Bank of mum and dad

[nickyboy]

No. You don't have to. You can choose to or you can expect him to manage and get a job if he needs to.
This belief that parents " have to" cough up is the problem imo.

Son#2 will get a smaller loan than a lot of students. Those on bigger loan may not need to get a job whilst at university. Unless I make some contribution he has no choice but to get a job. I don't want him to have no choice. I want him to have the option to concentrate on his studies if he wishes like everyone else. So I'll make up the difference

 

[midlife]

No. You don't have to. You can choose to or you can expect him to manage and get a job if he needs to.
This belief that parents " have to" cough up is the problem imo.

And I choose to pay for my kids at Uni, ok it costs about a grand a month but I'd rather do that than have them get jobs to help make ends meet or miss out on things. I never had a Johnny Seven as a kid which maybe clouds my judgement

Shaun

 

[fossyant]

I agree.
Though mine are both music students which means that they are either going to be fantastically rich and be able to pay the lot off in one go or more likely are never going to get near earning £21000!

The system is knackered. Its worse now Nurses have to pay also. There is no way the Government can sustain the loans, £27k plus per student that's unlikely to be paid back.

 

[Sandra6]

And I choose to pay for my kids at Uni, ok it costs about a grand a month but I'd rather do that than have them get jobs to help make ends meet or miss out on things. I never had a Johnny Seven as a kid which maybe clouds my judgement

Shaun

Perhaps if I had a spare grand a month I'd be looking at this differently.

 

[fossyant]

My son will most likely go local to Uni, so that will cut some cost (type 1 diabetic) and the Uni's all do courses he wants and are 'well rated'. His preferred option BTW.

As with most lads, his goal is getting a car. He will need a job just to afford insurance.

 

[midlife]

Perhaps if I had a spare grand a month I'd be looking at this differently.

I don't have a spare grand a month but instead I pay off my mortgage at circa 64

Shaun

 

[fossyant]

Perhaps if I had a spare grand a month I'd be looking at this differently.

Its not something I'd consider funding either. I've never had any hand outs, and neither has my wife. We will help, but not to that extent as they all need to stand on their own two feet. My wife has only just returned to full time work, having been part time for 16 years. She has only just started earning a decent salary.

 

[User482]

Perhaps if I had a spare grand a month I'd be looking at this differently.

You'd spend it on a holiday, wouldn't you?

 

[Sandra6]

I don't have a spare grand a month but instead I pay off my mortgage at circa 64

Shaun

I'll be 67 when the mortgage is paid off. Providing nothing else goes wrong in the meantime.

 

[fossyant]

I don't have a spare grand a month but instead I pay off my mortgage at circa 64

Shaun

Yikes - I will pay mine off next year at 48 ! We still live in the house we bought when we married 21 years ago.

 

[fossyant]

My sister will be about 90 when they pay theirs off. Bought a large expensive house. Mid 30's, no kids yet !

 

[Mrs M]

I left "home" straight from school. Had to escape.
In at the deep end with no support whatsoever.
Survived until 3rd year of art degree course then left to take up my current job. Just wanted my own wee safe place to stay.
Not well paid but went without, bought my first place aged 21, ok 100% mortgage but interest rates at 17%
I do consider myself lucky this option was available and feel for today's first time buyers
We are very fortunate, no mortgage now, extra income from our wee flat but no kids to leave it to.

 

[nickyboy]

It feels to me like there are no hard and fast rules as regards whether giving financial support through university is a good thing or not. As I posted somewhere upthread son#2 most definitely doesn't take the piss financially. He set up his own business and that's helped him to appreciate the value of money

As such, I will happily support him through university, to give him the same amount of money as someone on full loan. Were he the type to fritter money away then I would probably have a different view

 

[fossyant]

House prices are out of the world for kids to afford. The markets are wrong, and have been for years.

 

[MarkF]

House prices are out of the world for kids to afford. The markets are wrong, and have been for years.

I bought my first house in the mid 80's, a nice Victorian terrace for about £24k. I'd just set up a business and was skint, earning about £8k! I know that the house sold last summer for £175k. Wouldn't want to be 24 again now.

We own our house, my mum and the MIL do too, we are hoping that they can all be left for the kids. But what about our future fun?