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do you have a university trustfund. I don't and feel like crap. watch

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    I just found out recently that my grandparents set one up for me, I don't know how much is in it though. I don't even know if I'm getting it this year when I am 18 or next year when I start uni.
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    I don't have one and I wouldn't want one. If I did, I'd at least save it rather than paying for parties!
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    My mum decided to be cool and use the money we have saved for my Uni to pay off my student loan debts rather than make me instantly rich :nothing:
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    I have, from my mum, but she's adamant there's not much in there. About £3,500.
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    (Original post by 35mm_)
    I have, from my mum, but she's adamant there's not much in there. About £3,500.
    not much in there?... its £3500... it takes me 3 and a half months to earn that after tax...
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    (Original post by mitch03)
    not much in there?... its £3500... it takes me 3 and a half months to earn that after tax...
    She's been saving since I was born. Relatively, over 17 years, it's not much. But I appreciate it.
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    (Original post by Lizia)
    I don't have one. I'm a grown up now. If I want to go to university, it's up to me to fund it. Frankly, I think it's ridiculous to still get what is essentially pocket money from your parents when you're 18 and not even living under their roof any more. If your loans don't cover all the expenses, get a job. The only time I can understand people taking money from their parents is if they absolutely need to (ie they're on a course that won't allow them a part time job, or loans and a job still aren't enough to survive on). Beyond that, I think it's lazy and disrespectful to your parents.
    What about to top up whatever loans you get to the maximum amount some people get? That seems to make sense in order to have as much as those who get it totally from the government.

    As for me, I have no trust fund, parents intend to give me some on a year by year basis.
    Oh and I will be doing med so can't get a job except in the summer so please don't have a rant at me.
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    (Original post by Sagittarius_GBR)
    Well, if your friends are going to just dip into it for menial things like parties then it completely defeats the point of having a trust fund anyway.

    I would say they're fairly common, it really depends how forward-looking your relatives are.

    £1500 should be well enough to live on for the year, excluding rent payments. Just budget carefully and don't spend it all on alcohol!

    Yes, I have one, my grandparents set it up for me years ago and I can't access the cash until I'm 21.
    Doesn't that sort of defeat the point of it being for university then? Or will you use it to pay off your debts quicker?

    I had one when I was younger, and until I was about 10 I had £2000 ish in there. The my mum and dad decided to buy and boat, and emptied the account to help pay for it :/ They've said they will help me a bit though. Unfortunately, student debt seems inevitable for me.

    I don't know how many of my friends have trust funds, and for some it seems unlikely, as they will be one of the first in their families to go to uni. One girl says her mum has said she'll pay for EVERYTHING. She's going to study vetinary science(assuming she gets in) and her mum says she'll pay for the course, rent, food, going out spending money, absolutely everything. I can't quite believe she can afford to do all that without a trust fund though.
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    (Original post by crazylemon)
    What about to top up whatever loans you get to the maximum amount some people get? That seems to make sense in order to have as much as those who get it totally from the government.

    As for me, I have no trust fund, parents intend to give me some on a year by year basis.
    Oh and I will be doing med so can't get a job except in the summer so please don't have a rant at me.
    I wouldn't have a rant at you, you're one of the few scenarios I think taking money from parents is acceptable!

    I disagree with the way the loans are done in general, so I'm not sure what I think about topping up loans. I think everyone should get the same, regardless of their family income. So yeah, I suppose parents topping up their kid's money is acceptable, since the government seems to expect it anyway. But people who have entire trust funds set up, or people with full loans and no job, who tap their parents for money whenever they run out are pretty pathetic, imo.
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    (Original post by 35mm_)
    I have, from my mum, but she's adamant there's not much in there. About £3,500.
    :rofl: 'Not much'?! That's a quarter of my Dad's annual wage!

    No, I don't have a trust fund - single parent family earning beans, so there was never any chance of it. Hopefully one day I can set one up if I have kids though. I'd make sure it paid off tuition fees/accomodation, not parties etc.
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    (Original post by somethingbeautiful)
    :rofl: 'Not much'?! That's a quarter of my Dad's annual wage!

