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

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    No, my parents didn't even expect me to go to university.
    I'll be working hard this summer and saving up.
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    Trust funds are common because of the tax benefits. Parents who just give their kids money down the line are losing out because of tax. My parents set up a child trust fund and a family investments share scheme which I got at 21.

    A lot of parents set up funds which their kids can access when they reach 18 or 21. It has a good rate of interest, and its tax free. For example, if you are a top rate tax payer paying 45% income tax, you could set up a child trust fund directly from your payslip which would be tax free.

    So, a top rate tax payer who just gave their kids £3000 would be able to give them £4350+interest with the same money had they used a trust fund.
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    (Original post by Lizia)
    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.
    I disagree, I think it is entirely up to their parents to make a trust fund or not and so the fact someone has a fund or not is not something to base assumptions on.

    But I think learning financial responsibility is important and people who do just ask for more when they had sufficient if it was spent wisely, just shows immaturity
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    My family is too poor lol! I will get no money from them whatsoever and they haven't saved any for me or my siblings. I need to find a job :yep:
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    I don't have a trust fund exactly, no one in my family ever went to uni and I guess they didn't plan I would. My grandparents are, however, going to give me £5000 for accomodation/travel card each year, which will help a lot I get some grant as my mum is a single parent and I'm also having loans, and I have savings if I'm in dire need, which I'm hoping I won't need.
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    I have some savings which I don't plan to use unless I do get into abit of a pickle. Both me and my mum have been putting money into an account for over a year now, which will hopefully be enough to cover accommodation for a short while. Now I've got a job and am doing loads of overtime hopefully this will help.
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    (Original post by Jessaay!)
    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.
    Yeah, obviously there are exceptions. Studying in London (a bit of extra help can be expected, within reason), and/or studying medicine (where you'd probably need a lot more help) for example.
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    My dad gave me £1000 at the start of the year, I took a loan for the tuition fee and got a £3000 grant from the government and £1000 bursary from the Uni which was more than enough to see me through the year. Hoping for the same this year.
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    My parents opened up a savings account for me when i was less than a week old, there's been money going into it ever since. I guess you could call it my 'trust fund'.
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    (Original post by G50)
    Yeah, obviously there are exceptions. Studying in London (a bit of extra help can be expected, within reason), and/or studying medicine (where you'd probably need a lot more help) for example.
    Fair enough.
    I recognise it's difficult for people doing any other subject too, it's just a bit of a financial nightmare living in london studying for 6 years. :o:
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    I don't have one and don't know many people who do.

    Loans/grants are usually sufficient.
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    I'm getting £10,000 from a trust fund.

    Which is pretty good I guess.
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    Yes, my parents saved up about $70,000 USD for me. That only covered the first two years of university for me, so it's a good thing I had it. I couldn't have gone to university without it.
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    (Original post by mitch03)
    wow, i wish!
    all my money goes on rent and bills and weekends), so you'll be absolutely fine... :yes:
    Yes, same here! Before i went to uni, all my wages went on rent, bills and generally living, so i didn't have a chance to save any dosh up either!
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    (Original post by la fille danse)
    Yes, my parents saved up about $70,000 USD for me. That only covered the first two years of university for me, so it's a good thing I had it. I couldn't have gone to university without it.
    I wonder how everyone else who doesn't have $70,000 goes to university (even in the US)? :confused: Maybe you couldn't have gone to the uni you wanted, and had the lifestyle you wanted, but saying that you can't go to uni without that much money is a bit of a stretch. Still, good for you. I wouldn't mind being in the same position.
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    If you get a part time job (even if it's the absolute minimum hours you can do) you'll still be fine with the grants and loans (as long as you don't go mad lol)
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    I don't have one
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    (Original post by G50)
    I wonder how everyone else who doesn't have $70,000 goes to university (even in the US)? Maybe you couldn't have gone to the uni you wanted, and had the lifestyle you wanted, but saying that you can't go to uni without that much money is a bit of a stretch. Still, good for you. I wouldn't mind being in the same position.
    I went to university in the UK. How do you suggest I should have paid my £30,000 tuition fees (over the course of my degree)?


    An in-state public American university would have cost $73,384 over the course of the degree. So, that's the minimum I would have had to pay for a degree.
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    (Original post by la fille danse)
    I went to university in the UK. How do you suggest I should have paid my £30,000 tuition fees (over the course of my degree)?
    By not choosing to study somewhere where the costs would be astronomical for you? So it's like I said: you couldn't have gone to the uni you wanted. Not "I couldn't have gone to uni without $70,000 from my parents". :rolleyes:

    (Original post by la fille danse)
    An in-state public American university would have cost $73,384 over the course of the degree. So, that's the minimum I would have had to pay for a degree.
    Which you could get a loan for. How does everyone else whose parents don't have $70,000 lying around pay for college in the US? In fact many people do their first two years in a community college and then switch to a four year college. Saves loads, and the quality of the courses is often quite on par... of course you don't get the whole "big university" experience, but if you think it's worth paying that much for a lifestyle for a couple of years, ok...
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    (Original post by G50)
    Which you could get a loan for. How does everyone else whose parents don't have $70,000 lying around pay for college in the US? In fact many people do their first two years in a community college and then switch to a four year college. Saves loads, and the quality of the courses is often quite on par... of course you don't get the whole "big university" experience, but if you think it's worth paying that much for a lifestyle for a couple of years, ok...
    Or I could have done what I did, and got a good education. :rolleyes:

    By the way, over here, we don't get your cushy interest-free only-pay-it-back-when-you-have-a-comfy-income-and-then-only-pay-back-a-minuscule-amount student loans.
 
 
 
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