[Finance] .......For those of you with offspring either at or planning to attend University

[Norman Potting]

The Potting offspring are a school year apart.

Oldest, having seen the issues that Covid caused to her friends who went to Uni. has just started "Environmental Studies" with OU and happily works away in her own area of the house whilst still being able to see her "young gentleman" and other friends, and also continue her part time job at a local supermarket. Cost so far has been for a new "Macbook", cheap and cheerful desk and chair and the little matter of £8K study fees which presumably repeat for the next couple of years.

Youngest, hopefully after spending a couple of months working in a US Summer Camp, wishes to undertake similar studies but at a UK campus - Keele seems to be the preferred one.

Question. Oldest, apart from tuition fees, isn't really costing us any more. However, apart from tuition fees (capped at a "mere" £9250 p.a) and based on your experiences, what is a realistic figure to expect for accommodation and living for youngest??

I never went to Uni. as when I left school one "A" level was adequate to secure a reasonable banking and subsequent careers, and jobs then seemed to be "falling out of the trees". Mrs. P. studied in the era of Student Grants when money from the Gov. seemed to be easily available.

Answers of "lots" will not be accepted

 

[Westdene Seagull]

Miss WS studied a year away previous to Covid and it cost £154 a week ( yes WEEK ! ) for a single room with shared bathroom and kitchen. And that was on campus. Master WS the elder is currently paying £170 a week off campus. Both included bills such as water etc. Absolute rip off if you ask me.

Edit - realised where they are probably helps - Miss WS was at Sussex and Master WS is at Exeter.

 

[McTavish]

As well as tuition fees, your youngest will be entitled to a means tested maintenance loan. How much will depend on your circumstances and will get rolled up into the total loan which includes tuition

I have two children currently at uni, they get the smallest maintenance loans available so I cover their accommodation costs.

The youngest in in halls (University owned accommodation available to most first years - by far the best option both financially and socially) and I pay £4,400 for the academic year (so she comes home for the summer.) The other is in rented accommodation in a fairly expensive town and will cost me £6,500 for the year. Both of these figures are towards the bottom end of what could be charged.

All of my children have also earned money in the long summer before they went to Uni so each had about £2,000 of their own money.

There is plenty of info available on line and your daughter's school should also be providing this info but the nuts and bolts are here https://www.gov.uk/student-finance/new-fulltime-students

 

[Ken Newbury]

Question. Oldest, apart from tuition fees, isn't really costing us any more. However, apart from tuition fees (capped at a "mere" £9250 p.a) and based on your experiences, what is a realistic figure to expect for accommodation and living for youngest??

I have my two at Uni at the moment, the youngest (just started their second year) are in an excellent private student accomodation (it's scored highest in the area from student ratings) and they apply for a maintenance loan alongside their student finance course loan. The maintenance loan is £4,422 per year, their rental is £5,160 per year. So all it costs me personally is the £700 difference plus I give them £50/week during term time for their weekly food shopping. There are no other costs on top of that. Hope that helps a bit?

 

[zefarelly]

My Lads just started GCSE year. Hoping to get a bit of car racing in next year and a job I can walk to as well, it'll be the only transport I can afford if he makes it to Uni!

depending on location, buying a flat and sub renting rooms must be cheaper than rent?!

 

[Ken Newbury]

depending on location, buying a flat and sub renting rooms must be cheaper than rent?!

Not always once you've done the sums on a trusty excel spreadsheet! The uni or private halls type student accomodation costs are "all in" including water, gas, broadband, insurance, electric, etc. If you get a separate private dwelling then on top of the rental cost (depending on what the landlord has included in the rent of course) you may then have to add all the utility bills, broadband and contents insurance on top of that, and then divide by the total number sharing. When I did that calculation for my eldest in his second year the option you suggested was way more expensive that staying in halls!

 

[carlzeiss]

My youngest is at Chichester Uni in the final year and it's costing £450 pm for a house share with 4 others . My mortgage was never more than £360 per month

 

[jakarta]

Heads up, my younger brother went to Keele and it is a bus ride to Stoke if you live off-campus.

He did a 4 year degree (getting pissed/stoned and shagging on the whole before getting a third) and from memory he was in Halls first and final year. Second/third lived in a flat above a petrol station in Norton (Mining Village), the locals didn't like students so we got the bus back to the Student Uni for nights out.

I was a naughty boy and visited a lot of weekends to do the previously described social activities with his lady friends and acquaintances. I was working/earning and had car plus money which I'm sure helped ...

 

[Lindfield by the Pond]

If you earn too much for them to qualify for maintenance grant, you could suggest they find similarly placed friend and get married. Your income becomes irrelevant, and it is their joint income that counts. They get full maintenance grant and divorce after 3 years��.
Not sure how true this, but heard of it a few years ago!

 

[Weststander]

My oldest is at uni, not in London. £9,488 is the recommended total annual maintenance sum for a non-London undergraduate.

To him, that works fine.

For all the doom in likely comments, please remember that the academic year (budget and ensuing costs) only lasts 8 months or at the very most 9 months, the summer holiday is colossal.

So the £9,488/35 weeks = £271 per week. His hall costs £100 per week.

The £9,488 comes from either The Student Loan Company or a combination of that plus a parental top-up depending on household income.
https://www.practitioners.slc.co.uk/products/full-time-undergraduate-education/full-time-maintenance-loan/whats-available/


Regarding the non-academic 17 summer weeks back in Brighton, he'll likely work at least part-time. Unless he's squirreled away some of the £9,488 for a lazy summer. That's his call.


