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Should our student finance be determined on our parents income?

Hi guys, I'm new to student room!
I am currently studying Accounting and Finance (foundation year) at UCLan in Preston. As part of one of my assignments I am currently conducting some research to use in my assignments, its 10 questions and shouldn't take any more than 2/3 minutes and it would help me a lot!

In my personal opinion, I don't think your student finance should be solely based on your parents income, because if your parents are high earners e.g. to the extent where Student Finance refuse to give you any grant/loan, HOWEVER your parents decide not to financially support you for university, then how is that fair on the student? Although parents should take responsibility there will be some cases of parents who don't, so what options would the student then have? This came across to my mind and that's why I chose this topic.

The link to the survey is https://www.surveymonkey.com/r/DFNXPXC

Thanks,
Bilal!
I am not applicable to your survey, but I am curious to know how you would means test finance? Or would you just have everyone receive what they wanted up to a limit?
Reply 2
Avatar for CAElite
CAElite
19
Filled in your survey. And yes I believe the premis of parental income dictating how much financing your allowed can be absurd.

However in many situations it is suitable. For instance I have a coursemate whos parents pay his rent and car bills every month. And yet he recieves the same financing options as myself who was cut off the moment I turned 16 (Mum & dad on low income, step father who is apart of my "household" has no interest in aiding me financially but earns enough to make me entirely ineligible for any financial aid from the state).
Reply 3
Avatar for Aph
Aph
22
I see why it might be unfair for the children or more well off people who don't get student finance (although now everyone gets at least £3k in student loans) but if it wasn't based on parental income then don't you think that the parents woudl just claim astrangement or whatever to get out of paying money and just let their children sponge off of student loans when they can pay?

There used to be a time when student grants and loans were designed so that they woudl fully cover all student expenses but now parents are expected to contribute a little. Is that right? Well I couldn't say.
Reply 4
Avatar for codle
codle
16
Whilst this is an interesting topic, I'd just like to point out that normally when conducting a survey, researchers are encouraged to not share their own opinions on an issue in case they influence the respondents. It probably doesn't matter too much here but it might be worth remembering for any future research you have to do :smile:
I completely understand and support why student finance should be based on parents income for those that come from a low income family, but I do think other factors should come into consideration too. For example, I'm planning on moving out for uni next year but if I do my parents aren't supporting me financially whatsoever, but because of their income the student finance that I am entitled to will only cover about 1/3 of the cost for accomodation which puts me in a tricky position. So I think it's unfair to suggest that everyone with parents that have a higher income will automatically receive financial support from them, when that's not always the case.
Something I've thought about. Some friends of mine are in the situation you described. Plus, it's not always about being cut off. There might be a new child or something which means the parent can't support the one at University.

That said, I can't think of an alternative./
Reply 7
Avatar for ikhan94
ikhan94
16
Yh i think it is unfair because sometimes parents, even the high earners wont give you money
I think it is also unfair because if you have multiple siblings, you get the same as somebody from a family, of the same income, who has to only support 1 of their children through university.


They should at least make an option for families with multiple children at university, as they will already have financial commitments to the others.
Reply 9
Avatar for Aph
Aph
22
Original post by Yellow2914
I think it is also unfair because if you have multiple siblings, you get the same as somebody from a family, of the same income, who has to only support 1 of their children through university.


They should at least make an option for families with multiple children at university, as they will already have financial commitments to the others.

Actually that isn't true. If you have multiple children at university then I believe that each child gets £1k more for each other sibling at uni. So if I sent triplets to uni then they would all get £2k extra each year (£6k in total each year) up to the maximum £8.2k loan.
Original post by Aph
Actually that isn't true. If you have multiple children at university then I believe that each child gets £1k more for each other sibling at uni. So if I sent triplets to uni then they would all get £2k extra each year (£6k in total each year) up to the maximum £8.2k loan.


I didn't get anything,


where was this option ?
Original post by Aph
Actually that isn't true. If you have multiple children at university then I believe that each child gets £1k more for each other sibling at uni. So if I sent triplets to uni then they would all get £2k extra each year (£6k in total each year) up to the maximum £8.2k loan.


This isn't true. I am a triplet and SFE do not have any provision in place for situations like these.
Original post by ikhan94
Yh i think it is unfair because sometimes parents, even the high earners wont give you money


I agree
Reply 13
Avatar for Aph
Aph
22
Original post by Yellow2914
I didn't get anything,


where was this option ?

this might help
Original post by lizmoo0721
This isn't true. I am a triplet and SFE do not have any provision in place for situations like these.

I'm looking at this link and the SFE guy mark I recall saying that twins, triplets ect. Should get extra consideration for loans.

here, here & here
Original post by Aph
this might help

I'm looking at this link and the SFE guy mark I recall saying that twins, triplets ect. Should get extra consideration for loans.

here, here & here


Maybe Norther Ireland has different policies. When I contacted them earlier in the year they said they couldn't do anything.
Reply 15
Avatar for Aph
Aph
22
Original post by lizmoo0721
Maybe Norther Ireland has different policies. When I contacted them earlier in the year they said they couldn't do anything.

The other links are referring to SFE. (England) and are recent. It could be that after siblings are taken into account that it makes no difference to your aplication or that you didn't explain it properly but SFE definitely take into account siblings.
Answered this for you, being cut off is a pain and makes further education very limited.
Original post by ByEeek
I am not applicable to your survey, but I am curious to know how you would means test finance? Or would you just have everyone receive what they wanted up to a limit?


Like some other people I do believe its unfair but I don't know a solution to this either!
Original post by codle
Whilst this is an interesting topic, I'd just like to point out that normally when conducting a survey, researchers are encouraged to not share their own opinions on an issue in case they influence the respondents. It probably doesn't matter too much here but it might be worth remembering for any future research you have to do :smile:


Thank you (for next time!) its my first survey so that's probably why there's a few mistakes/inaccuracies haha, ill learn for next time
Reply 19
Avatar for codle
codle
16
Original post by bilalahmeddd
Thank you (for next time!) its my first survey so that's probably why there's a few mistakes/inaccuracies haha, ill learn for next time



That's okay, I hope it goes well :smile:

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