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Take me to the Thinking Of You zoneWe have collated some top advice from trusted sources to help you when budgeting and learning about the costs involved when sending your child off to university. Scroll down to see more...
Not a day goes by at the moment when parents are not constantly reminded by the media of the huge cost of going to university for their children. Headlines of £50,000 of debt, to a parent can sound like a horrendous burden to be taking on at such a young age, especially since that is probably more than your first mortgage.
But what doesn’t get mentioned that often, is the cost to the parents and yet there is a cost, but it is somehow shuffled conveniently under the carpet and parents are expected to swallow the costs. Or, as in many cases, where the parents can’t afford to do this, it leaves the students struggling for money on a day to day basis, forced to take on one or several part time jobs while they study, which of course can make the parents feel like they have let their children down by not being able to support them.
So, for any parents, who are worried about the cost of their son or daughter going to university, here is our complete guide to what it will cost them and you.
Open Day Visits
Let’s start at the beginning, long before they are taking out their loans. While your son or daughter is making their uni choices, they will want to go to university open days. This is an important part of the decision making process as actually visiting the university instead of reading about it online, gives you a much better feel for the institution.
However, this does come at a cost…..not for the day itself, but getting there and back and in some cases you will require overnight accommodation if it is far from home. Maybe your child has a few preferred choices which they can’t decide between? Visit these universities first, planning ahead so you can get the best deals on train fares and accommodation if required and then if they don’t like any of these (unlikely) you can go and see the others.
The Loans
Next step, the loans.
Applications for Student Finance usually open in February. Actually most of the concerns about the size of student loans, generally come from a lack of understanding about how they actually work, so it is important to make sure that both you and your student understand the loan system. It does not work like a normal loan.
What is Available?
This is where the system currently falls down as most maintenance loans barely cover the cost of accommodation and students will have a shortfall – which you, as their parent will be expected to make up the difference. Nobody tells you this. It is implied. Of course there is a choice and that is why many students now find themselves having to work part time while they study.
How Do the Loans Work?
The difference between the student loan and any other loan is that the repayments are not based on your current ability to pay but your future ability to pay. It does not matter how much you borrow, the amount you pay back will always be based on what you earn when you graduate and not what you borrowed.
Students do not start paying back their loans until they earn over £25,725. This means that if they never earn over £25,725, they will never pay anything back.
However, of course, as parents, we’d like to think that by going to university they will earn more than £25,725 over the course of their career. Once they do start earning over the £25,725 threshold they will start to pay back the loan. They will pay 9% per year of anything they earn over £25,725. So if they earn £26,725, they will be paying back 9% of £1,000 a year or £90 a year, spread over 12 months that’s £7.50 a month. If they earn £35,725 they will be repaying 9% of £10,000, so £900 a year or £75 a month.
Now you might think, it’s going to take years to pay off at that rate, and you’d be right. But, student loans are currently written off after 30 years, so if they haven’t paid it back by then, they don’t have to.
Let’s Talk About Interest
Currently, at the time of writing, students are charged 6% interest on their loans, which grabs many headlines because it is higher than current interest rates on most other loans.
This rate varies depending on how much they earn as a graduate and the current Retail Price Index, but what you have to remember is that it doesn’t affect what their repayments will be, which are based on what they earn and not what they borrowed. So even if the interest went up to 15%, they would still be repaying the same amount and would be even less likely to pay off the whole amount of the loan in 30 years.
Applying for Student Finance
– what they want from the parents
As the maintenance loan entitlement is based on parental income, when your child applies for student finance, you will be expected to provide proof of your household (yours and your partner’s or spouse’s) income. This could be in the form of:
Once your child has applied for Student Finance, you will get an email within 24 hours with a link to submit your information.
You will need to create an account as you can’t use the same account as your child or partner.
Other Sources of Funding
Differences in Costs
Where your child chooses to go to university will have an impact on the cost, with London surprisingly being the second most expensive after Glasgow. (National Student Living Survey – 2017)
Weekly student rent in somewhere like Lancaster might be around £80/week whereas in Brighton it is more likely to be around £120/week. When students are getting the same maintenance loans regardless of where they are studying, these can be significant factors in the amount of extra money you will need to give them.
Add to that the train fares home – assuming you want them home and they want to come – for weekends or holidays, this can soon add up if they are far from home, or don’t book ahead to get the best fares. This is something else you will need to take in to consideration when working out how much money to give them. A train fare from London to Leeds can cost around £60 return or more if not bought in advance, so they definitely won’t be popping home every weekend to see you if their living expenses budget is £70 per week.
What They Will Need to Spend Money On
The biggest cost will be accommodation and the cost of this varies from location to location as well as by accommodation type. Every university will have different bands of accommodation from pretty basic to more “luxurious”, ie it might have an en-suite shower room instead of a shared one, a communal lounge or kitchen. There is also the choice of private accommodation, off campus, which is generally cheaper than living in Halls but most Freshers prefer to live on campus. Living in halls provides an easy first step to independence, without the worry of paying bills, dealing with a landlord and if they choose catered accommodation, cooking for themselves.
Catered accommodation, although convenient, is not always a cheap option. Students usually have to buy a package and you could find you are paying for meals that they won’t eat. Some catered halls offer food cards, so if the student doesn’t return to halls for lunch they can use their card in the canteens on campus instead, but without this option, consider whether they will actually use the fully catered option. How often does your son or daughter get up for breakfast, especially at the weekends? If they have special dietary requirements, the university will try to cater for them, but again they may find these quite restrictive and end up eating elsewhere.
When working out the costs, and which accommodation to choose, it is worth comparing the weekly cost of catered accommodation to what you think they might need to spend on food, if they catered themselves. You would be surprised how even the laziest of cooks can manage to feed themselves when you’re not there to do it for them.
Other things you should factor in to their weekly budget are
Cooking, Budgeting, Managing Money and Shopping Around
All things that you should try and drum in to them before they head off down the road as £70 a week given to one student who knows how to shop, cook and budget will go a lot further than it would in the hands of a student who doesn’t look at prices, buys ready-made meals and doesn’t keep an eye on their bank balance.
These skills are of course valuable life skills that will not only serve them while they are students but throughout their lives so teach the now as they set off for the first time with money in their pocket.
As a student, they are entitled to lots of discounts. Make sure they take advantage of these and encourage them to make this a part of their everyday shopping habits. Many universities will have their own discount arrangements with local businesses and shops, which students can take advantage of simply by showing their Student ID, but there are also some national websites and discount cards which they should familiarise themselves with, as this can save a lot of money over the course of their student life.
Don’t forget there is also the Young Person’s Railcard and the National Express Student Coach Card which can save money on travelling costs to and from home.
To Work or Not to Work?
Most students these days have some sort of part time job to supplement their income. As you can see from all of the above it is not easy to manage on the Maintenance Loan alone and if, as parents you are unable to give them enough, they will need to work to earn some additional money.
University is stressful, especially around exam time, or when coursework is due and having the additional stress of having to go to work when you should be studying is not ideal, but they will certainly no be alone and even just a few hours a week on the checkout can make all the difference to struggling for money or managing…..plus as a staff member of a supermarket they will get a staff discount!
The traditional idea of a student who has 5 or 6 hours of lectures a week, stays out late every night, lies in until midday and then might deign to do a bit of studying is now an anachronism. Students have to work hard to ensure that they do not end up with massive debt and no degree and most of them are working part time too, so if you are able to help them with a bit of additional money, it will go a long way to reduce stress levels.
