Are 2014 entry students naive about what their loans and grants will cover?

A lot of soon to be 2014 freshers at my uni seem to be wanting the most expensive accommodation, not taking into account whether or not their loans/grants will actually cover it. Do you think that the majority of freshers are like this?

Reply 1

Klix88

17

Some are, some aren't. An intake of first years is as variable as the general population.

Some will come from families where money is tight and they'll already be used to living on a budget. Some may have worked for a little while - even a part-time job for pocket money gives you an idea of what things cost and how to manage.

Unfortunately, some will never have had access to money of their own before and simply won't be used to budgeting or figuring out how much to put aside for rent, food etc. Someone on my undergrad degree had been given money on demand by his parents up to that point. He managed to spend his entire first term's loans and allowance from his parents, during Induction Week. I believe his parents saw the error of their ways pretty much immediately. He was taken home for a weekend's stern drilling on household management, which saw him safely through the rest of his university career. It can take a bit of practice for people not used to it and some of the lessons are harsh.

If it's any consolation, I think a lot of parents aren't aware of how much the basics of student living cost, either. I've met many who seem to think that uni accommodation is charged at half the local market rent, or who don't understand that catered halls are more expensive.

(edited 10 years ago)

Reply 2

Klix88

17

Just wanted to add that the majority of parents seem to think that Student Finance is supposed to cover all of their kids' living costs whilst at uni. There doesn't seem to be a general understanding that SF is only designed to supplement their household income and that SF assume they will (to a greater or lesser degree) still be contributing financially to their kids' upkeep whilst at uni.

Hence a lot of students from apparently well-off families (lower SF/higher parental contribution expected) can sometimes be left more financially high-and-dry than colleagues from lower income families (higher SF/lower or no parental contribution expected). If their parents haven't planned to continue to financially support their children until they graduate, then the budget gets thin indeed even with the students taking on part-time jobs.

Reply 3

balotelli12

9

Original post by Klix88

Just wanted to add that the majority of parents seem to think that Student Finance is supposed to cover all of their kids' living costs whilst at uni. There doesn't seem to be a general understanding that SF is only designed to supplement their household income and that SF assume they will (to a greater or lesser degree) still be contributing financially to their kids' upkeep whilst at uni.

Hence a lot of students from apparently well-off families (lower SF/higher parental contribution expected) can sometimes be left more financially high-and-dry than colleagues from lower income families (higher SF/lower or no parental contribution expected). If their parents haven't planned to continue to financially support their children until they graduate, then the budget gets thin indeed even with the students taking on part-time jobs.

The majority of parents?

What an outrageous assertion with not a shred of evidence.

Gov.uk makes clear the basis of funding. I don't believe that most parents haven't read it.

(edited 10 years ago)

Are 2014 entry students naive about what their loans and grants will cover?

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