Warning: Parents with 2+ children who’ll go to uni, SAVE NOW, the system’s biased aga
MSE_Eesha
Posts: 162 MSE Staff
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
Please click 'post reply' to discuss below.
Read Martin's "Warning: Parents with 2+ children who’ll go to uni, SAVE NOW, the system’s biased against you" Blog.
Please click 'post reply' to discuss below.
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Comments
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Hardly mind blowing. If you have children close in age chances are they will be doing the same thing at the same time.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Many years ago, back in the days when students got grants rather than loans, and the local authority paid the tuition fees, my brother and I both went to university.
Back then, there was a (not hidden) parental contribution system - the more your parents earned, the smaller your grant.
When my brother and I were at university at the same time, there was a cut in the parental contribution per child, but it was still more than that for one child. So it doesn't look like much has changed in that respect.If it sticks, force it.
If it breaks, well it wasn't working right anyway.0 -
I have two sons at Uni and they both only get the minimum maintenance loan. We pay their rent, so they try to live off the loan. The rent costs last year were between £139 & £149 per week each.
This year the oldest one is attending a Uni in Japan on his year abroad. The tuition fees are £1,385 for the whole year. His accommodation costs are £180 per month. And his maintenance loan is £1,300 higher than his brother's.
Which leads us all to wonder exactly why are UK undergraduate costs so high, that they need to borrow so much?0 -
Which leads us all to wonder exactly why are UK undergraduate costs so high, that they need to borrow so much?
It costs money to run universities. They used to have to beg for money from the government and from previous graduates and some of them were pretty grotty. Now they are funded directly & are able to invest in providing better services.0 -
Me and My sister were in Uni at the same time for two years 2002-2003. The loans system was means tested then so my parents had to contribute to our costs. Little has changed now so two years ago I started to pay small amounts regularly into a S&S ISA as my eldest dependant was 9 and second is 7 so that I could potentially subsidise my own if they wanted to go to university.
My opinion is that the maximum maintenance loan amount should be increased to reflect actual living costs at university. Those from the lowest income families can then afford to live with no dependence. The maintenance loan should be means tested and information given to children's parents when they start secondary school education explaining the potential cost to them if their child chooses this path. Although the system may change in those 8 years, in principle, it has remained pretty much the same.You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.0 -
Simple solution: Salary sacrifice to pension
And why does uni in the UK cost so much? Employees pensions.I think....0 -
No government is going to fundamentally change the system anytime soon. Maybe an easier battle to fight would be to campaign for tax relief on the amount we are ‘expected’ to give to our children. It is not a solution but it will be a start.0
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We earn jointly just over the limit so both our kids got the minimum loan of about £3500. kid1s hall at newcastle was £6k. we paid all so 3.5 k to live on. kid 2 was on a year in US as part of 4 yearcourse but we weren't eligible for travel grant cos not means tested so paid £3k in flights £1400 in health insurance £12 k in accommodation. and supplemented living loan by 5k, as so expensive. Parental contribution last year £21400. Nearly broke us. Beware year abroad in expensive country if you are on non means tested loan. Added to list arts subsidising science and resentment mounts. Neither will have well paid jobs.0
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It costs money to run universities. They used to have to beg for money from the government and from previous graduates and some of them were pretty grotty. Now they are funded directly & are able to invest in providing better services.
yeah, better services like Bath University's vice-chancellor being serviced with £451K a year.0 -
sorry miscalculated - parental contribution £ 27500 last year - not on fees but living.
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