What they will need to take with them
The initial outlay can also be a major expense which many parents will not have budgeted for. Your child is moving away from home, probably for the first time and so they will need a lot of equipment to get them started. It is estimated that each student spends around £150+ before they even step out the front door.
Here is our check list of things they will need to pack
Bedroom
•Duvet
•Duvet covers
•Sheets
•Mattress protector
•Pillows & pillow cases
•Blackout blind
•Doorstop
•Storage boxes
Bathroom
•Bath towel s
•Hand towels
•Toilet brush
Kitchen – (if self catering)
•Saucepans and frying pan
•Kitchen knives
•Chopping board
•Colander/sieve
•Grater
•Potato peeler
•Spatula/masher/slotted spoon
•Measuring jug
•Weighing scales
•Bowl
•Wooden spoon
•Baking tray
•Oven proof dishes
•Can opener
•Bottle opener
•Cutlery
•Plates and bowls
•Mugs and glasses
•Storage containers
•Cling film
•Aluminium foil
•Tea towels/oven gloves
•Clothes horse
•Dish cloths
Stationery
•Paper
•Pens
•Hole punch
•Stapler
•Glue and Sellotape
•Files
•Blue tack
Computer Equipment
•Laptop
•Memory stick
•Laptop cover/bag
•Microsoft Office
First Aid Kit
•Plasters
•Pain killers
•Cold & flu remedies
•Anti histamine
•Antiseptic cream
•Antiseptic wipes
Important Documents
• Passport (ID)
• Driver’s Licence
• Correspondence from the University
• Student Loan documents
• National Insurance Number
• Bank Account details
• Insurance documents
It’s All in the Planning
Perhaps, for the parents, the biggest concerns about what university is going to cost you come from not knowing or not understanding where the costs are incurred and therefore worrying that you won’t be able to afford it.
We hope that this article has help assuage some of those concerns that that with some careful planning and budgeting and educating them, you can minimise the financial pressure that your son or daughter going to university can have on you.
https://www.thescholarshiphub.org.uk/complete-guide-cost-of-university-parents/
Not a day goes by at the moment when parents are not constantly reminded by the media of the huge cost of going to university for their children. Headlines of £50,000 of debt, to a parent can sound like a horrendous burden to be taking on at such a young age, especially since that is probably more than your first mortgage.
But what doesn’t get mentioned that often, is the cost to the parents and yet there is a cost, but it is somehow shuffled conveniently under the carpet and parents are expected to swallow the costs. Or, as in many cases, where the parents can’t afford to do this, it leaves the students struggling for money on a day to day basis, forced to take on one or several part time jobs while they study, which of course can make the parents feel like they have let their children down by not being able to support them.
So, for any parents, who are worried about the cost of their son or daughter going to university, here is our complete guide to what it will cost them and you.
Open Day Visits
Let’s start at the beginning, long before they are taking out their loans. While your son or daughter is making their uni choices, they will want to go to university open days. This is an important part of the decision making process as actually visiting the university instead of reading about it online, gives you a much better feel for the institution.
However, this does come at a cost…..not for the day itself, but getting there and back and in some cases you will require overnight accommodation if it is far from home. Maybe your child has a few preferred choices which they can’t decide between? Visit these universities first, planning ahead so you can get the best deals on train fares and accommodation if required and then if they don’t like any of these (unlikely) you can go and see the others.
The Loans
Next step, the loans.
Applications for Student Finance usually open in February. Actually most of the concerns about the size of student loans, generally come from a lack of understanding about how they actually work, so it is important to make sure that both you and your student understand the loan system. It does not work like a normal loan.
What is Available?
This is where the system currently falls down as most maintenance loans barely cover the cost of accommodation and students will have a shortfall – which you, as their parent will be expected to make up the difference. Nobody tells you this. It is implied. Of course there is a choice and that is why many students now find themselves having to work part time while they study.
How Do the Loans Work?
The difference between the student loan and any other loan is that the repayments are not based on your current ability to pay but your future ability to pay. It does not matter how much you borrow, the amount you pay back will always be based on what you earn when you graduate and not what you borrowed.
Students do not start paying back their loans until they earn over £25,725. This means that if they never earn over £25,725, they will never pay anything back.
However, of course, as parents, we’d like to think that by going to university they will earn more than £25,725 over the course of their career. Once they do start earning over the £25,725 threshold they will start to pay back the loan. They will pay 9% per year of anything they earn over £25,725. So if they earn £26,725, they will be paying back 9% of £1,000 a year or £90 a year, spread over 12 months that’s £7.50 a month. If they earn £35,725 they will be repaying 9% of £10,000, so £900 a year or £75 a month.
Now you might think, it’s going to take years to pay off at that rate, and you’d be right. But, student loans are currently written off after 30 years, so if they haven’t paid it back by then, they don’t have to.
Let’s Talk About Interest
Currently, at the time of writing, students are charged 6% interest on their loans, which grabs many headlines because it is higher than current interest rates on most other loans.
This rate varies depending on how much they earn as a graduate and the current Retail Price Index, but what you have to remember is that it doesn’t affect what their repayments will be, which are based on what they earn and not what they borrowed. So even if the interest went up to 15%, they would still be repaying the same amount and would be even less likely to pay off the whole amount of the loan in 30 years.
Applying for Student Finance
– what they want from the parents
As the maintenance loan entitlement is based on parental income, when your child applies for student finance, you will be expected to provide proof of your household (yours and your partner’s or spouse’s) income. This could be in the form of:
Once your child has applied for Student Finance, you will get an email within 24 hours with a link to submit your information.
You will need to create an account as you can’t use the same account as your child or partner.
Other Sources of Funding
Differences in Costs
Where your child chooses to go to university will have an impact on the cost, with London surprisingly being the second most expensive after Glasgow. (National Student Living Survey – 2017)
Weekly student rent in somewhere like Lancaster might be around £80/week whereas in Brighton it is more likely to be around £120/week. When students are getting the same maintenance loans regardless of where they are studying, these can be significant factors in the amount of extra money you will need to give them.
Add to that the train fares home – assuming you want them home and they want to come – for weekends or holidays, this can soon add up if they are far from home, or don’t book ahead to get the best fares. This is something else you will need to take in to consideration when working out how much money to give them. A train fare from London to Leeds can cost around £60 return or more if not bought in advance, so they definitely won’t be popping home every weekend to see you if their living expenses budget is £70 per week.
What They Will Need to Spend Money On
The biggest cost will be accommodation and the cost of this varies from location to location as well as by accommodation type. Every university will have different bands of accommodation from pretty basic to more “luxurious”, ie it might have an en-suite shower room instead of a shared one, a communal lounge or kitchen. There is also the choice of private accommodation, off campus, which is generally cheaper than living in Halls but most Freshers prefer to live on campus. Living in halls provides an easy first step to independence, without the worry of paying bills, dealing with a landlord and if they choose catered accommodation, cooking for themselves.
Catered accommodation, although convenient, is not always a cheap option. Students usually have to buy a package and you could find you are paying for meals that they won’t eat. Some catered halls offer food cards, so if the student doesn’t return to halls for lunch they can use their card in the canteens on campus instead, but without this option, consider whether they will actually use the fully catered option. How often does your son or daughter get up for breakfast, especially at the weekends? If they have special dietary requirements, the university will try to cater for them, but again they may find these quite restrictive and end up eating elsewhere.
