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

[WalksWithTurkeys]

With so many unknown factors, it's hard to guess the future. Did you go to uni, do you think you're kids will be bright enough to go even if you didn't; are you earning enough to save about £80k over the next 18 years.

I know this will raise a few hackles, but Gordon brown did a disservice to both youngsters, and to business, in trying to push at least 50% of students into university places. It was, and always should be, for the brightest students, and just sending anyone there, can give the underachievers a false sense of their worth, and misguided view on life, and leave them with a debt for 25 years. If there were less students going to university, then the government could afford to go back to the old days of giving student grants. As it is, it's reckoned that the system is going to collapse in a few years anyway, as not enough is going to get repaid.

A masters in golf course management will force you to stack shelves, and as a Chris Woodhead (former Chief inspector for schools) said after he got disillusioned with the education system, don't bother with any course that has "studies" in it's title. If the degree isn't going to get you a damned good job, then don't bother with it.

Loans get written off after 25 years, or when you reach 65. The current interest rate is 0.9% on the student loan, and you start repaying 9% of your salary when you earn more than £17335, so at that level, you'll be paying it off for the next 25 years anyway; and with current rents and everything else, that's a lot to dump on someone. And if they're earning £30k per year, they'll just pay it off quicker, but still struggle.

If you're determined to help them out, then look for a good investment plan that'll reckon to mature in 18 years, and give you the £80k you need. Another option is to put about £38k in to stocks, and let it grow. But with the stock market going down at the minute, just save it in an isa for the next few years, then invest it.

About 20 years ago, my mum lent my niece the deposit on a house near her uni, and she rented it out to other students, covered her costs, and saw the house rise in value for her future, but you couldn't do that nowadays. I'm prepared to help out my daughter if she decides to go in a few years, but I know that if I give her the whole amount, she won't work as hard as she'll have to if she's contributing as well.

The futures not written yet, and all you can do is either prepare the best you can, or just wing it as circumstances change. Best of luck

To say that in years gone by, the brightest achievers went to University, is just a load of Upper Class Tosh,

It was "Mummy and Daddies Money"that got their children into University, and the contacts their Parents had to get them into a two tier entry system in upper class types of employment
By trying to make University Education a Classless society it has given bright, intelligent youngsters a chance to make something of their lives and be an investment for the future of this Country. A chance that they would not have had in past years.

30 years ago people like me who came from lower middle class backgrounds, not poor, but not wealthy by any means, had the chance to get a good education and get into well paid careers. Social mobility was higher. The wealthy still sent Tarquin and Portia to St Custards, and they still did better, but the likes of us had a chance. I had many friends from working class and lower middle class backgrounds who are now in very well paid jobs, in the City and elsewhere.

Now students from poorer backgrounds take fright at the cost of university.

Sadly posh people have always had a leg up. St Custards gives them confidence, and a positive attitude, an expectation of success, and an understanding of hierarchies. I've lost count of the number of mediocre public school educated people I've seen who shoot up the company hierarchy and end up as a Director. Of course many public school types are very capable but they always do far better than you'd expect given their ability. The shame is that we can't instill that attitude in the unwashed masses. Then again small class sizes and brilliant facilities make a difference.

There is something to be said for an apprenticeship after A levels, or a sponsored degree although they are in short supply.

 

[Himaginn]

bolo, I think, to an extent, Bosswhite, has recognised that an upper/middle class upbringing can have a large influence on whether you attended uni, or not.
However, to reduce that influence to a mere monetary or old-boys influence is perhaps prejudicial or simplistic.
That view fails to recognise the influence of the parents/peers within the family. For example upper/middle class children were, or still are perhaps, more encouraged to study and develop higher aspirations and ambitions.
Whereas working class parents, not all, but maybe some still, fail to acknowledge the importance of good education and not only fail to encourage their offspring, but even set poor peer pressure and examples for good/further/higher education.
Certainly the last 20-50 years has seen a greater social equality, partly brought about perhaps by the better education of the parents.

You might have been blessed with more far-sighted parents than others, in their encouragement of you studying (an assumption on my part).
I was not. Firstly, I was encouraged to forego the earned grammar school place in favour of a technical school. (Perhaps the potential cost of supporting a child at grammar school played a part. I don't know. I know that my parents struggled to support the lesser costs of being at technical school which meant no participation in extra-curricular activities.) Then I was encouraged to leave at an early age and begin work in order to supplement the family income.
There was absolutely no encouragement to study or to remain in education.

So, I think that Bosswhite is partly right in that there was/is a monetary influence, perhaps not in all cases, but to reduce the opportunity of higher/further education to such simplistic reasons is to do it a disservice.

