Options to fund daughter's tuition fees?

grayson

My daughter completed an hnc at uni 2 years ago. However, she decided it wasn't fo She applied for another course in area she is passionate about. She was accepted and applied for student finance. Tuition fee loan etc. However, as new course is same level as previous SFE has refused all funding.

We really want her to take couse as it will give lots of options and career opportunities. My wife and I are 55 but we only have £2000 in savings. Mortgage is paid though. Fee needed for course and travel about 15,000

Which would be best way to find funds?
 Withdraw 25% of my private pension. I have 3 seperate ones about 100, 000 in total. Can I withdraw 25% tax free from each of my pensions?

Remortgage or equity release. Or are there other options? Thanks

daveyjp

Can she secure an apprenticeship which offers access to the same course?

Linton

Has she investigated bursaries/scholarships from the unversity?

grayson

We have a teams meeting with the university finance department tomorrow. 

My daughter is 22 and we can't find a similar apprenticeship.

I'm trying ro think of anything to get her through. Thanks

Bostonerimus1

It's tempting to use your pension or equity release to help your daughter, but DON'T DO IT! You are quite close to retirement and so you will have little time to make up for the money you use and the extra debt you take on. Your daughter is grown and a lot younger than you so she has more time to pay off any debt. If she wants to do this extra course she should talk to the college, look at regular loans, or working and doing the course part time.

Flugelhorn

looking at your other thread, this is for the ambulance technician HNC - I think this can also be done as an apprenticeship - there may also be other similar roles if that one is not available locally.

Marcon

grayson said:

My daughter completed an hnc at uni 2 years ago. However, she decided it wasn't fo She applied for another course in area she is passionate about. She was accepted and applied for student finance. Tuition fee loan etc. However, as new course is same level as previous SFE has refused all funding.

We really want her to take couse as it will give lots of options and career opportunities. My wife and I are 55 but we only have £2000 in savings. Mortgage is paid though. Fee needed for course and travel about 15,000

Which would be best way to find funds?
 Withdraw 25% of my private pension. I have 3 seperate ones about 100, 000 in total. Can I withdraw 25% tax free from each of my pensions?

Remortgage or equity release. Or are there other options? Thanks

On 30 May you posted the following https://forums.moneysavingexpert.com/discussion/6531480/mortgage-at-53#latest:

I am separating from my partner and we have paid off our mortgage. I would like to buy another house with the money I make off the sale of our current house. 

I would get about 90,000 at current value.
However, I only have a small private pension only started it 2 years ago. And my salary is 22,000 yearly.

This doesn't seem to tally with the post you've just made. Bit hard to comment helpfully when the facts seem to have changed fairly dramatically in the space of 3 months - please could you clarify?

grayson

My wife's post with my account. We decided not to sell and are working it out.

grayson

Her end goal is to become a Paramedic. Completing the first year will give the opportunity to enrol on a 2 year Paramedic course.

Marcon

grayson said:

My wife's post with my account. We decided not to sell and are working it out.

Great - thank you and I hope things work out for you both, but I do think you need to keep that in mind when deciding what you can and can't afford to do in terms of subsiding your daughter. Even with that information, it doesn't look as if you can afford to stump up £15K for your daughter's course. I completely understand your desire to help, but have you considered the burden of gratitude you'll be landing her with? Any reason why she can't get a job and save for a year before starting the course, to ensure she can make a significant contribution herself?

LinLui

Doing a quick google there are apprenticeships available in every ambulance service around. Have you really looked at the options  and career opportunities realistically - because first choice is going to go to apprentices who have completed an inservice apprenticeship. If she is so passionate to do it, work to support herself and apply for the apprenticeships untiol she gets one - working will allow her to save up for a place to rent if she has to relocate for the opportunity. In all honesty, you don't have the resources to spend on this.