When working out the costs, and which accommodation to choose, it is worth comparing the weekly cost of catered accommodation to what you think they might need to spend on food, if they catered themselves. You would be surprised how even the laziest of cooks can manage to feed themselves when you’re not there to do it for them.
Other things you should factor in to their weekly budget are
Cooking, Budgeting, Managing Money and Shopping Around
All things that you should try and drum in to them before they head off down the road as £70 a week given to one student who knows how to shop, cook and budget will go a lot further than it would in the hands of a student who doesn’t look at prices, buys ready-made meals and doesn’t keep an eye on their bank balance.
These skills are of course valuable life skills that will not only serve them while they are students but throughout their lives so teach the now as they set off for the first time with money in their pocket.
As a student, they are entitled to lots of discounts. Make sure they take advantage of these and encourage them to make this a part of their everyday shopping habits. Many universities will have their own discount arrangements with local businesses and shops, which students can take advantage of simply by showing their Student ID, but there are also some national websites and discount cards which they should familiarise themselves with, as this can save a lot of money over the course of their student life.
Don’t forget there is also the Young Person’s Railcard and the National Express Student Coach Card which can save money on travelling costs to and from home.
To Work or Not to Work?
Most students these days have some sort of part time job to supplement their income. As you can see from all of the above it is not easy to manage on the Maintenance Loan alone and if, as parents you are unable to give them enough, they will need to work to earn some additional money.
University is stressful, especially around exam time, or when coursework is due and having the additional stress of having to go to work when you should be studying is not ideal, but they will certainly no be alone and even just a few hours a week on the checkout can make all the difference to struggling for money or managing…..plus as a staff member of a supermarket they will get a staff discount!
The traditional idea of a student who has 5 or 6 hours of lectures a week, stays out late every night, lies in until midday and then might deign to do a bit of studying is now an anachronism. Students have to work hard to ensure that they do not end up with massive debt and no degree and most of them are working part time too, so if you are able to help them with a bit of additional money, it will go a long way to reduce stress levels.
What they will need to take with them
The initial outlay can also be a major expense which many parents will not have budgeted for. Your child is moving away from home, probably for the first time and so they will need a lot of equipment to get them started. It is estimated that each student spends around £150+ before they even step out the front door.
Here is our check list of things they will need to pack
Bedroom
•Duvet
•Duvet covers
•Sheets
•Mattress protector
•Pillows & pillow cases
•Blackout blind
•Doorstop
•Storage boxes
Bathroom
•Bath towel s
•Hand towels
•Toilet brush
Kitchen – (if self catering)
•Saucepans and frying pan
•Kitchen knives
•Chopping board
•Colander/sieve
•Grater
•Potato peeler
•Spatula/masher/slotted spoon
•Measuring jug
•Weighing scales
•Bowl
•Wooden spoon
•Baking tray
•Oven proof dishes
•Can opener
•Bottle opener
•Cutlery
•Plates and bowls
•Mugs and glasses
•Storage containers
•Cling film
•Aluminium foil
•Tea towels/oven gloves
•Clothes horse
•Dish cloths
Stationery
•Paper
•Pens
•Hole punch
•Stapler
•Glue and Sellotape
•Files
•Blue tack
Computer Equipment
•Laptop
•Memory stick
•Laptop cover/bag
•Microsoft Office
First Aid Kit
•Plasters
•Pain killers
•Cold & flu remedies
•Anti histamine
•Antiseptic cream
•Antiseptic wipes
Important Documents
• Passport (ID)
• Driver’s Licence
• Correspondence from the University
• Student Loan documents
• National Insurance Number
• Bank Account details
• Insurance documents
It’s All in the Planning
Perhaps, for the parents, the biggest concerns about what university is going to cost you come from not knowing or not understanding where the costs are incurred and therefore worrying that you won’t be able to afford it.
We hope that this article has help assuage some of those concerns that that with some careful planning and budgeting and educating them, you can minimise the financial pressure that your son or daughter going to university can have on you.
https://www.thescholarshiphub.org.uk/complete-guide-cost-of-university-parents/
Not a day goes by at the moment when parents are not constantly reminded by the media of the huge cost of going to university for their children. Headlines of £50,000 of debt, to a parent can sound like a horrendous burden to be taking on at such a young age, especially since that is probably more than your first mortgage.
But what doesn’t get mentioned that often, is the cost to the parents and yet there is a cost, but it is somehow shuffled conveniently under the carpet and parents are expected to swallow the costs. Or, as in many cases, where the parents can’t afford to do this, it leaves the students struggling for money on a day to day basis, forced to take on one or several part time jobs while they study, which of course can make the parents feel like they have let their children down by not being able to support them.
So, for any parents, who are worried about the cost of their son or daughter going to university, here is our complete guide to what it will cost them and you.
Open Day Visits
Let’s start at the beginning, long before they are taking out their loans. While your son or daughter is making their uni choices, they will want to go to university open days. This is an important part of the decision making process as actually visiting the university instead of reading about it online, gives you a much better feel for the institution.
However, this does come at a cost…..not for the day itself, but getting there and back and in some cases you will require overnight accommodation if it is far from home. Maybe your child has a few preferred choices which they can’t decide between? Visit these universities first, planning ahead so you can get the best deals on train fares and accommodation if required and then if they don’t like any of these (unlikely) you can go and see the others.
The Loans
Next step, the loans.
Applications for Student Finance usually open in February. Actually most of the concerns about the size of student loans, generally come from a lack of understanding about how they actually work, so it is important to make sure that both you and your student understand the loan system. It does not work like a normal loan.
What is Available?
This is where the system currently falls down as most maintenance loans barely cover the cost of accommodation and students will have a shortfall – which you, as their parent will be expected to make up the difference. Nobody tells you this. It is implied. Of course there is a choice and that is why many students now find themselves having to work part time while they study.
How Do the Loans Work?
The difference between the student loan and any other loan is that the repayments are not based on your current ability to pay but your future ability to pay. It does not matter how much you borrow, the amount you pay back will always be based on what you earn when you graduate and not what you borrowed.
Students do not start paying back their loans until they earn over £25,725. This means that if they never earn over £25,725, they will never pay anything back.
However, of course, as parents, we’d like to think that by going to university they will earn more than £25,725 over the course of their career. Once they do start earning over the £25,725 threshold they will start to pay back the loan. They will pay 9% per year of anything they earn over £25,725. So if they earn £26,725, they will be paying back 9% of £1,000 a year or £90 a year, spread over 12 months that’s £7.50 a month. If they earn £35,725 they will be repaying 9% of £10,000, so £900 a year or £75 a month.
Now you might think, it’s going to take years to pay off at that rate, and you’d be right. But, student loans are currently written off after 30 years, so if they haven’t paid it back by then, they don’t have to.
Let’s Talk About Interest
Currently, at the time of writing, students are charged 6% interest on their loans, which grabs many headlines because it is higher than current interest rates on most other loans.
This rate varies depending on how much they earn as a graduate and the current Retail Price Index, but what you have to remember is that it doesn’t affect what their repayments will be, which are based on what they earn and not what they borrowed. So even if the interest went up to 15%, they would still be repaying the same amount and would be even less likely to pay off the whole amount of the loan in 30 years.
Applying for Student Finance
– what they want from the parents
As the maintenance loan entitlement is based on parental income, when your child applies for student finance, you will be expected to provide proof of your household (yours and your partner’s or spouse’s) income. This could be in the form of:
Once your child has applied for Student Finance, you will get an email within 24 hours with a link to submit your information.
