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

pensionpawn

ratechaser said:

jennystarpepper said:

ratechaser said:

Useful discussion - my two are 15 and 17 so Uni is top of mind at the moment. They both have more than enough money coming to them when they are 18 to pay for everything, even if they were doing something crazy long like medicine (and the older one certainly isn't).

Decision point for us is whether we just pay for them or do some sort of split. On the one hand it could be a good early estate planning exercise - it's not going to affect our lifestyle - but on the other hand it's important that they understand the expense and take some responsibility. As the elder one already has a p/t job, I'm not overly concerned there either, we've tried to avoid raising entitled spoilt brats... but I still think there's a way to go in terms of them truly understanding the value of money because they've been fully provided for all their lives.

I encouraged my step children to get part time work and save for uni.  I did tell them that they need to be able to pay their own way for luxuries such as holidays, expensive clothes and phones.  

I just wonder how many other parents do or don't encourage their children to do this? 

It's a delicate balance and a very personal decision. We encouraged our elder daughter to get a job because it would teach her a thing or two about the real world outside of the comfortable middle class enclave she's been used to. Customer service roles are a real eye opener for a teenager - and it's worked. As for the fiscal responsibility aspect, I'm on the fence - she rarely bothers to check she's been paid because it's all just going into an account that she doesn't touch. So good she's not spending but still some work to do in terms of the value of money. On balance I'm glad she seems to be naturally frugal.

As for holidays, I think Mrs RC wouldn't dream of making them pay for any holidays that they still wanted to come on with us - think there's an aspect of not wanting to let go there! I may have to put my foot down if they start wanting to bring partners with them though...

Anyway, interesting to know that the minimum loan should be enough for basic living costs. As I said, they can get jobs if they want more. And if they put the effort in at Uni, we'll probably pay it all off for them, just not going to let them know upfront!

We've taken, and paid for, our adult children to go on holiday with us too as we all enjoy each others company. We are happy to spoil them in that respect as they are working hard to pay their mortgages etc and would otherwise find saving for a holiday difficult. However they know that they are expected to treat Mum & Dad to a meal or two each (which was very nice on our last Florida holiday) as a contribution. We've extended this to include their partners this summer (if it doesn't get cancelled, again) as we enjoy their company too. It's great to see your children fly the nest and make their own way in life, however it does make that holiday time together extra special, and we're happy to bank roll that for years to come.

pensionpawn

SouthCoastBoy said:

Yes times have definitely changed. Student accommodation is nothing like I had in the 80s. We had no heating, holes in the ceiling and terrible shabby furniture, but it was only about £18 a week. Left uni with zero debt. I think it was the golden era. 

Me and my wife met at university in the 1980's and I remember each and every place we stayed in and wouldn't want my daughter to have to stay in anything like that. However it was a good life experience / education on top of the academic studies. I joined a company at the start of my thin sandwich degree and studied Oct - March and then worked April to Sep for three years with the final (fourth) year all at uni. I was paid during the summer, received a bursary in the winter (as well as my tax rebate) and managed to not only have a great time but also save enough for a deposit on our first house shortly after graduating. My parents hardly paid a penny and I've certainly repaid my grant through 30+ years of income tax. It's a shame that sandwich degrees fell out of favour as I believe they generate a much more rounded graduate / young adult that a vanilla degree.

ratechaser

pensionpawn said:

ratechaser said:

jennystarpepper said:

ratechaser said:

Useful discussion - my two are 15 and 17 so Uni is top of mind at the moment. They both have more than enough money coming to them when they are 18 to pay for everything, even if they were doing something crazy long like medicine (and the older one certainly isn't).

Decision point for us is whether we just pay for them or do some sort of split. On the one hand it could be a good early estate planning exercise - it's not going to affect our lifestyle - but on the other hand it's important that they understand the expense and take some responsibility. As the elder one already has a p/t job, I'm not overly concerned there either, we've tried to avoid raising entitled spoilt brats... but I still think there's a way to go in terms of them truly understanding the value of money because they've been fully provided for all their lives.

I encouraged my step children to get part time work and save for uni.  I did tell them that they need to be able to pay their own way for luxuries such as holidays, expensive clothes and phones.  

I just wonder how many other parents do or don't encourage their children to do this? 

It's a delicate balance and a very personal decision. We encouraged our elder daughter to get a job because it would teach her a thing or two about the real world outside of the comfortable middle class enclave she's been used to. Customer service roles are a real eye opener for a teenager - and it's worked. As for the fiscal responsibility aspect, I'm on the fence - she rarely bothers to check she's been paid because it's all just going into an account that she doesn't touch. So good she's not spending but still some work to do in terms of the value of money. On balance I'm glad she seems to be naturally frugal.

