How much to save for my children's university education?

[geek84]

Hi Folks

I have twins and hopefully they will be going to university in the autumn of 2019.
I want to start saving for this but don't know how much to save.
I know there will be things like rent, food, clothes, books, travel etc to take care of, but what other things do I need to consider?
Can I get some rough estimate figures to give basic guidelines?

Finally, do you think I'm thinking too far ahead and should wait until they are in the middle of the 1st year 'A' level courses before starting to put money aside?

Thanks in advance for your responses.

 

[Shutpa]

Hi Folks

I have twins and hopefully they will be going to university in the autumn of 2019.
I want to start saving for this but don't know how much to save.
I know there will be things like rent, food, clothes, books, travel etc to take care of, but what other things do I need to consider?
Can I get some rough estimate figures to give basic guidelines?

Finally, do you think I'm thinking too far ahead and should wait until they are in the middle of the 1st year 'A' level courses before starting to put money aside?

Thanks in advance for your responses.

For starters:

https://www.google.co.uk/search?q=s...ties&ie=UTF-8&oe=UTF-8&hl=en-gb&client=safari

 

[jockscott]

I wouldn't worry. They'll get student loans , so they can study for a degree in the merits of Crossroads v Coronation St. They'll undoubtedly leave uni with a lorry load of debt, before embarking on a career of shelf stacking at Asda, Tesco, Sainsburys (If they're really lucky, they might get set on at Aldi, where the pay is better than the others) They'll learn a valuable "life lesson" and be thankful to you till your in a nursing home.

 

[WalksWithTurkeys]

I'm sure you can find out typical course fees, and work out how much someone needs each year for rent and bills. They do get student loans you know. So maybe you can save just to help them out. The full cost per year could be £10k for fees, £7k for rent, and £7k for food and bills. Modern kids have it tough, add on the absurd cost of houses when they graduate, it's a harsh world.

They sound lucky to me. I don't think most parents help their kids. I got almost the full grant, when that existed. My parents gave me almost nothing. Then again Yorkshire folks are said to be like Scottish folks, but with all the warmth and generosity squeezed out. (I never really undestood that one, as Scottish people are very warm people, in my experience.)

 

[Brigadier]

According to Martin Lewis (Money Saving Expert) - sod all.

Laudable that many of us are indoctrinated to "pay our way", but you and your progeny would be better off taking the student loans etc.
You'd have to research his rationale, but it sounded reasonable to me, as I was pootling along.
Along the lines of:
- You only have to pay it back above (a wage where you should honestly be able to);
- it won't affect your credit score;
- it's written off after x years anyway, regardless.

I think his advice was by all means save for their future, but things like first car, house deposit, etc. Pretty much anything but their higher education.

 

[Bosswhite]

According to Martin Lewis (Money Saving Expert) - sod all.

Laudable that many of us are indoctrinated to "pay our way", but you and your progeny would be better off taking the student loans etc.
You'd have to research his rationale, but it sounded reasonable to me, as I was pootling along.
Along the lines of:
- You only have to pay it back above (a wage where you should honestly be able to);
- it won't affect your credit score;
- it's written off after x years anyway, regardless.

I think his advice was by all means save for their future, but things like first car, house deposit, etc. Pretty much anything but their higher education.

"It`s written off after x years anyway, regardless,"
At the moment

A bit of a C*ck up by the Tory party to give away money to the young, but I am sure they have a plan in the near future to reclaim that money.

The Student Loan Scheme will be made a Private Organisation and sold off, thus allowing business the powers to reclaim the money with interest under any circumstances.

 

[Shutpa]

Can I get some rough estimate figures to give basic guidelines?

I have 2 at uni, 1 in England and one in Scotland. In England there is a £9000 per year fee. This is only repayable as and when and if they earn a certain amount after graduating. In Scotland, because we are Scots, there is no such fee. English students going to Scotland to study pay the £9000.

We pay exactly the same rent for each, £500 a month, and they use savings, built up from birth, (ISAs) to cover food, gas and electricity, clothing and so on.Some of their friends without such savings, take out loans to cover these expenses.

If you kids are exceptionally bright, ie straight 'A' passes from start to finish at all levels, do encourage them to investigate scholarships via the link in my first reply. £20k, £30k or even £40k over the degree course can take the huge worry of living expenses off the shoulders of students allowing them to concentrate fully on their studies.

 

[Corgigrouch]

If the degree that they study for means that they won't get a job that pays enough to pay off the loan and to have a good comfortable life, paying other people to do the things that they can't do, then the degree isn't worth having....

 

[Shutpa]

Laudable that many of us are indoctrinated to "pay our way", but you and your progeny would be better off taking the student loans etc.