You will need to create an account as you can’t use the same account as your child or partner.
Other Sources of Funding
Differences in Costs
Where your child chooses to go to university will have an impact on the cost, with London surprisingly being the second most expensive after Glasgow. (National Student Living Survey – 2017)
Weekly student rent in somewhere like Lancaster might be around £80/week whereas in Brighton it is more likely to be around £120/week. When students are getting the same maintenance loans regardless of where they are studying, these can be significant factors in the amount of extra money you will need to give them.
Add to that the train fares home – assuming you want them home and they want to come – for weekends or holidays, this can soon add up if they are far from home, or don’t book ahead to get the best fares. This is something else you will need to take in to consideration when working out how much money to give them. A train fare from London to Leeds can cost around £60 return or more if not bought in advance, so they definitely won’t be popping home every weekend to see you if their living expenses budget is £70 per week.
What They Will Need to Spend Money On
The biggest cost will be accommodation and the cost of this varies from location to location as well as by accommodation type. Every university will have different bands of accommodation from pretty basic to more “luxurious”, ie it might have an en-suite shower room instead of a shared one, a communal lounge or kitchen. There is also the choice of private accommodation, off campus, which is generally cheaper than living in Halls but most Freshers prefer to live on campus. Living in halls provides an easy first step to independence, without the worry of paying bills, dealing with a landlord and if they choose catered accommodation, cooking for themselves.
Catered accommodation, although convenient, is not always a cheap option. Students usually have to buy a package and you could find you are paying for meals that they won’t eat. Some catered halls offer food cards, so if the student doesn’t return to halls for lunch they can use their card in the canteens on campus instead, but without this option, consider whether they will actually use the fully catered option. How often does your son or daughter get up for breakfast, especially at the weekends? If they have special dietary requirements, the university will try to cater for them, but again they may find these quite restrictive and end up eating elsewhere.
When working out the costs, and which accommodation to choose, it is worth comparing the weekly cost of catered accommodation to what you think they might need to spend on food, if they catered themselves. You would be surprised how even the laziest of cooks can manage to feed themselves when you’re not there to do it for them.
Other things you should factor in to their weekly budget are
Cooking, Budgeting, Managing Money and Shopping Around
All things that you should try and drum in to them before they head off down the road as £70 a week given to one student who knows how to shop, cook and budget will go a lot further than it would in the hands of a student who doesn’t look at prices, buys ready-made meals and doesn’t keep an eye on their bank balance.
These skills are of course valuable life skills that will not only serve them while they are students but throughout their lives so teach the now as they set off for the first time with money in their pocket.
As a student, they are entitled to lots of discounts. Make sure they take advantage of these and encourage them to make this a part of their everyday shopping habits. Many universities will have their own discount arrangements with local businesses and shops, which students can take advantage of simply by showing their Student ID, but there are also some national websites and discount cards which they should familiarise themselves with, as this can save a lot of money over the course of their student life.
Don’t forget there is also the Young Person’s Railcard and the National Express Student Coach Card which can save money on travelling costs to and from home.
To Work or Not to Work?
Most students these days have some sort of part time job to supplement their income. As you can see from all of the above it is not easy to manage on the Maintenance Loan alone and if, as parents you are unable to give them enough, they will need to work to earn some additional money.
University is stressful, especially around exam time, or when coursework is due and having the additional stress of having to go to work when you should be studying is not ideal, but they will certainly no be alone and even just a few hours a week on the checkout can make all the difference to struggling for money or managing…..plus as a staff member of a supermarket they will get a staff discount!
The traditional idea of a student who has 5 or 6 hours of lectures a week, stays out late every night, lies in until midday and then might deign to do a bit of studying is now an anachronism. Students have to work hard to ensure that they do not end up with massive debt and no degree and most of them are working part time too, so if you are able to help them with a bit of additional money, it will go a long way to reduce stress levels.
What they will need to take with them
The initial outlay can also be a major expense which many parents will not have budgeted for. Your child is moving away from home, probably for the first time and so they will need a lot of equipment to get them started. It is estimated that each student spends around £150+ before they even step out the front door.
Here is our check list of things they will need to pack
Bedroom
•Duvet
•Duvet covers
•Sheets
•Mattress protector
•Pillows & pillow cases
•Blackout blind
•Doorstop
•Storage boxes
Bathroom
•Bath towel s
•Hand towels
•Toilet brush
Kitchen – (if self catering)
•Saucepans and frying pan
•Kitchen knives
•Chopping board
•Colander/sieve
•Grater
•Potato peeler
•Spatula/masher/slotted spoon
•Measuring jug
•Weighing scales
•Bowl
•Wooden spoon
•Baking tray
•Oven proof dishes
•Can opener
•Bottle opener
•Cutlery
•Plates and bowls
•Mugs and glasses
•Storage containers
•Cling film
•Aluminium foil
•Tea towels/oven gloves
•Clothes horse
•Dish cloths
Stationery
•Paper
•Pens
•Hole punch
•Stapler
•Glue and Sellotape
•Files
•Blue tack
Computer Equipment
•Laptop
•Memory stick
•Laptop cover/bag
•Microsoft Office
First Aid Kit
•Plasters
•Pain killers
•Cold & flu remedies
•Anti histamine
•Antiseptic cream
•Antiseptic wipes
Important Documents
• Passport (ID)
• Driver’s Licence
• Correspondence from the University
• Student Loan documents
• National Insurance Number
• Bank Account details
• Insurance documents
It’s All in the Planning
Perhaps, for the parents, the biggest concerns about what university is going to cost you come from not knowing or not understanding where the costs are incurred and therefore worrying that you won’t be able to afford it.
We hope that this article has help assuage some of those concerns that that with some careful planning and budgeting and educating them, you can minimise the financial pressure that your son or daughter going to university can have on you.
https://www.thescholarshiphub.org.uk/complete-guide-cost-of-university-parents/
Not a day goes by at the moment when parents are not constantly reminded by the media of the huge cost of going to university for their children. Headlines of £50,000 of debt, to a parent can sound like a horrendous burden to be taking on at such a young age, especially since that is probably more than your first mortgage.
But what doesn’t get mentioned that often, is the cost to the parents and yet there is a cost, but it is somehow shuffled conveniently under the carpet and parents are expected to swallow the costs. Or, as in many cases, where the parents can’t afford to do this, it leaves the students struggling for money on a day to day basis, forced to take on one or several part time jobs while they study, which of course can make the parents feel like they have let their children down by not being able to support them.
So, for any parents, who are worried about the cost of their son or daughter going to university, here is our complete guide to what it will cost them and you.
Open Day Visits
Let’s start at the beginning, long before they are taking out their loans. While your son or daughter is making their uni choices, they will want to go to university open days. This is an important part of the decision making process as actually visiting the university instead of reading about it online, gives you a much better feel for the institution.
However, this does come at a cost…..not for the day itself, but getting there and back and in some cases you will require overnight accommodation if it is far from home. Maybe your child has a few preferred choices which they can’t decide between? Visit these universities first, planning ahead so you can get the best deals on train fares and accommodation if required and then if they don’t like any of these (unlikely) you can go and see the others.
The Loans
Next step, the loans.
Applications for Student Finance usually open in February. Actually most of the concerns about the size of student loans, generally come from a lack of understanding about how they actually work, so it is important to make sure that both you and your student understand the loan system. It does not work like a normal loan.
What is Available?
