What's the going rate for 'keep' from your children once they start work?

bestpud

LillyJ wrote: »

You have no idea what my parents did, I have not stated that at any point. I also lived out, 2 hours from home.

I was referring to the post in which you state your parents would be "disgusted at the thought" of taking your loan money.

Was I wrong to assume your parents would not have taken money from you, had you lived at home?

You have also slated any parent who would even consider this option and therefore I pointed out there is no right or wrong (or no sick or disgusting answer), just different people holding different views.

If a students outgoings are larger than their loan/grant then the norm is to find work. If a student lives at home, they not only face cheaper living costs but are likely to have more done for them (ie more time to work).

If they choose to work then there is no reason whatsoever for them not to contribute.

If they don't work then they can still contribute a smaller amount (as they would living out) - they are still benefitting by not being forced to work.

The loan is to maintain living costs - if the don't want to rack up debts and their parents are prepared to keep them, then why take the loan out in the first place?

BubbleFrogette

I'm 27 and I live at home temporarily, after having worked out in Asia for the past two years. Before that, I spent 6 years at uni, doing a BSc, then a PhD. Whilst at uni my parents didn't charge me rent and I had a job to pay for travel expenses, books, clothes etc (I got a small bursary when I did my PhD, and couldn't work as PhD was full-time, as in 8am-8pm every day).

While working in Asia I paid off my student-accrued debts and have now just returned to a well-paid job in the UK. I have a small amount of savings but nothing close to a house deposit. My parents have no debts and own their home so they are kind enough to let me pay £150/month to cover the actual cost of me living there. This allows me to save much more of my salary for a house deposit (10% needed these days so at least around 10K). My parents have different attitudes towards money - my Mum would be happy to take nothing (although I think you should at least pay what you cost), wheras my Dad thinks I should give him every penny I earn.

My partner will move to the UK from France this summer and we will then rent a small place so that we can continue to save. I do not enjoy living at home as I don't have my own space and having lived away for several years I find it quite difficult, but I'm grateful for the fact that it allows me to save faster.

LillyJ

Oldernotwiser wrote: »

I'm afraid that you obviously know nothing about current student funding levels. All students are eligible for a loan to cover their £3,000 fees and students living at home automatically get just over £2,700, with an additional £900 being income assessed. (More than 2/3 students get the full £3,600.) For students living away from home (outside London) the figures are £3,500 and £1100 respectively. All figures approximate. In addition students from lower income homes are eligible for maintenance grants of up to £2,700 plus bursaries from most universities.

As you can see from these figures, even students from wealthy families will receive £2,700 when living at home and those who are less well off will receive at least £6,400. Do you seriously think that the government allows students this amount of funding as pocket money? As I said before, it's maintenance funding, awarded to maintain the student to be able to pay their way INDEPENDENTLY! If you're going to argue student income you need to be up to date on your facts and not just think that your personal experience, several years ago, was typical and relevant to the discussion.

It is not several years ago, I left last year and my sister who is still at university (only on a 3 year degree) is on the same loan system as me.

You don't get any bursary if your parents earn enough for you to only get minimum loan.

LillyJ

bestpud wrote: »

I was referring to the post in which you state your parents would be "disgusted at the thought" of taking your loan money.

Was I wrong to assume your parents would not have taken money from you, had you lived at home?

You have also slated any parent who would even consider this option and therefore I pointed out there is no right or wrong (or no sick or disgusting answer), just different people holding different views.

If a students outgoings are larger than their loan/grant then the norm is to find work. If a student lives at home, they not only face cheaper living costs but are likely to have more done for them (ie more time to work).

If they choose to work then there is no reason whatsoever for them not to contribute.

If they don't work then they can still contribute a smaller amount (as they would living out) - they are still benefitting by not being forced to work.

The loan is to maintain living costs - if the don't want to rack up debts and their parents are prepared to keep them, then why take the loan out in the first place?