When I went to uni, there were no fees. Yes, we had to pay for rent and living expenses but there was no £9000 or its equivalent to be paid for university courses. Are you saying, or implying, that you did have to pay?

 

[Shutpa]

If the degree that they study for means that they won't get a job that pays enough to pay off the loan and to have a good comfortable life, paying other people to do the things that they can't do, then the degree isn't worth having....

I think we've all heard stories of first class honours graduates who fill the shelves in the local supermarket but I would guess that they are the exception, rather than the rule. I couldn't even begin to guess the number of students that I, together with my colleagues, have helped to access and graduate from university and I can honestly say that I don't know of a single case where the student hasn't reaped the benefits of being such a graduate.

 

[EFLImpudence]

I have 2 at uni, 1 in England and one in Scotland. In England there is a £9000 per year fee. This is only repayable as and when and if they earn a certain amount after graduating. In Scotland, because we are Scots, there is no such fee. English students going to Scotland to study pay the £9000.

That's not discrimination, is it?

What a pity Scotland didn't vote to remain part of the UK - oh, wait - they did so why aren't they?

 

[Corgigrouch]

If the degree that they study for means that they won't get a job that pays enough to pay off the loan and to have a good comfortable life, paying other people to do the things that they can't do, then the degree isn't worth having....

I think we've all heard stories of first class honours graduates who fill the shelves in the local supermarket but I would guess that they are the exception, rather than the rule. I couldn't even begin to guess the number of students that I, together with my colleagues, have helped to access and graduate from university and I can honestly say that I don't know of a single case where the student hasn't reaped the benefits of being such a graduate.

Next door neighbours daughters, both uni grads, one went into teaching and ended up with a nervous breakdown cos she couldn't hack it, she now works in a crèche on minimum wage... The other lives in a small semi, has to save up for a year to have a new boiler fitted...Both of them wasted their time... My niece, Masters in psychology, all to take disabled kids camping... I didn't even need my degree to design refrigeration systems and air con systems in the middle east. Infact the only real use I have ever found for it is to discuss religion with muppets such as you....Now, go back and try reading what is written rather than what you want it to say......If it doesn't make you money, then it isn't worth a carrot

 

[Shutpa]

Can I get some rough estimate figures to give basic guidelines?

https://www.moneyadviceservice.org.uk/en/articles/student-finance

 

[empip]

Two offspring put through over 8 yr period from a) 2002 - 2005 b) 2006 - 2009.

a) At a Uni which required cross country journey 280 odd miles round trip - several times !!
Uni tuition fees approx total for first 2yr = £2000 final yr £3000 total £5000.
Day to day expenses £50 - £60 p/w (paid 52 wks yr - savings expected !!) total £8550.
Accomodation Average for 3 yrs (yr1 in hall (at Uni)) 2yrs in private rental £290 p/m, BTW the middle year became full 12 months rent - to retain the property.
So, approx' 116 wks or around 27 months, total £7830.
Sum approx = £21500.

b) At a Uni almost direct motorway access 206 mile (pleasurable) round trip - several times.
Uni tuition fees approx 3yr @ £3000 p/a = Total £9000
Day to day expenses £70 p/w (paid 52 wks yr - savings expected !!) total £10920.
Accomodation Average for 3 yrs (yr1 in hall (at Uni)) 2yrs in private rental £340 p/m, BTW the middle year, again, became full 12 months rent - to retain the rental.
So, approx' 116 wks or around 27 months, total £9180.
Sum approx = £29100.

a + b ) Overall approx' £51000 . We utilised the 'student loan' option repaying in full following graduation.

There went a couple of decent cars over 8 yrs - But I guess we made a far better investment than something rusting at the curbside.

I would suggest try to find an acceptable Uni in your home town / city, we should have inculculated the local idea into our two from an earlier age - hopefully they would have lived at home for the 6 yrs - massive savings, but then they wouldn't have learned much about survival.
Some Universities may be more difficult to reach than others. A decent Uni carriage - for us - Renault Scenic 1.5 dci - using one rear seat 'twas a virtual van at o/a 50 mpg and not uncomfortable!!


Not a lot of help for the OP given todays costs but maybe some feel for it all.

There are incidental costs - Books, trips etc but not that expensive compared to the basics above.

We still have and use a Samsung 1210 mono laser printer, bought for a) during A level course, circa 2001 !!
Did our two and, it seems, several of their friends at Uni.


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[joe-90]

My daughter was about the last to get the £3K per year fees. She got a really top grade Ist. So good in fact, she was accepted onto a European research funded scheme at Uni of Nottingham. For her Master (one year) and PhD (three years) she gets PAID £15K per YEAR. Tax free stipend. She's now looking at a post doc position in Japan. Not bad for a kid from the local comp.