This is where the system currently falls down as most maintenance loans barely cover the cost of accommodation and students will have a shortfall – which you, as their parent will be expected to make up the difference. Nobody tells you this. It is implied. Of course there is a choice and that is why many students now find themselves having to work part time while they study.
How Do the Loans Work?
The difference between the student loan and any other loan is that the repayments are not based on your current ability to pay but your future ability to pay. It does not matter how much you borrow, the amount you pay back will always be based on what you earn when you graduate and not what you borrowed.
Students do not start paying back their loans until they earn over £25,725. This means that if they never earn over £25,725, they will never pay anything back.
However, of course, as parents, we’d like to think that by going to university they will earn more than £25,725 over the course of their career. Once they do start earning over the £25,725 threshold they will start to pay back the loan. They will pay 9% per year of anything they earn over £25,725. So if they earn £26,725, they will be paying back 9% of £1,000 a year or £90 a year, spread over 12 months that’s £7.50 a month. If they earn £35,725 they will be repaying 9% of £10,000, so £900 a year or £75 a month.
Now you might think, it’s going to take years to pay off at that rate, and you’d be right. But, student loans are currently written off after 30 years, so if they haven’t paid it back by then, they don’t have to.
Let’s Talk About Interest
Currently, at the time of writing, students are charged 6% interest on their loans, which grabs many headlines because it is higher than current interest rates on most other loans.
This rate varies depending on how much they earn as a graduate and the current Retail Price Index, but what you have to remember is that it doesn’t affect what their repayments will be, which are based on what they earn and not what they borrowed. So even if the interest went up to 15%, they would still be repaying the same amount and would be even less likely to pay off the whole amount of the loan in 30 years.
Applying for Student Finance
– what they want from the parents
As the maintenance loan entitlement is based on parental income, when your child applies for student finance, you will be expected to provide proof of your household (yours and your partner’s or spouse’s) income. This could be in the form of:
Once your child has applied for Student Finance, you will get an email within 24 hours with a link to submit your information.
You will need to create an account as you can’t use the same account as your child or partner.
Other Sources of Funding
Differences in Costs
Where your child chooses to go to university will have an impact on the cost, with London surprisingly being the second most expensive after Glasgow. (National Student Living Survey – 2017)
Weekly student rent in somewhere like Lancaster might be around £80/week whereas in Brighton it is more likely to be around £120/week. When students are getting the same maintenance loans regardless of where they are studying, these can be significant factors in the amount of extra money you will need to give them.
Add to that the train fares home – assuming you want them home and they want to come – for weekends or holidays, this can soon add up if they are far from home, or don’t book ahead to get the best fares. This is something else you will need to take in to consideration when working out how much money to give them. A train fare from London to Leeds can cost around £60 return or more if not bought in advance, so they definitely won’t be popping home every weekend to see you if their living expenses budget is £70 per week.
What They Will Need to Spend Money On
The biggest cost will be accommodation and the cost of this varies from location to location as well as by accommodation type. Every university will have different bands of accommodation from pretty basic to more “luxurious”, ie it might have an en-suite shower room instead of a shared one, a communal lounge or kitchen. There is also the choice of private accommodation, off campus, which is generally cheaper than living in Halls but most Freshers prefer to live on campus. Living in halls provides an easy first step to independence, without the worry of paying bills, dealing with a landlord and if they choose catered accommodation, cooking for themselves.
Catered accommodation, although convenient, is not always a cheap option. Students usually have to buy a package and you could find you are paying for meals that they won’t eat. Some catered halls offer food cards, so if the student doesn’t return to halls for lunch they can use their card in the canteens on campus instead, but without this option, consider whether they will actually use the fully catered option. How often does your son or daughter get up for breakfast, especially at the weekends? If they have special dietary requirements, the university will try to cater for them, but again they may find these quite restrictive and end up eating elsewhere.
When working out the costs, and which accommodation to choose, it is worth comparing the weekly cost of catered accommodation to what you think they might need to spend on food, if they catered themselves. You would be surprised how even the laziest of cooks can manage to feed themselves when you’re not there to do it for them.
Other things you should factor in to their weekly budget are
Cooking, Budgeting, Managing Money and Shopping Around
All things that you should try and drum in to them before they head off down the road as £70 a week given to one student who knows how to shop, cook and budget will go a lot further than it would in the hands of a student who doesn’t look at prices, buys ready-made meals and doesn’t keep an eye on their bank balance.
These skills are of course valuable life skills that will not only serve them while they are students but throughout their lives so teach the now as they set off for the first time with money in their pocket.
As a student, they are entitled to lots of discounts. Make sure they take advantage of these and encourage them to make this a part of their everyday shopping habits. Many universities will have their own discount arrangements with local businesses and shops, which students can take advantage of simply by showing their Student ID, but there are also some national websites and discount cards which they should familiarise themselves with, as this can save a lot of money over the course of their student life.
Don’t forget there is also the Young Person’s Railcard and the National Express Student Coach Card which can save money on travelling costs to and from home.
To Work or Not to Work?
Most students these days have some sort of part time job to supplement their income. As you can see from all of the above it is not easy to manage on the Maintenance Loan alone and if, as parents you are unable to give them enough, they will need to work to earn some additional money.
University is stressful, especially around exam time, or when coursework is due and having the additional stress of having to go to work when you should be studying is not ideal, but they will certainly no be alone and even just a few hours a week on the checkout can make all the difference to struggling for money or managing…..plus as a staff member of a supermarket they will get a staff discount!
The traditional idea of a student who has 5 or 6 hours of lectures a week, stays out late every night, lies in until midday and then might deign to do a bit of studying is now an anachronism. Students have to work hard to ensure that they do not end up with massive debt and no degree and most of them are working part time too, so if you are able to help them with a bit of additional money, it will go a long way to reduce stress levels.
What they will need to take with them
The initial outlay can also be a major expense which many parents will not have budgeted for. Your child is moving away from home, probably for the first time and so they will need a lot of equipment to get them started. It is estimated that each student spends around £150+ before they even step out the front door.
Here is our check list of things they will need to pack
Bedroom
•Duvet
•Duvet covers
•Sheets
•Mattress protector
•Pillows & pillow cases
•Blackout blind
•Doorstop
•Storage boxes
Bathroom
•Bath towel s
•Hand towels
•Toilet brush
Kitchen – (if self catering)
•Saucepans and frying pan
•Kitchen knives
•Chopping board
•Colander/sieve
•Grater
•Potato peeler
•Spatula/masher/slotted spoon
•Measuring jug
•Weighing scales
•Bowl
•Wooden spoon
•Baking tray
•Oven proof dishes
•Can opener
•Bottle opener
•Cutlery
•Plates and bowls
•Mugs and glasses
•Storage containers
•Cling film
•Aluminium foil
•Tea towels/oven gloves
•Clothes horse
•Dish cloths
Stationery
•Paper
•Pens
•Hole punch
•Stapler
•Glue and Sellotape
•Files
•Blue tack
Computer Equipment
•Laptop
•Memory stick
•Laptop cover/bag
•Microsoft Office
First Aid Kit
•Plasters
•Pain killers
•Cold & flu remedies
•Anti histamine
•Antiseptic cream
•Antiseptic wipes
Important Documents
• Passport (ID)
• Driver’s Licence
• Correspondence from the University
• Student Loan documents
• National Insurance Number
• Bank Account details
• Insurance documents
It’s All in the Planning
Perhaps, for the parents, the biggest concerns about what university is going to cost you come from not knowing or not understanding where the costs are incurred and therefore worrying that you won’t be able to afford it.
