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Parents want me to save £12,000 for uni watch

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    (Original post by allybop99)
    Sorry I'm from Scotland so I'm in fourth year so not sure what year that is in England, but I just went down to local shops and services (hairdressers, chippy, restaurants, newsagents ect.) and asked if they need any help or if there was currently any jobs going
    I'm guessing you're 15/16
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    Saas gives you 450 pound a month (for ten months) as a living costs loan regardless of parents income. You don't need to save 12k that's not necessary but it is a good idea to get a job before uni and save. You can also work part-time at uni as well and full-time during the summers.
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    Progress can be made.

    Firstly you have what ~18 months until university, 20 months until you need to pay the tuition fee.

    So if you work 14 hours per week (Saturday and one evening - very doable) then that's ~£300 per month. On top of that you have your Easter holidays, Christmas holidays and two summers where you can work full time with the right job. In those months you can earn ~£1k.

    I'm not saying you can get the full amount, but it's easy to see how you could get half of it relatively easily.
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    there's no way you can save 12k in two years. 1,200 - ok maybe.
    I've been working for 3-4 months now and I've managed to save about 500-600 but this is due doing lots of extra hours during Christmas period and the time leading up to it. (I've had to spend quite a bit as well oops lol)
    I think I'll manage to save up 1k if not 1.5, but 2 is a stretch - we'll see how it goes though (bearing in mind I'm going uni this September)

    12k? No way.. reason it out with your parents.
    What does it matter to them anyway? It's your life, you'll be living on your own then probably and your expenses will be your decision then not your parents'.
    Explain that it's a different time and age - university and uni life itself is not as cheap as it was back in your dad's days, and plus you get all the necessary need from the government.
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    (Original post by allybop99)
    Guys I've talked to my parents and they said I don't need to save as much on the condition I get a job whilst at uni and I've explained to them about the loans (you guys where right, they seemed to have no idea how student loans worked haha). They still want me to save as much as possible but they seem to feel bad for putting lots of pressure on me.
    That sounds like a good idea. Having experience in work will give you additional things to add to your CV when you apply for graduate jobs as well.

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    Should only take you about 7 years to save OP :lol:
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    How do you not have time to work more now?

    When I was at college I still did 36hours work (2 12 hourly shifts, 2,6)
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    (Original post by allybop99)
    My parents told me if I want to go to a non-local uni then I need to save £12,000 to contribute towards living costs as they won't be able to afford it, neither of the university's in living distance of me have the course I want to do (geology), so I pretty much have no choice.

    My dad saved up for his entire university education by himself as his family was quite poor so they expect myself to so as well.

    Right now I earn about £35 a week and will be going to uni in two years, so far I have nothing saved as I wasn't aware as to how bad our situation is.

    There's no way I can save enough in time as I have to contribute to costs such as clothing food ect. I don't have time for another job, would working summers allow me to save a decent amount?
    Most get by independent of parental support, even when falling below the baseline for means-tested grants. The repayment terms, moreover, are rather generous. In other words: your parents are being unreasonable, from ignorance, malice, or otherwise I don't know, but attempting to earn that amount prior to university is likely counter-productive, i.e. it would seriously undermine your A-Levels. A couple of thousand comfort room would, IMO, be more than enough. Depends on your interests, mind.
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    I think you should find out what support you would be entitled to based on your parents financial situation, and get their guarantee that if you go away for uni, they will support your funding application (not sure about Scotland, but SFE require your parents to submit evidence for you to get means-tested portions, and some parents can screw up their kids' futures by refusing to provide that information simply because they disagree with the student's choices).

    Show your parents what you are entitled to, and break it down into loan (repayable) and grant (non-repayable). If you know what Universities you are considering, include any additional bursaries that you may qualify for.
    Then tell your parents how much of this money you would have to pay back, at what point in time and at what rate (as well as you can tell). Under the English system, you can take only the grants, or the loans as well, so you could potentially take only the "free" money and support yourself off savings/part-time job as well, avoiding the loans that you'd have to pay back.

    Then show them your income vs outgoings based on your current level of work. Can you increase your hours, without sacrificing your studies? If not, show them why. If you don't save much at the moment, what do you spend your money on? Are these things that you need to spend it on, or could you cut down a little to increase your savings? Are you going to be on a higher wage soon (because you reach NMW age boundary)? Factor this into your budget.
    If you can think that far ahead, work out how many hours a week you could work at University (probably 8-12 is a good bet) and assume you are doing that, at minimum wage, during term time. Inclue this in your "long-term" budget plan, but explain to your parrents that although you are happy to work, and you will look for a job, you can't guarantee that you will be able to find one, and you might not actually get the money you are budgeting here when you start your course (this could be a way of saying, I should probably take the loans).

    I would imagine that, if you can show your parents that you have thought about the cost of University, and you understand the finance system, they will be happier for you to use it rather than slaving away over the next couple of years to ensure you can do the course.
    I also think it's really important that you stress to them that you aren't afraid of working, and you think it's important to support yourself, but that the finance support system is there for a reason, and that it would be much better to use it than to cause yourself problems by refusing to do so. Because of my parents' income, I get minimum funding, and it has never been enough for my costs. I have worked stupid hours throughout my degree, because I've always had at the back of my mind the knowledge that if I lost my job, or had to cut my hours to ensure I could meet deadlines/kep up with the course, I would have to drop out, because I simply couldn't afford to be there otherwise. If your parents can't support you, then obviously there's nothing you or they can do about that, but you should try to show them just how damaging it could be to dissuade you from taking the support that's available based on how the system was when they went through it. The loans aren't scary evil things, and it would be much better to take a loan tht you might never need to repay, than to work your ass off, miss out on social experiences and other opportunities at University, just so that you can afford bread and beans and a roof over your head.
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    (Original post by allybop99)
    My parents told me if I want to go to a non-local uni then I need to save £12,000 to contribute towards living costs as they won't be able to afford it, neither of the university's in living distance of me have the course I want to do (geology), so I pretty much have no choice.

    My dad saved up for his entire university education by himself as his family was quite poor so they expect myself to so as well.

    Right now I earn about £35 a week and will be going to uni in two years, so far I have nothing saved as I wasn't aware as to how bad our situation is.

    There's no way I can save enough in time as I have to contribute to costs such as clothing food ect. I don't have time for another job, would working summers allow me to save a decent amount?
    If you organise your time, then you can do more hours at work/get another job. I did 15-20 hours a week while at 6th form and college. I work with quite a few others who do the same.
    And yes, working more over the summer may help you save up some money.
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    first your parents didn't know how much fees will be, they got put up a lot recently. Second their financial position has changed so they cant offer as much, third they probably dont understand the current funding system. You dont need 12k before you go and you should be able to get a holiday job and save up. So time to show them you are mature enough to go to university by getting hold of information about costs and grants (start here http://www.moneysavingexpert.com/students/ )

    Then set yourself up an ISA and start saving money. Show them you are responsible and planning ahead and if tthey still think you should have 12k in advance take them to a university open day or get a teacher or relative to talk to them.
 
 
 
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