Paying daughters Uni fees
Discussion
^ This.
My daughter has already done 3 years at uni, and is now doing medicine.
She's taken the max loans etc... available, owes a bloody fortune. However:
1. It's cheap to borrow the money
2. She doesn't have to start paying back until earning a decent salary
3. Who know what the future holds when the system crashes and all student loans get cancelled?
You'd be well pissed off if you'd paid your 45k and then 10 years down the line there was some kind of loan amnesty and all those that had taken the max got it scrubbed.
My daughter has already done 3 years at uni, and is now doing medicine.
She's taken the max loans etc... available, owes a bloody fortune. However:
1. It's cheap to borrow the money
2. She doesn't have to start paying back until earning a decent salary
3. Who know what the future holds when the system crashes and all student loans get cancelled?
You'd be well pissed off if you'd paid your 45k and then 10 years down the line there was some kind of loan amnesty and all those that had taken the max got it scrubbed.
lost in espace said:
What if she gets married out of uni and doesn't work/have kids?
^ThisHow would you feel shelling out £45k for her Uni.....she gets a half decent job and then marries the MD and becomes a house Wife.............Let her take the loans, if she starts getting deductions, pay the same amount back to her......repeat for circa 20 years drip by drip.............or you could lump out £45k in one go in the first three years!?!?
Loans for the fees and pay it back themselves surely!
Living away at uni is the first time you learn the real value of money and prioritize what to spend it on (usually booze / rent / food in that order) so don't give them too much....
Once they have graduated and got a job they'll be asking for a house deposit so you'll be needing some money for that.
Living away at uni is the first time you learn the real value of money and prioritize what to spend it on (usually booze / rent / food in that order) so don't give them too much....
Once they have graduated and got a job they'll be asking for a house deposit so you'll be needing some money for that.
Find out a bit more about her course and how many hrs of lectures/tutorials there are as there can be an enormous difference.
In my case, I was pretty much in lectures most of every day so getting a job during the day would be difficult (jobs on campus are there but very popular).
I took out the max loan and my parents loaned me an extra amount somewhere around 200 a month to help ensure I could live and study without getting too snowed under. Whilst I agree that many see it as a perfect opportunity to teach their kids the value of money/work for a living/how to live away from home, remember that it can for many be an incredibly stressful time and it's not all parties and booze.
If you can afford it, then in my view I'd let her get the loan and just top it up with a much smaller amount to help with the rent/bills etc.
I could not thank my parents enough for what probably cost them a max of 2.5k a year.
In my case, I was pretty much in lectures most of every day so getting a job during the day would be difficult (jobs on campus are there but very popular).
I took out the max loan and my parents loaned me an extra amount somewhere around 200 a month to help ensure I could live and study without getting too snowed under. Whilst I agree that many see it as a perfect opportunity to teach their kids the value of money/work for a living/how to live away from home, remember that it can for many be an incredibly stressful time and it's not all parties and booze.
If you can afford it, then in my view I'd let her get the loan and just top it up with a much smaller amount to help with the rent/bills etc.
I could not thank my parents enough for what probably cost them a max of 2.5k a year.
Ozzie Osmond said:
Quarterly said:
What advice do you have for me?
Unless your kids are idiots I would pay the fees and give them the chance to start out in life debt free. What are the student loan rates like now? If you don't want your kids to have debt you might still find you're better off leaving them to get the loans for now, and laying it off for them later with money you've had earning more interest than the loan's accruing. One of my Mrs's student loans was paying itself off with a negative interest rate at one point but I assume the current deals aren't quite that good.
Edited by RizzoTheRat on Friday 18th September 15:26
I thought you didnt pay the fee as such but took out a student loan and the fees were automatically rolled up as part of that?
More information and some example scenarios here: http://www.moneysavingexpert.com/students/should-i...
More information and some example scenarios here: http://www.moneysavingexpert.com/students/should-i...
Edited by KTF on Friday 18th September 21:32
Ozzie Osmond said:
Quarterly said:
What advice do you have for me?
Unless your kids are idiots I would pay the fees and give them the chance to start out in life debt free. But paying fees up front is madness, no matter how rich you are. A million things could happen that means they might never have to pay them back, including them getting struck by lightning at their graduation ceremony!!!
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