We hope that this article has help assuage some of those concerns that that with some careful planning and budgeting and educating them, you can minimise the financial pressure that your son or daughter going to university can have on you.
https://www.thescholarshiphub.org.uk/complete-guide-cost-of-university-parents/
Not a day goes by at the moment when parents are not constantly reminded by the media of the huge cost of going to university for their children. Headlines of £50,000 of debt, to a parent can sound like a horrendous burden to be taking on at such a young age, especially since that is probably more than your first mortgage.
But what doesn’t get mentioned that often, is the cost to the parents and yet there is a cost, but it is somehow shuffled conveniently under the carpet and parents are expected to swallow the costs. Or, as in many cases, where the parents can’t afford to do this, it leaves the students struggling for money on a day to day basis, forced to take on one or several part time jobs while they study, which of course can make the parents feel like they have let their children down by not being able to support them.
So, for any parents, who are worried about the cost of their son or daughter going to university, here is our complete guide to what it will cost them and you.
Open Day Visits
Let’s start at the beginning, long before they are taking out their loans. While your son or daughter is making their uni choices, they will want to go to university open days. This is an important part of the decision making process as actually visiting the university instead of reading about it online, gives you a much better feel for the institution.
However, this does come at a cost…..not for the day itself, but getting there and back and in some cases you will require overnight accommodation if it is far from home. Maybe your child has a few preferred choices which they can’t decide between? Visit these universities first, planning ahead so you can get the best deals on train fares and accommodation if required and then if they don’t like any of these (unlikely) you can go and see the others.
The Loans
Next step, the loans.
Applications for Student Finance usually open in February. Actually most of the concerns about the size of student loans, generally come from a lack of understanding about how they actually work, so it is important to make sure that both you and your student understand the loan system. It does not work like a normal loan.
What is Available?
This is where the system currently falls down as most maintenance loans barely cover the cost of accommodation and students will have a shortfall – which you, as their parent will be expected to make up the difference. Nobody tells you this. It is implied. Of course there is a choice and that is why many students now find themselves having to work part time while they study.
How Do the Loans Work?
The difference between the student loan and any other loan is that the repayments are not based on your current ability to pay but your future ability to pay. It does not matter how much you borrow, the amount you pay back will always be based on what you earn when you graduate and not what you borrowed.
Students do not start paying back their loans until they earn over £25,725. This means that if they never earn over £25,725, they will never pay anything back.
However, of course, as parents, we’d like to think that by going to university they will earn more than £25,725 over the course of their career. Once they do start earning over the £25,725 threshold they will start to pay back the loan. They will pay 9% per year of anything they earn over £25,725. So if they earn £26,725, they will be paying back 9% of £1,000 a year or £90 a year, spread over 12 months that’s £7.50 a month. If they earn £35,725 they will be repaying 9% of £10,000, so £900 a year or £75 a month.
Now you might think, it’s going to take years to pay off at that rate, and you’d be right. But, student loans are currently written off after 30 years, so if they haven’t paid it back by then, they don’t have to.
Let’s Talk About Interest
Currently, at the time of writing, students are charged 6% interest on their loans, which grabs many headlines because it is higher than current interest rates on most other loans.
This rate varies depending on how much they earn as a graduate and the current Retail Price Index, but what you have to remember is that it doesn’t affect what their repayments will be, which are based on what they earn and not what they borrowed. So even if the interest went up to 15%, they would still be repaying the same amount and would be even less likely to pay off the whole amount of the loan in 30 years.
Applying for Student Finance
– what they want from the parents
As the maintenance loan entitlement is based on parental income, when your child applies for student finance, you will be expected to provide proof of your household (yours and your partner’s or spouse’s) income. This could be in the form of:
Once your child has applied for Student Finance, you will get an email within 24 hours with a link to submit your information.
You will need to create an account as you can’t use the same account as your child or partner.
Other Sources of Funding
Differences in Costs
Where your child chooses to go to university will have an impact on the cost, with London surprisingly being the second most expensive after Glasgow. (National Student Living Survey – 2017)
Weekly student rent in somewhere like Lancaster might be around £80/week whereas in Brighton it is more likely to be around £120/week. When students are getting the same maintenance loans regardless of where they are studying, these can be significant factors in the amount of extra money you will need to give them.
Add to that the train fares home – assuming you want them home and they want to come – for weekends or holidays, this can soon add up if they are far from home, or don’t book ahead to get the best fares. This is something else you will need to take in to consideration when working out how much money to give them. A train fare from London to Leeds can cost around £60 return or more if not bought in advance, so they definitely won’t be popping home every weekend to see you if their living expenses budget is £70 per week.
What They Will Need to Spend Money On
The biggest cost will be accommodation and the cost of this varies from location to location as well as by accommodation type. Every university will have different bands of accommodation from pretty basic to more “luxurious”, ie it might have an en-suite shower room instead of a shared one, a communal lounge or kitchen. There is also the choice of private accommodation, off campus, which is generally cheaper than living in Halls but most Freshers prefer to live on campus. Living in halls provides an easy first step to independence, without the worry of paying bills, dealing with a landlord and if they choose catered accommodation, cooking for themselves.
Catered accommodation, although convenient, is not always a cheap option. Students usually have to buy a package and you could find you are paying for meals that they won’t eat. Some catered halls offer food cards, so if the student doesn’t return to halls for lunch they can use their card in the canteens on campus instead, but without this option, consider whether they will actually use the fully catered option. How often does your son or daughter get up for breakfast, especially at the weekends? If they have special dietary requirements, the university will try to cater for them, but again they may find these quite restrictive and end up eating elsewhere.
When working out the costs, and which accommodation to choose, it is worth comparing the weekly cost of catered accommodation to what you think they might need to spend on food, if they catered themselves. You would be surprised how even the laziest of cooks can manage to feed themselves when you’re not there to do it for them.
Other things you should factor in to their weekly budget are
Cooking, Budgeting, Managing Money and Shopping Around
All things that you should try and drum in to them before they head off down the road as £70 a week given to one student who knows how to shop, cook and budget will go a lot further than it would in the hands of a student who doesn’t look at prices, buys ready-made meals and doesn’t keep an eye on their bank balance.
These skills are of course valuable life skills that will not only serve them while they are students but throughout their lives so teach the now as they set off for the first time with money in their pocket.
As a student, they are entitled to lots of discounts. Make sure they take advantage of these and encourage them to make this a part of their everyday shopping habits. Many universities will have their own discount arrangements with local businesses and shops, which students can take advantage of simply by showing their Student ID, but there are also some national websites and discount cards which they should familiarise themselves with, as this can save a lot of money over the course of their student life.
Don’t forget there is also the Young Person’s Railcard and the National Express Student Coach Card which can save money on travelling costs to and from home.
To Work or Not to Work?
Most students these days have some sort of part time job to supplement their income. As you can see from all of the above it is not easy to manage on the Maintenance Loan alone and if, as parents you are unable to give them enough, they will need to work to earn some additional money.
University is stressful, especially around exam time, or when coursework is due and having the additional stress of having to go to work when you should be studying is not ideal, but they will certainly no be alone and even just a few hours a week on the checkout can make all the difference to struggling for money or managing…..plus as a staff member of a supermarket they will get a staff discount!
