From 2024 - How and how much financial support to give our children through university and beyond

LL_USS

Spendless said:

Parent are supposed (but not obligated) to find the difference between the loan their child receives and the maximum. Some can't, some won't. Many don't plan because they're unaware of this situation (I see the online calculator is now making reference to why students  don't receive the full amount - something I'm aware Martin Lewis has campaigned for)  and then the rents are really high too. Finding part time work around term-time  studies isn't always possible, my daughter is in class 5 times a week

True. Many of my students only attend the class just enough for registration, listen to recorded lectures online and find way to cheat registration. The rest of the time is maxed out for part-time work (they are MSc students only having one year for the degree, should have class everyday, but can't focus).

I know my son is an adult now and we can't intervene much of what they do, I do wish they don't have to struggle balancing between study and part-time jobs.

LL_USS

J_forest said:

Hi!

My child is going to Uni this September too. I have been thinking to help with accommodation and expenses. 

Most accommodations is around £150 a week, I think £100 a week should be enough for food and expenses? So, approximately £1000 a month?

What kind of part-time jobs did you children do or they have been doing?

Thanks.

We are looking to register for accommodation as my son has got approval for his student loan application.

First year university accommodation costs around £7,500 for 38 weeks (this city is more expensive than average)

I think £100 a week for food is good. Government guidance says minimum £40, a friend of mine has been giving her son at a northern university £70/week since September 2023 , he cooks and has been only using over £40/week from that budget.

My son plans to keep teaching his younger sister online once a week for £20, using any leftover from his maintenance loan and I pay anything short until he finds another way to cover that. He is looking for staying in travel distance of a shopping centre to hope to work there at the weekend. He has been buying and selling vintage clothes online for the past year in his year 13 - not much profit to save aside but good for work ethics (he thinks he's going to stop that at uni). I will try to keep an eye on him to nudge him if I see he works too much over his study.

We are using whatever student loan we can get as it is only paid back gradually based on actual future income, whilst anything I save for my son now instead of paying all into uni costs it goes to a fund to help him for housing later.

LL_USS

I'm asking this question elsewhere too:

I am still wondering how we normally manage the timing of student loan versus renting payment. My son starts in early September, meaning he should be in the hall from 1 Sep, paying perhaps before, but the first maintenance loan goes to his account on 9 Sep. And we may need to pay half a year in advance, which is higher than the first installment of the loan. Anyone has experience or idea how to manage this? Do parents pay the half year rent, then the student pays back when they receive the loan? We aim for the maintenance loan to cover rent plus travel, books, emergencies. I as parent to up by paying for food shopping each week.

LL_USS

Just a note from a colleague of mine, who is still waiting to open a bank account for their chid (over 17 but under 18) whilst applying for a student loan. They are experiencing delays in getting the application through because the kid does not have a bank account yet. For under 18 they need confirmation from UCAS.

I opened HSBC childrens saving accounts for my kids (parents can do this for kids between 7-17 years old) and they were automatically given a bank account and debit card with HSBC when they turned 11.

LightFlare

J_forest said:

Hi!

My child is going to Uni this September too. I have been thinking to help with accommodation and expenses. 

Most accommodations is around £150 a week, I think £100 a week should be enough for food and expenses? So, approximately £1000 a month?

What kind of part-time jobs did you children do or they have been doing?

Thanks.

most Uni cities have a thriving economy that relies on student labor.

Plenty of bars, fast food outlets a good proportion of which is only open/fully staffed during term times.

LL_USS

LightFlare said:

J_forest said:

Hi!

My child is going to Uni this September too. I have been thinking to help with accommodation and expenses. 

Most accommodations is around £150 a week, I think £100 a week should be enough for food and expenses? So, approximately £1000 a month?

What kind of part-time jobs did you children do or they have been doing?

Thanks.

most Uni cities have a thriving economy that relies on student labor.

Plenty of bars, fast food outlets a good proportion of which is only open/fully staffed during term times.

It is good for me to know as well, thank you.