I went to uni in the 80's, when my parents expected me to work at least part time in the very long holidays. So nothing's changed! I didn't receive any maintenance from the state as my Dad earned decent money. Instead, he paid me £1,900 per year under an very old and long gone now tax-break covenent. The £1,900 went to the uni halls and paid for their fullboard (very nice) catering.

 

[sydney]

The Potting offspring are a school year apart.

Oldest, having seen the issues that Covid caused to her friends who went to Uni. has just started "Environmental Studies" with OU and happily works away in her own area of the house whilst still being able to see her "young gentleman" and other friends, and also continue her part time job at a local supermarket. Cost so far has been for a new "Macbook", cheap and cheerful desk and chair and the little matter of £8K study fees which presumably repeat for the next couple of years.

Youngest, hopefully after spending a couple of months working in a US Summer Camp, wishes to undertake similar studies but at a UK campus - Keele seems to be the preferred one.

Question. Oldest, apart from tuition fees, isn't really costing us any more. However, apart from tuition fees (capped at a "mere" £9250 p.a) and based on your experiences, what is a realistic figure to expect for accommodation and living for youngest??

I never went to Uni. as when I left school one "A" level was adequate to secure a reasonable banking and subsequent careers, and jobs then seemed to be "falling out of the trees". Mrs. P. studied in the era of Student Grants when money from the Gov. seemed to be easily available.

Answers of "lots" will not be accepted

they didn't ask to be born into this cluster**** , rent free.

 

[ropey9]

My oldest is at uni, not in London. £9,488 is the recommended total annual maintenance sum for a non-London undergraduate.

This looks about right, my daughter in her first year (last year) the spend was ~10K, halls on the surface were more expensive than private, some of the cost was covered by the min maintenance grant, some from her summer job and we made up the rest. It was really a waste of money as her entire year was non-contact locked down in halls. She is in her second year in private rental on a 12 month let. We are covering the rent (£375), what she earns, has saved + maintenance grant is hers for bills (not a factor if in halls), food, entertainment. Early days for the second year but this looks to be working OK and I suspect will still be ~10K. Obviously this is living costs only and the tuition is covered by the student finance.

 

[Weststander]

This looks about right, my daughter in her first year (last year) the spend was ~10K, halls on the surface were more expensive than private, some of the cost was covered by the min maintenance grant, some from her summer job and we made up the rest. It was really a waste of money as her entire year was non-contact locked down in halls. She is in her second year in private rental on a 12 month let. We are covering the rent (£375), what she earns, has saved + maintenance grant is hers for bills (not a factor if in halls), food, entertainment. Early days for the second year but this looks to be working OK and I suspect will still be ~10K. Obviously this is living costs only and the tuition is covered by the student finance.

Our household income is over the highest threshold, so we’re ‘invited by our son’ to pay the different the SLC won’t pay him in maintenance …. £5,088 a year.

He only started uni last month. I genuinely feel for the undergrads last academic year, locked into halls/lodgings contracts, whilst never or rarely meeting their lecturers or tutor.

 

[Simster]

[MENTION=5384]Norman Potting[/MENTION] - my eldest is in year 2 at Sussex and my middle one is in year at Lancaster, both on 4 year courses with placements done in year 3.

Before they went, we sat them both at the kitchen table to discuss finances. First, we split the cost into 3 sections: fees, accommodation and living expenses and told them we'd pay their accommodation. Secondly, we worked out how things would be paid for so at to minimise borrowing. Finally, we worked out a plan for each of them that we hoped we could all agree on, which went something like this:

Year 1: Tuition fees paid for by tuition fee loan (£9,250) Accommodation paid for by us parents (£5,200-6,000) Living expenses paid by our kids (about £5k).
This meant that they were motivated to earn as much as possible from part time work whilst at VI form
Year 2: Tuition fees paid for by tuition fee loan (£9,250) Accommodation paid for by us parents (£5,200-6,000) Living expenses paid by either a) a maintenance loan (about £5k) or b) part time work
My son is in year 2 and is currently working 12 hours per week part time, so hopes not to have to dip into his maintenance loan
Year 3: Placement year: Tuition fees paid for by tuition fee loan (£2k ish), all other costs paid for by our kids and hopefully able to save a little bit too.
Year 4: Same as year 2, but obviously the more they can save in year 3, the better.

If all goes well, the only costs they will leave with will be tuition fee repayment. This depended on saving £5k during VI form (which both did), and also depends on getting a part time job in year 2 (can't really do that in year 4) and reasonable placement earnings.

It definitely helps to have a plan that they are on board with.

 

[Harry Wilson's tackle]

My Lads just started GCSE year. Hoping to get a bit of car racing in next year and a job I can walk to as well, it'll be the only transport I can afford if he makes it to Uni!

depending on location, buying a flat and sub renting rooms must be cheaper than rent?!

A mate of mine did this 15 hears ago (actually bought a terraced house in North Laine ). If you can do it, do it.

That said, it seems the number of new covid cases is about to skyrocket again....

 

[Bozza]

Miss B started at Winchester a month or so back.

Her accommodation, in what is essentially a shared flat in uni halls, is around £5k for the year (38 weeks' use over the three terms). There are some more expensive options, but she was happy with what she was allocated, primarily due to proximity to her faculty for lectures etc.

In terms of living, I'm currently giving her £300 a month, and I gave her £500 "in case of emergency" contingency fund. Her mum buys her food etc from time to time, as will I when I visit - as I did last weekend. I suspect it may not prove enough, but we'll see how long she lasts.

What may help is she entered some sort of student giveaway and won, and has just taken delivery of a MacBook Air, iPad, iPhone 12 and AirPods. As she has much of this already, some bits will be sold which will also boost her funds a bit!