As for holidays, I think Mrs RC wouldn't dream of making them pay for any holidays that they still wanted to come on with us - think there's an aspect of not wanting to let go there! I may have to put my foot down if they start wanting to bring partners with them though...

Anyway, interesting to know that the minimum loan should be enough for basic living costs. As I said, they can get jobs if they want more. And if they put the effort in at Uni, we'll probably pay it all off for them, just not going to let them know upfront!

We've taken, and paid for, our adult children to go on holiday with us too as we all enjoy each others company. We are happy to spoil them in that respect as they are working hard to pay their mortgages etc and would otherwise find saving for a holiday difficult. However they know that they are expected to treat Mum & Dad to a meal or two each (which was very nice on our last Florida holiday) as a contribution. We've extended this to include their partners this summer (if it doesn't get cancelled, again) as we enjoy their company too. It's great to see your children fly the nest and make their own way in life, however it does make that holiday time together extra special, and we're happy to bank roll that for years to come.

Oh alright, maybe I would pay for the lot of them. But they can fly in economy 

westv

Going to university in my youth was an aspiration but it now seems very much an expectation.

MallyGirl

zagfles said:

True for loans, but most unis have bands for bursaries, ie cross a threshold and the bursary drops in steps.

It's worth bearing these in mind as well as the loans, they can be a quite substantial addition and they don't add to the "debt".

Yes bursaries can make a significant contribution to student finances and are non-repayable. Cambridge give £3,500 a year if household income is less than £25k, with a sliding scale up to income of £42k

saucer

We have one finishing uni this year, one starting this year and one starting 6th form. We have budgeted (and given) £400 pcm while at uni to effectively pay for accommodation. We have taken the view that helping with a deposit later on will be our other significant financial support. They will pay back student loans according to their income. We have a btl flat which we will sell in a few years and some of the capital from that will hopefully give them decent deposits. 

The plan is for us to retire (early) when the youngest is finishing uni, in around 5 years, all things being equal.

DT2001

An interesting thread covering a subject touched on in a couple of others.
We were p/t self employed pre Covid as we like travel and have ski apartment. Now OH is f/t with very enjoyable contract which might last a couple of years. Our 3rd is hoping to go to Oxbridge in 22/23 so we fortunately topped up pensions which will allow larger maintenance loan. 
Eldest is doing an apprenticeship, lives at home, rent free but saves most of his income. 
DD is studying in France. Tuition fees €170 p.a. (I think about 3k post Brexit) - no halls of residence but she found website where accommodation exchanged/reduced for jobs (child minding). A friend of hers is at a Dutch Uni and costs are lower than the U.K. and quite a few courses are taught in English.
Our 4th, 5 years from Uni age but aiming for it.

We wanted to be fair to each so we’ve tried to allocate ‘pots’ for each to use as they want.
As we are self employed we have had our children work for us as it is tax efficient. However unlike some they do actually have to work for their money and have actually built a website in 1st lockdown which was technically difficult for us! They therefore all have had funds built up to give them a head start.

They do seem to appreciate how hard we have worked and how lucky they are to have a helping hand. We do remind them!!

We all want to help our children  but it is a balancing act as I think CFW said

unkle

It depends how much you want to help them at Uni v's loans.
Personally with my two I pay for their accommodation and living expenses/allowance and they have taken loans for their fee's. Roughly it's been between £10-14k each per year, accommodation being the largest spend.

zagfles

Our kids managed perfectly OK on the equivalent of the full maintenance loan, around £9k a year, which they got through reduced loans, scolarships and bursaries. They both worked a small amount but ended up saving their earnings - didn't need it for living costs. We gave them nothing, IMO it's far better to help them financially when they're buying their first house than while at uni.

Accomodation is expensive but doesn't have to be anywhere near as expensive as some of the examples in this thread, unless they insist on a studio, en-suite, meals etc. It's usually cheaper off campus, but for the first year on campus is usually advised.

michaels

MallyGirl said:

zagfles said:

True for loans, but most unis have bands for bursaries, ie cross a threshold and the bursary drops in steps.

It's worth bearing these in mind as well as the loans, they can be a quite substantial addition and they don't add to the "debt".

Yes bursaries can make a significant contribution to student finances and are non-repayable. Cambridge give £3,500 a year if household income is less than £25k, with a sliding scale up to income of £42k

Thanks - are there any central websites that list bursaries or is it a matter of scanning individually uni sites?