I agree that they should be treated the same as a private pension but the current year assessment form specifically says not to include pension contributions from your payslip in the private pension box.

zagfles

cobson said:

Yes, something like a Nest pension.  I agree that they should be treated the same as a private pension but the current year assessment form specifically says not to include pension contributions from your payslip in the private pension box.

They say that in case people deduct net pay or even sal sac contributions, which would already be deducted from P60 income. It would be nonsensical for RAS contributions to workplace pensions not to be deductible. You'd probably need to look at the legislation but it usually says pensions that qualify for tax relief can be deducted.

jaybeetoo

Too late for the OP but this thread is a great advert to invest (not save) for your children as soon as they are born.  Open a Junior ISA and put in a regular amount each month.  It will make a big difference come Uni time.

BuildTheWall

jaybeetoo said:

Too late for the OP but this thread is a great advert to invest (not save) for your children as soon as they are born.  Open a Junior ISA and put in a regular amount each month.  It will make a big difference come Uni time.

Only after they have exhausted the ISA allowance for themselves and their spouse. 

Remember that parents will have no control over the money.