Incidentally, I completed my formal education mid-60s.

 

[Himaginn]

Incidentally, are there any other environmental factors to be considered, e.g. lower lead content of water, fuel fumes, nutrition, quality of housing, etc?
These type of influences must surely impact on the level of education attained.

 

[Shutpa]

You might have been blessed with more far-sighted parents than others, in their encouragement of you studying

All I was trying to say was that like me,all of my classmates were relatively poor; I didn't know anybody who owned their own house; by today's standards we were very poorly fed; and yet 5 of us went on to university. We must indeed have all been blessed with far sighted parents (in my case parent).

 

[WalksWithTurkeys]

You might have been blessed with more far-sighted parents than others, in their encouragement of you studying

All I was trying to say was that like me,all of my classmates were relatively poor; I didn't know anybody who owned their own house; by today's standards we were very poorly fed; and yet 5 of us went on to university. We must indeed have all been blessed with far sighted parents (in my case parent).

We were so poor we lived in hole in ground. Father used to kill us twice a day. If we were lucky we were allowed to suck a piece of coal for breakfast. Eeee, those wer' days ...

Sorry, couldn't resist.

 

[WalksWithTurkeys]

bolo, I think, to an extent, Bosswhite, has recognised that an upper/middle class upbringing can have a large influence on whether you attended uni, or not.
However, to reduce that influence to a mere monetary or old-boys influence is perhaps prejudicial or simplistic.
That view fails to recognise the influence of the parents/peers within the family. For example upper/middle class children were, or still are perhaps, more encouraged to study and develop higher aspirations and ambitions.
Whereas working class parents, not all, but maybe some still, fail to acknowledge the importance of good education and not only fail to encourage their offspring, but even set poor peer pressure and examples for good/further/higher education.
Certainly the last 20-50 years has seen a greater social equality, partly brought about perhaps by the better education of the parents.

Without doubt parental aspiration and encouragement are important. I am sure I read some recent research which showed that your peers are more important. So if you are surrounded by well behaved aspirant types, it will rub off on you. Similarly if you are surrounded by miscreants, chances are you will be likewise. This is consistent with the fact that some schools in poor areas to extremely well, the head and staff creating an atmosphere where pupils believe in themselves, and work.

I agree that money and an old boys network are not the most important factors for 'posh' people. I'm sure it is a bit easier if mummy and daddy are rich, and you know you will be okay when you are old, and mummy and daddy buy you are car and pay your flat rent while you are at college.

 

[Shutpa]

We were so poor we lived in hole in ground. Father used to kill us twice a day. If we were lucky we were allowed to suck a piece of coal for breakfast. Eeee, those wer' days ..........Sorry, couldn't resist.

No offence take. I was just trying to say that in years gone by, in my experience, the brightest achievers, if their parents wanted it to happen, and regardless of their background, could go to University.

 

[WalksWithTurkeys]

We were so poor we lived in hole in ground. Father used to kill us twice a day. If we were lucky we were allowed to suck a piece of coal for breakfast. Eeee, those wer' days ..........Sorry, couldn't resist.

No offence take. I was just trying to say that in years gone by, in my experience, the brightest achievers, if their parents wanted it to happen, and regardless of their background, could go to University.

It sounds like you are not familiar with the Monty Python Yorkshireman sketch?

 

[Fire and Ice]

These days it is relatively easy to do well in life if you have the aptitude. It seems to me that many attend University to enable themselves to obtain a qualification to allow them to work for a company or corporation where, although they will earn a reasonable salary they will aspire only to fit in and do what is required of them....Although I am sure that I am mistaken, it comes across here that some feel a little bitter that they did not achieve what they hoped to achieve, blaming it on their lowly beginnings...Is it possible that their failing to make it to the top is because they didn't have the creative spark or the willingness to take risks, the ability to make the big decisions?

 

[Shutpa]

I see that 8 kids from the same class in the London Academy of Excellence have had letters of acceptance from Oxbridge. The letters I would imagine are conditional offers.
However, in order to gain entrance to the Academy in the first place, students will have to have:
at least five A or A* GCSE grades
at least a B grade in GCSE Mathematics
at least a B grade in GCSE English Language
at least an A grade in the GCSE subjects the students wishes to continue to study in Year 12

Have a look here:

http://excellencelondon.ac.uk/390/values-ethos-and-aims

 

[Himaginn]

Perhaps the aspirational objectives were raised:

Nearly 70 per cent of pupils at the free school are from ethnic minorities

http://www.dailymail.co.uk/news/art...pils-Oxbridge-universities.html#ixzz3xcaSJMht

sorry! honest!
I'll get me coat.