How much money does a student need to live on,?

Susan1942 · 24 May 2018 at 10:38AM

My Grandson who has a BSc in Physics is going to commence a Post Grad Masters in Computer Science in September
He is taking a loan to cover the course fees I have said I will fund his accommodation and living costs
My question is how much is a reasonable amount to give him for weekly day to day living food bus fares etc etc and a bit of pocket money
His Parents I think will pay for train fares to come home
Obviously I want to make sure he has enough but not leave it open ended
Appreciate any ideas Thank Sue

meer53 · 24 May 2018 at 5:15PM

Will he be working at all ? Will he be getting any finance from Student Loans ? If he is i would imagine he would only need a minimal amount of support from you.

PasturesNew · 24 May 2018 at 5:17PM

One way to justify it and put a reasonable figure to it - even if you personally adjust it up and down, would be to look at the local "LHA rate" for a shared house in the postcode area where he'll be - then toss in the single dole money amount (~£73/week).

That'd give you a starting point of a value where a single person in a shared house on the dole has been deemed to "have enough".

You then at least have "a measure of sorts, that's comparable for the local area" ... then adjust accordingly.

Susan1942 · 24 May 2018 at 8:14PM

I think his rent may be around £500 a month I was wondering if around £300 a month ie around £75 a week. From what you are saying that should be enough as long as he budgets carefully
I can afford to give him this amount. I don't have open ended funds. My Granddaughter is going to spend a year at an US University starting in August this year (Her 3rd year) I am going to give her £5000 to help her parents as the cost of accommodation at Student Accommodation is more expensive. There is the added expense of Airfares etc.
I appreciate your input and the example of what a single person will get to live on is very helpful I think he will need the time to do as well in his studies so don't want him to have to do a job on top of study. Many thanks again Sue

theoretica · 24 May 2018 at 10:17PM

If you search the university website they probably have an advice page like this one
https://www.aber.ac.uk/en/postgrad/fees-finance/uk-eu/living-costs/

Susan1942 · 25 May 2018 at 11:40PM

Thanks Sue

Susan1942 · 5 September 2018 at 1:01PM

I thought I would update this. My Granddaughter is now in the US studying at College of Charleston. I have paid her Dorm fees directly to the University Cost £5940 for the full year. She has some money saved from summer job. She has money give by GreatGranny which was for her future. She knew she was going to have this year so has kept that money. Her parents will also support her
Grandson goes off to Birmingham on 21st September.
I made the decision to give him the same amount is £5000. This will cover his rent of £350 a month plus his bills. He has worked over the summer and saved this money. He manages his money very well and has still got money from the same source. His parents did not want me to support him totally so will provide money for living expenses. Food etc
I think this time has given him time to work out what he wants in life. He is looking forward to starting his course and hopes this will lead to a career in IT or that field
Thanks for all the advice given on this thread Sue

Susan1942 · 8 November 2019 at 11:51PM

Update The good news is that my Grandson has now got his Master's in Computer Sciences. He got a distinction so we are all very happy
My investment in him has paid dividends so very happy.
My Granddaughter competed her studies in the US gaining straight A's. She had a wonderful year After Uni Summer term finished she did some travelling before spending 3 months at a Summer Kids Camo in Canada
Thanks again for all the advice on this forum Sue

JayRitchie · 9 November 2019 at 11:43PM

Susan1942 wrote: »

Update The good news is that my Grandson has now got his Master's in Computer Sciences. He got a distinction so we are all very happy
My investment in him has paid dividends so very happy.
My Granddaughter competed her studies in the US gaining straight A's. She had a wonderful year After Uni Summer term finished she did some travelling before spending 3 months at a Summer Kids Camo in Canada
Thanks again for all the advice on this forum Sue

Hey, I remember your original post. What a great turnaround! Well done to your grandson and thanks for posting.

Susan1942 · 9 November 2019 at 11:52PM

Thanks JayRitchie Yes very proud of him. He just fell out of love with physics.

annetheman · 3 December 2019 at 11:14PM

This is so sweet - well done to both of them, what a lovely thing for you to do!

How much money does a student need to live on,?

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