The traditional idea of a student who has 5 or 6 hours of lectures a week, stays out late every night, lies in until midday and then might deign to do a bit of studying is now an anachronism. Students have to work hard to ensure that they do not end up with massive debt and no degree and most of them are working part time too, so if you are able to help them with a bit of additional money, it will go a long way to reduce stress levels.
What they will need to take with them
The initial outlay can also be a major expense which many parents will not have budgeted for. Your child is moving away from home, probably for the first time and so they will need a lot of equipment to get them started. It is estimated that each student spends around £150+ before they even step out the front door.
Here is our check list of things they will need to pack
Bedroom
•Duvet
•Duvet covers
•Sheets
•Mattress protector
•Pillows & pillow cases
•Blackout blind
•Doorstop
•Storage boxes
Bathroom
•Bath towel s
•Hand towels
•Toilet brush
Kitchen – (if self catering)
•Saucepans and frying pan
•Kitchen knives
•Chopping board
•Colander/sieve
•Grater
•Potato peeler
•Spatula/masher/slotted spoon
•Measuring jug
•Weighing scales
•Bowl
•Wooden spoon
•Baking tray
•Oven proof dishes
•Can opener
•Bottle opener
•Cutlery
•Plates and bowls
•Mugs and glasses
•Storage containers
•Cling film
•Aluminium foil
•Tea towels/oven gloves
•Clothes horse
•Dish cloths
Stationery
•Paper
•Pens
•Hole punch
•Stapler
•Glue and Sellotape
•Files
•Blue tack
Computer Equipment
•Laptop
•Memory stick
•Laptop cover/bag
•Microsoft Office
First Aid Kit
•Plasters
•Pain killers
•Cold & flu remedies
•Anti histamine
•Antiseptic cream
•Antiseptic wipes
Important Documents
• Passport (ID)
• Driver’s Licence
• Correspondence from the University
• Student Loan documents
• National Insurance Number
• Bank Account details
• Insurance documents
It’s All in the Planning
Perhaps, for the parents, the biggest concerns about what university is going to cost you come from not knowing or not understanding where the costs are incurred and therefore worrying that you won’t be able to afford it.
We hope that this article has help assuage some of those concerns that that with some careful planning and budgeting and educating them, you can minimise the financial pressure that your son or daughter going to university can have on you.
https://www.thescholarshiphub.org.uk/complete-guide-cost-of-university-parents/
Not a day goes by at the moment when parents are not constantly reminded by the media of the huge cost of going to university for their children. Headlines of £50,000 of debt, to a parent can sound like a horrendous burden to be taking on at such a young age, especially since that is probably more than your first mortgage.
But what doesn’t get mentioned that often, is the cost to the parents and yet there is a cost, but it is somehow shuffled conveniently under the carpet and parents are expected to swallow the costs. Or, as in many cases, where the parents can’t afford to do this, it leaves the students struggling for money on a day to day basis, forced to take on one or several part time jobs while they study, which of course can make the parents feel like they have let their children down by not being able to support them.
So, for any parents, who are worried about the cost of their son or daughter going to university, here is our complete guide to what it will cost them and you.
Open Day Visits
Let’s start at the beginning, long before they are taking out their loans. While your son or daughter is making their uni choices, they will want to go to university open days. This is an important part of the decision making process as actually visiting the university instead of reading about it online, gives you a much better feel for the institution.
However, this does come at a cost…..not for the day itself, but getting there and back and in some cases you will require overnight accommodation if it is far from home. Maybe your child has a few preferred choices which they can’t decide between? Visit these universities first, planning ahead so you can get the best deals on train fares and accommodation if required and then if they don’t like any of these (unlikely) you can go and see the others.
The Loans
Next step, the loans.
Applications for Student Finance usually open in February. Actually most of the concerns about the size of student loans, generally come from a lack of understanding about how they actually work, so it is important to make sure that both you and your student understand the loan system. It does not work like a normal loan.
What is Available?
This is where the system currently falls down as most maintenance loans barely cover the cost of accommodation and students will have a shortfall – which you, as their parent will be expected to make up the difference. Nobody tells you this. It is implied. Of course there is a choice and that is why many students now find themselves having to work part time while they study.
How Do the Loans Work?
The difference between the student loan and any other loan is that the repayments are not based on your current ability to pay but your future ability to pay. It does not matter how much you borrow, the amount you pay back will always be based on what you earn when you graduate and not what you borrowed.
Students do not start paying back their loans until they earn over £25,725. This means that if they never earn over £25,725, they will never pay anything back.
However, of course, as parents, we’d like to think that by going to university they will earn more than £25,725 over the course of their career. Once they do start earning over the £25,725 threshold they will start to pay back the loan. They will pay 9% per year of anything they earn over £25,725. So if they earn £26,725, they will be paying back 9% of £1,000 a year or £90 a year, spread over 12 months that’s £7.50 a month. If they earn £35,725 they will be repaying 9% of £10,000, so £900 a year or £75 a month.
Now you might think, it’s going to take years to pay off at that rate, and you’d be right. But, student loans are currently written off after 30 years, so if they haven’t paid it back by then, they don’t have to.
Let’s Talk About Interest
Currently, at the time of writing, students are charged 6% interest on their loans, which grabs many headlines because it is higher than current interest rates on most other loans.
This rate varies depending on how much they earn as a graduate and the current Retail Price Index, but what you have to remember is that it doesn’t affect what their repayments will be, which are based on what they earn and not what they borrowed. So even if the interest went up to 15%, they would still be repaying the same amount and would be even less likely to pay off the whole amount of the loan in 30 years.
Applying for Student Finance
– what they want from the parents
As the maintenance loan entitlement is based on parental income, when your child applies for student finance, you will be expected to provide proof of your household (yours and your partner’s or spouse’s) income. This could be in the form of:
Once your child has applied for Student Finance, you will get an email within 24 hours with a link to submit your information.
You will need to create an account as you can’t use the same account as your child or partner.
Other Sources of Funding
Differences in Costs
Where your child chooses to go to university will have an impact on the cost, with London surprisingly being the second most expensive after Glasgow. (National Student Living Survey – 2017)
Weekly student rent in somewhere like Lancaster might be around £80/week whereas in Brighton it is more likely to be around £120/week. When students are getting the same maintenance loans regardless of where they are studying, these can be significant factors in the amount of extra money you will need to give them.
Add to that the train fares home – assuming you want them home and they want to come – for weekends or holidays, this can soon add up if they are far from home, or don’t book ahead to get the best fares. This is something else you will need to take in to consideration when working out how much money to give them. A train fare from London to Leeds can cost around £60 return or more if not bought in advance, so they definitely won’t be popping home every weekend to see you if their living expenses budget is £70 per week.
What They Will Need to Spend Money On
The biggest cost will be accommodation and the cost of this varies from location to location as well as by accommodation type. Every university will have different bands of accommodation from pretty basic to more “luxurious”, ie it might have an en-suite shower room instead of a shared one, a communal lounge or kitchen. There is also the choice of private accommodation, off campus, which is generally cheaper than living in Halls but most Freshers prefer to live on campus. Living in halls provides an easy first step to independence, without the worry of paying bills, dealing with a landlord and if they choose catered accommodation, cooking for themselves.
Catered accommodation, although convenient, is not always a cheap option. Students usually have to buy a package and you could find you are paying for meals that they won’t eat. Some catered halls offer food cards, so if the student doesn’t return to halls for lunch they can use their card in the canteens on campus instead, but without this option, consider whether they will actually use the fully catered option. How often does your son or daughter get up for breakfast, especially at the weekends? If they have special dietary requirements, the university will try to cater for them, but again they may find these quite restrictive and end up eating elsewhere.
