Do you have to get money from your parents?

Hey

University is still a long way off for me, but I've been wondering a lot about the finance aspect of it. I assumed my parents had some money saved up for me, but apparently they don't..

They said I'll manage with a student loan, but I don't get how, as so many of my friends have thousands saved up for university.

Will I be able to manage if I have no other source of income to begin with, and just the student loan?

Reply 1

Bloxorus

16

It depends how much you are eligible to borrow, which depends upon your parents income. You certainly don't need thousands saved up to live a comfortable life at university.

Reply 2

balotelli12

9

If you only qualify for the minimum, ie your parents incomes total more than £60K a year, you will not have enough to pay for your accommodation never mind anything else. Your parents are expected to contribute or you will have to get a part time job.

Reply 3

Scoobster

My loan didn't cover the cost of my accommodation. My dad supplemented me £350 every month, without that I'd have to have gotten a job whilst at uni.

I'd honestly be surprised if any student at any Uni could survive on their student loan only. You'd have to have other funds to dip into, or another source of income.

Reply 4

username1149337

1

Original post by balotelli12

If you only qualify for the minimum, ie your parents incomes total more than £60K a year, you will not have enough to pay for your accommodation never mind anything else. Your parents are expected to contribute or you will have to get a part time job.

I think this is ridiculous tbh, the government expect as we have "rich" parents they will help us through uni costs. What about twins or triplets all going to university!? The parents aren't going to be able to fund the sort of money that the government grants to each child if they earn 60k!!

Reply 5

_-_Ella_-_

18

Original post by Scoobster

My loan didn't cover the cost of my accommodation. My dad supplemented me £350 every month, without that I'd have to have gotten a job whilst at uni.

I'd honestly be surprised if any student at any Uni could survive on their student loan only. You'd have to have other funds to dip into.

I disagree I think most parents don't save up money. Some people may get a student part-time job but I think if you are financially smart it is entirely possible.

Reply 6

Scoobster

Original post by _-_Ella_-_

I disagree I think most parents don't save up money. Some people may get a student part-time job but I think if you are financially smart it is entirely possible.

I never said most parents save up money.

Reply 7

jameswhughes

19

Original post by _-_Ella_-_

I disagree I think most parents don't save up money. Some people may get a student part-time job but I think if you are financially smart it is entirely possible.

Most students do need help from their parents, considering the minimum loan won't even cover their student accommodation.

Reply 8

donutaud15

22

if you budget, you should be ok.

Posted from TSR Mobile

Reply 9

donutaud15

22

Original post by Scoobster

My loan didn't cover the cost of my accommodation. My dad supplemented me £350 every month, without that I'd have to have gotten a job whilst at uni.

I'd honestly be surprised if any student at any Uni could survive on their student loan only. You'd have to have other funds to dip into, or another source of income.

not particularly. my husband and myself survived without any help other than student finance and overdraft.

Posted from TSR Mobile

Reply 10

Scoobster

Original post by donutaud15

not particularly. my husband and myself survived without any help other than student finance and overdraft.

Posted from TSR Mobile

Which is obviously considered as dipping into other funds.

Bottom line is you probably wont be able to lead a fair lifestyle on just a student loan. You will need access to other funds.

Reply 11

Zaphod77

1

If you're eligible for the maximum amount of loan and grants then you should be ok, especially if you get scholarships on the top. However, if you're not then you might need money - if you're only eligible for the minimum amount you will need a lot of money from your parents.

Reply 12

donutaud15

22

Original post by Scoobster

Which is obviously considered as dipping into other funds.

Bottom line is you probably wont be able to lead a fair lifestyle on just a student loan. You will need access to other funds.

not really because it will get to a point where the overdraft is not one of the options anymore and just have to live on loan and grant

Posted from TSR Mobile

Nope, I use SF.

Original post by ryanroks1

Will I be able to manage if I have no other source of income to begin with, and just the student loan?

Apparently many people do, you just need to have discipline and learn to live cheaply. Having said that, I don't speak from experience.

I earn £30k a year and spend pretty much everything I earn, and my parents still send me money to buy various things I need. I'm not sure how common an experience that is

Reply 15

MostUncivilised

3

Original post by Scoobster

I never said most parents save up money.

I would expect that most people save money, so most parents save money. I don't, but then again I'm a bit of a manchild anyway.

Reply 16

ryanroks1

OP

12

Thanks for all of the replies, they've helped a lot :smile:

If my parents are earning around 50K combined, how much would I be able to get?

Reply 17

Tiger Rag

22

Original post by RadioheadHermie

I think this is ridiculous tbh, the government expect as we have "rich" parents they will help us through uni costs. What about twins or triplets all going to university!? The parents aren't going to be able to fund the sort of money that the government grants to each child if they earn 60k!!