I did work, but unfortunately this is not enough to stop getting in to debt. ( I actually did a full time degree, about 45 hours per week was often spent in lab so it didn't leave masses of time for working but I did it.) People who get the minimum loan are expected to get the extra from their parents to make it up to what people whose parents earn more. That is the entire point of them getting a different loan.

It is tantamount to getting your kids to get a credit card to pay for household bills when the parents CLEARLY have enough money already (or they would not have minimum loan) How selfish. If you are getting minimum loan your parents are wealthy enough not to force you into debt to fund their lifestyle.

snails's_pace

I can remember paying 30 quid a week to my parents for housekeeping (many many moons ago )

However, my son is approaching 11 and i know it's a long way off before he starts earning but i have thought about what i should do when he does. I plan to take a proportion from his wage (if he's still living at home) and keep it in an account for him, so when he's ready to move out, the money can help towards a deposit on his own place or go towards his first car.

Oldernotwiser

LillyJ wrote: »

It is not several years ago, I left last year and my sister who is still at university (only on a 3 year degree) is on the same loan system as me.

You don't get any bursary if your parents earn enough for you to only get minimum loan.

Yes, that's what I said, students from lower income families.

Oldernotwiser

LillyJ wrote: »

People who get the minimum loan are expected to get the extra from their parents to make it up to what people whose parents earn more. That is the entire point of them getting a different loan.

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Only a minority of students come from families who earn enough for the minimum loan to be applicable. For students in this position living away from home then, yes your parents are expected to make it up. For students on the minimum loan living at home, the parental contribution is likely to be EITHER keeping the student without expecting a contribution OR paying the difference between the loan amounts and the student pays keep. NOT BOTH!! Obviously what most parents in this position do is not to take the money for keep as this is the simplest way to do it.

Kez100

I paid £30 too! Must have been a nice round figure back then.

I would say 1/3rd of take home. If I had a good income I would put it into savings for them (but not say) and produce it if the time arose.

My in-laws did this for us when we moved in here and our central heating gave up the ghost. They, unexpectedly, gave us £3k towards a new system and it was very much appreciated.

LillyJ

Oldernotwiser wrote: »

Only a minority of students come from families who earn enough for the minimum loan to be applicable. For students in this position living away from home then, yes your parents are expected to make it up. For students on the minimum loan living at home, the parental contribution is likely to be EITHER keeping the student without expecting a contribution OR paying the difference between the loan amounts and the student pays keep. NOT BOTH!! Obviously what most parents in this position do is not to take the money for keep as this is the simplest way to do it.

It may be a minority, but it certainly isn't a small minority. Most of the remainder then get between the full loan and the minimum loan.

For people with 2 working parents the income cut off for maximum loan is actually very low indeed. It is different with only one parent though.

Most people in my year at school (local comp) either didn't get max loan, or they did and lied on the form to get it (ie parents divorced but both contributing but only put one parent down on the form). A few who genuinely only had one parent or those who only had one full time working parent got the full loan.

I think that the parental contribution would normally be not taking rent if you lived at home, rather than actually taking money off your child from their loan.
If you are in desparate need of the money then that may be different, but most people in that position would get grants, bursaries etc.

I certainly think that the parental contribution should be given if you live away, as a student from a wealthy family can't just live off less than those who get full loan simply due to parentage, they need the extra to make it up to full loan.

Even then it is still ridiculously hard to live on that amount of money including part time work. For Medical and Nursing students it is almost impossible as they have no summer holidays in which to earn, and are on placements all week (and weekends, nights etc) then have lots of coursework on top. They don't get any extra loan. Medical students also have to pay fees like everyone else whereas nurses get it paid by the NHS. How they do it is beyond me.

LillyJ

Oldernotwiser wrote: »

EITHER keeping the student without expecting a contribution OR paying the difference between the loan amounts and the student pays keep. NOT BOTH!! Obviously what most parents in this position do is not to take the money for keep as this is the simplest way to do it.

That is what I was saying in the first place. I cannot see how these parents expect to take money OFF their child out of their loan. Surely that is the parental contribution ie not paying rent.