When working out the costs, and which accommodation to choose, it is worth comparing the weekly cost of catered accommodation to what you think they might need to spend on food, if they catered themselves. You would be surprised how even the laziest of cooks can manage to feed themselves when you’re not there to do it for them.
Other things you should factor in to their weekly budget are
Cooking, Budgeting, Managing Money and Shopping Around
All things that you should try and drum in to them before they head off down the road as £70 a week given to one student who knows how to shop, cook and budget will go a lot further than it would in the hands of a student who doesn’t look at prices, buys ready-made meals and doesn’t keep an eye on their bank balance.
These skills are of course valuable life skills that will not only serve them while they are students but throughout their lives so teach the now as they set off for the first time with money in their pocket.
As a student, they are entitled to lots of discounts. Make sure they take advantage of these and encourage them to make this a part of their everyday shopping habits. Many universities will have their own discount arrangements with local businesses and shops, which students can take advantage of simply by showing their Student ID, but there are also some national websites and discount cards which they should familiarise themselves with, as this can save a lot of money over the course of their student life.
Don’t forget there is also the Young Person’s Railcard and the National Express Student Coach Card which can save money on travelling costs to and from home.
To Work or Not to Work?
Most students these days have some sort of part time job to supplement their income. As you can see from all of the above it is not easy to manage on the Maintenance Loan alone and if, as parents you are unable to give them enough, they will need to work to earn some additional money.
University is stressful, especially around exam time, or when coursework is due and having the additional stress of having to go to work when you should be studying is not ideal, but they will certainly no be alone and even just a few hours a week on the checkout can make all the difference to struggling for money or managing…..plus as a staff member of a supermarket they will get a staff discount!
The traditional idea of a student who has 5 or 6 hours of lectures a week, stays out late every night, lies in until midday and then might deign to do a bit of studying is now an anachronism. Students have to work hard to ensure that they do not end up with massive debt and no degree and most of them are working part time too, so if you are able to help them with a bit of additional money, it will go a long way to reduce stress levels.
What they will need to take with them
The initial outlay can also be a major expense which many parents will not have budgeted for. Your child is moving away from home, probably for the first time and so they will need a lot of equipment to get them started. It is estimated that each student spends around £150+ before they even step out the front door.
Here is our check list of things they will need to pack
Bedroom
•Duvet
•Duvet covers
•Sheets
•Mattress protector
•Pillows & pillow cases
•Blackout blind
•Doorstop
•Storage boxes
Bathroom
•Bath towel s
•Hand towels
•Toilet brush
Kitchen – (if self catering)
•Saucepans and frying pan
•Kitchen knives
•Chopping board
•Colander/sieve
•Grater
•Potato peeler
•Spatula/masher/slotted spoon
•Measuring jug
•Weighing scales
•Bowl
•Wooden spoon
•Baking tray
•Oven proof dishes
•Can opener
•Bottle opener
•Cutlery
•Plates and bowls
•Mugs and glasses
•Storage containers
•Cling film
•Aluminium foil
•Tea towels/oven gloves
•Clothes horse
•Dish cloths
Stationery
•Paper
•Pens
•Hole punch
•Stapler
•Glue and Sellotape
•Files
•Blue tack
Computer Equipment
•Laptop
•Memory stick
•Laptop cover/bag
•Microsoft Office
First Aid Kit
•Plasters
•Pain killers
•Cold & flu remedies
•Anti histamine
•Antiseptic cream
•Antiseptic wipes
Important Documents
• Passport (ID)
• Driver’s Licence
• Correspondence from the University
• Student Loan documents
• National Insurance Number
• Bank Account details
• Insurance documents
It’s All in the Planning
Perhaps, for the parents, the biggest concerns about what university is going to cost you come from not knowing or not understanding where the costs are incurred and therefore worrying that you won’t be able to afford it.
We hope that this article has help assuage some of those concerns that that with some careful planning and budgeting and educating them, you can minimise the financial pressure that your son or daughter going to university can have on you.
https://www.thescholarshiphub.org.uk/complete-guide-cost-of-university-parents/
Click on the picnic table objects to discover hidden tips & tricks to help you become a pro in the kitchen.
Carefully lower your room temperature egg into boiling water.
When you’re done, place the egg into a bowl of cold water to prevent it from cooking any further.
If you’re treating yourself to a more expensive ingredient you don’t want to overcook it!
Rice is a staple, but can be tricky to master!
Make sure to browse the freezer aisle. Frozen fruit and veg is harvested when ripe and then frozen, so are still full of nutritional value. They will always be cheaper than fresh and have a longer shelf life…
Buy a growing plant over bagged herbs at the supermarket, this way you can learn to care for your plant and continue to grow an endless supply of herbs instead of buying them every time you try a new recipe.
When making a cooking sauce, always make extra & freeze portions for later. Batch cooking is a great way to produce less waste, make the most of vegetables and make life easier for your future self.
Baking requires precision, so it’s always worth measuring out your ingredients.
For a fool proof cake recipe always use the following ratios.
All you need to do now is choose some flavours & preheat your oven to 180°C.
Discover more from Calendar of Kindness.
How often do you take time to be kind to yourself? This can be anything from celebrating your strengths, to energising your brain.
We’re sharing ways to.. stay positive, manage stress, create joy and show yourself a little love. Follow @LBGEarlytalent to see how far a little kindness can go.
Visit the calendar of kindnessThe global pandemic will have lasting social and economic effects on the United Kingdom. Its impact has been felt by everyone, whether through financial hardship, reduced choices, mental distress or personal loss.
Given the pandemic and our unique position at the heart of the UK economy, our priority for the next phase of our strategy is to focus on Helping Britain Recover.
Our focus will therefore be to Help Britain Recover, and we are committed to working with others in five areas where we can make the most difference.
Watch some of our Group Executive Committee members talk about the Group’s ambitions in our Strategic Review 2021
Strategic Review 2021: Building the UK's preferred financial partner
Since 2011 we have significantly transformed our business for the benefit of our customers and other key stakeholders, while also positioning us well to succeed in a digital world. We are not complacent, however, and recognise that we need to continually evolve in response to increasing customer and societal expectations, new technologies and a rapidly changing competitive environment. Most importantly, we also recognise that we have a critical role to play in Helping Britain Recover from the COVID-19 pandemic.
Strategic Review 2021 is the next stage of our journey and will deliver co-ordinated growth opportunities in our two core customer segments, supported by enhanced capabilities in four areas.
Clear execution outcomes for the coming year are outlined for all these areas and underpinned by long-term strategic vision. Strategic Review 2021 will thus enable the Group to deliver revenue generation and diversification whilst unlocking further efficiency gains, within our low risk and capital efficient business. The Group's purpose, unique business model and ambitious strategy will allow us to Help Britain Recover and deliver long-term sustainable returns for our shareholders.
At Lloyds Banking Group, inclusion is central to our business success. We know that colleagues who can show up to work as themselves are those that can bring their best, and we are proud to support our colleagues through all stages of their journey. We have an inclusive and open culture with a scale that creates a vast range of roles and opportunities. We offer a wealth of options for continual personal growth in an organisation that embraces diversity of talent, creativity, skills and thinking amongst our teams.
From creating the right work-life balance, making time to invest in what’s important in an open and agile working environment, to supporting life changes and ensuring we invest in talent to encourage our people to build a career to match their ambitions.