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Can I be financially independent at university

I want to be fully independent from my parents. Me and my dad we don't really have a relationship. We re both introverts. He gives me money and I stay in his house and I have to do what he says. Like all parents. But now that I'm growing up I want my own rules. I'm going to go to university, can I be financially independent from my parents at university? If I have a job, if I don't drink, if I already have a couple of hundred in the bank right now ? I don't ever want to have to go broke back to my parents again, I would never get any respect. If they want to donate they can, but not bribe me. I basically can't let someone else control me because they have all the money.

Also bonus question, why do people drone on about student debt when at school they're like "you automatically pay a fraction of your salary when you earn over £21,000 and its all happy days!!". Big contrast here, someone needs to fill in the gaps.

Thank you, all help is appreciated.
Reply 1
Avatar for Reue
Reue
20
Original post by Paisley99
I want to be fully independent from my parents. Me and my dad we don't really have a relationship. We re both introverts. He gives me money and I stay in his house and I have to do what he says. Like all parents. But now that I'm growing up I want my own rules. I'm going to go to university, can I be financially independent from my parents at university? If I have a job, if I don't drink, if I already have a couple of hundred in the bank right now ? I don't ever want to have to go broke back to my parents again, I would never get any respect. If they want to donate they can, but not bribe me. I basically can't let someone else control me because they have all the money.

Also bonus question, why do people drone on about student debt when at school they're like "you automatically pay a fraction of your salary when you earn over £21,000 and its all happy days!!". Big contrast here, someone needs to fill in the gaps.

Thank you, all help is appreciated.


Student loads will cover a majority of your expenses but you're gonna need to get a part time job and work. How old are you? Having a 'couple of hundred' in the bank is nothing if you're serious about getting through uni without any handouts. You ought to be saving thousands in advance.


The people who moan about student debt are usually pre-uni students (children) who don't fully understand the student loan & repayment system.
let me guess, you want to be fully independent after he's given his financial information to entitle you to more money?
Reply 3
Avatar for Paisley99
Paisley99
OP
16
Original post by Jackieox
let me guess, you want to be fully independent after he's given his financial information to entitle you to more money?


Tbh, I don't know what that means. Explain....
Original post by Paisley99
Tbh, I don't know what that means. Explain....


You'd only be eligible for the minimum loan (it's around £4000) unless you can prove you're an independent student and been fully supporting yourself for three years or that you're over 25.
If you don't qualify to be an independent student then your dad has to give his financial information to student finance, the less he earns the more money you get from student finance.. So if he earns £30,000 you'd be entitled to around £7000
Reply 5
Avatar for Paisley99
Paisley99
OP
16
Original post by Jackieox
You'd only be eligible for the minimum loan (it's around £4000) unless you can prove you're an independent student and been fully supporting yourself for three years or that you're over 25.
If you don't qualify to be an independent student then your dad has to give his financial information to student finance, the less he earns the more money you get from student finance.. So if he earns £30,000 you'd be entitled to around £7000


Well it's too late now. I'm going to have to use his details because I'm under 25 and there's no way I could have been independent in the last 3 years.
It depends on how much you are loaned, how much you save and whether you get a job plus ofc how you manage your spending. Is it doable? yes. He will still be asked to make a contribution unless his income is very low and soemtimes people find it difficult to make their parents do so. Ro that extent you will not be independent. You may consider getting a job for a gap year so you can save up several thousand.


As for why people moan about student debt its importnat to appreciate the way in which it is paid back, the terms are very favourbale and you only pay a certain amount over £21k. I think people moan becayse the overall debt can be very high £45-50k will be typical by the end of a degree and that is a lot of money to owe no matter how favourable the terms. They also moan because not so long agao students had to pay much lower fees and before than students didnt pay anything.
http://blog.moneysavingexpert.com/2016/09/02/how-much-are-parents-supposed-to-give-their-children-when-they-go-to-university/

^This is a good starting-point Paisley99 to see the minimum topping-up required, and whether your "couple of hundred in the bank right now" will be enough.

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