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

SouthCoastBoy

zagfles said:

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.

In Bath there is little chance 9k would cover accommodation and living costs, other than perhaps for the first year when in halls. The cheaper accommodation is around £130 a week, the more expensive around £200 per week. Also as demand outstrips supply you end up having to have 12 month contracts which I have never really understood.
The first year in halls is a bit cheaper around £5500, that is for no ensuite or meals.
The location of the uni can have a massive impact on costs. I went to Nottingham, housing is nice and cheap there or at least it was.

zagfles

SouthCoastBoy said:

zagfles said:

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.

In Bath there is little chance 9k would cover accommodation and living costs, other than perhaps for the first year when in halls. The cheaper accommodation is around £130 a week, the more expensive around £200 per week. Also as demand outstrips supply you end up having to have 12 month contracts which I have never really understood.
The first year in halls is a bit cheaper around £5500, that is for no ensuite or meals.
The location of the uni can have a massive impact on costs. I went to Nottingham, housing is nice and cheap there or at least it was.

I know someone whose kids went to Bath, and they were only paying around £100 a week for private accomodation, also fits with students here https://www.thestudentroom.co.uk/showthread.php?t=5252764

Uni accomodation looks expensive but shorter contracts, so either way around £5500 a year is doable, would leave £3500 for living costs ie around £115 a week term time. Should be enough.

SouthCoastBoy

I think the key is getting a 9 month contract rather than a  12 month contract. The problem is I have difficulty convincing my DD she can get a cheaper place further away from uni while all her friends are in shared private accommodation in a certain part of town.

MallyGirl

michaels said:

MallyGirl said:
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?

The latter I think.

Albermarle

SouthCoastBoy said:

I think the key is getting a 9 month contract rather than a  12 month contract. The problem is I have difficulty convincing my DD she can get a cheaper place further away from uni while all her friends are in shared private accommodation in a certain part of town.

Some halls of residence charge you for say minimum 40 weeks , when maximum time the student is likely to be there is less than 35 weeks . Most private lets are for 12 months but if it is very student orientated they may do something like only charge half price for two or three months in the Summer.

AlanP_2

michaels said:

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?

I'm not aware of one , and remember it may well be tied to a specific course as well.

AlanP_2

zagfles said:

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.

Our 3 all went for relatively cheap halls accomodation in the first year. The eldest had finished by the time the 2nd one went and they followed his lead and advice. Private room with shared lounge, kitchen and bathroom, no wasting money on En-Suites (as he said I haven't got one at home so why pay for one at Uni?). Mind you he has moved to Yorkshire now and is giving them lessons in frugality.

That way they got to meet other students whilst they all had friends who went self-contained with en-suites and saw a lot less of the other students as a result. OK, they didn't necessarily like or get on with everyone in their unit but all 3 are still close friends with a couple of the people they were with.

michaels

A quick google seems to show that there is considerable money to be made for your kids from bursaries if already in retirement and living off isas rather than drawdown - thus saving them from loans/saving you from parental top ups. - Basic bursary is often 2.5k - for us 2.5k x 3 kids x 3 years is 22.5k potentially just from taking assets from one pot rather than another.  Cut off is generally 16k household income so some pension withdrawal to use up personal allowance is still supported.

Newnoel

I was educated in the Irish University system, where most students graduate with no debt - due partly to lower fees, but also due to the fact that most or all Uni students work in the US or Germany during the long Summer months and also take up a part time job during the year to make Uni fees. 
 
It amazes me in the UK that so many students want to have it both ways: Cut the apron ties from Mummy - but want their parents to pick up the bill.

MallyGirl

It does depend on the course. Daughter is doing vet med so the time before uni was lots of working with animals but all as a volunteer - she never managed to get anyone to pay her for doing it. Cambridge said no working during term time - don't know if this is college wide or just her course but the workload wouldn't allow it anyway. She does have longer holidays but still has to do placements during them (again unpaid). We knew this from the outset. The best earning she can hope for is being a student ambassador when open days restart - or maybe student bar work. At least she only gets charged accommodation while she is there so that is 3 weeks this term.