    No, I don't have a trust fund - single parent family earning beans, so there was never any chance of it. Hopefully one day I can set one up if I have kids though. I'd make sure it paid off tuition fees/accomodation, not parties etc.
    Yeah, 1/4 of a year X 17 years doesn't equal 3,500 but much more.
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    (Original post by 35mm_)
    Yeah, 1/4 of a year X 17 years doesn't equal 3,500 but much more.
    Regardless, £3,500 is a lot of cash, to me at least :p:
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    (Original post by somethingbeautiful)
    Regardless, £3,500 is a lot of cash, to me at least :p:
    Yep, to me it is too
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    (Original post by dymphna)
    Doesn't that sort of defeat the point of it being for university then? Or will you use it to pay off your debts quicker?

    I had one when I was younger, and until I was about 10 I had £2000 ish in there. The my mum and dad decided to buy and boat, and emptied the account to help pay for it :/ They've said they will help me a bit though. Unfortunately, student debt seems inevitable for me.

    I don't know how many of my friends have trust funds, and for some it seems unlikely, as they will be one of the first in their families to go to uni. One girl says her mum has said she'll pay for EVERYTHING. She's going to study vetinary science(assuming she gets in) and her mum says she'll pay for the course, rent, food, going out spending money, absolutely everything. I can't quite believe she can afford to do all that without a trust fund though.
    Well, it's not specifically a university trustfund, just some cash to help me out on whatever is most urgent at the time - as I have gone to university it will likely be used to cover some of that but it could have just as easily been used for a car/house etc.

    The general point of a trust fund is that the money will be kept 'in trust' for the recipient when he/she comes of age, so it can be used wisely.
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    (Original post by G50)
    I don't. Personally, I think that when you get to uni it's time to get off the parents' tits and become a bit more independent. It builds character to earn everything yourself rather than just relying on your parents' money. Now of course there's nothing wrong with your parents giving you money. Whether you receive just a minimum when you're in trouble (perfectly natural), or even if you receive tons. Can't judge people for wanting to get more money from their parents if it's available to them. College is for partying and having a good time, and money helps.

    However, I still think that going it alone is the harder choice, and thus the most rewarding (in terms of what you'll learn). There are no obstacles, only opportunities for excellence.
    Well that would be nice, but personally, my acommodation is £160 per week minimum, I'll be paying for some books + equipment etc, I'll be spending **** loads if I want any sort of social life in London, and then there is travel expenses and of course tuition fees. I've worked since year 11 at a job at McDonald's but that's hardly given me much money. And I'll be doing medicine so it's more contact hours and less chance of a job so with the current economic crisis I doubt I'd find anywhere willing to take me for only a few hours a week and I'd be living in a cardboard box on the streets of London getting shot at. So it's kind of good I have a trust fund, but mine didn't come from my parents so...

    I've still learnt financial responsibility though, my parents only give me money for essential things and I've got to pay for anything I want with my wages, which is a good lesson. But I don't think that in my situation relying on small hourly wages would be possible.
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    I have quite a lot of "emergency money" that my parents saved up, but I would feel guilty for using it. I'm going to uni with about £1.5k, but that is actually the money from the SLC who gave it to me for my previous course.
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    (Original post by Lizia)
    But people who have entire trust funds set up
    are pretty pathetic, imo.
    Why? If you can support yourself from savings from jobs from 13 to the time you get to uni but your parents want to pay, you ask if they are sure since you can support yourself but they say they want you in the same position they were in when they left uni/college then whats pathetic about that?

    Whats the difference between getting it whilst at uni and getting it when your parents die? Apart from the favorable tax implications of the former?
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    Nope, no trust fund. All the money I have i've saved through having jobs before and during uni. Sometimes it sucks but the financial independance I have learnt will be invaluable for the rest of my life.

    I think it would suck less if I were under the top up fees system...i'm still on the old system so less fees but less support whilst at uni.

    I'm not in as bad a position as those who get less loan, on top of no support from their parents. That must really blow.
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    I remember reading a post saying 'The independent life. Funded by your parents.' Looool, annoyed me so damn much. Looking around here hardly anyone's parents are going to be funding their university life.
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    I've BEEN at uni for a year now and had absolutely no trust fund whatsoever. I am still alive :P and actually had an absolutely fantastic time. There's nothing to worry about
 
 
 
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