Cost of Going to University

[gallapunk]

Hi, could anyone please give me an idea of how much it's going to cost for my daughter to go to university next year? I've managed to get some money saved up, but I'd be grateful for a realistic idea of how much I'll really need. Thanks.

[Dr Wu]

In order to give you a useful answer you really have to give more info.

What University is it (i.e. cheap place to live/expensive place?)

Does she have to pay course fees?

If she does what are the course fees?

Will she be living at home (with you)?

If not, what kind of accomodation will she be staying in i.e. private flat student residences etc?

Is she entitled to any bursaries/expenses?

all of this will influence how much it will cost you.

[factor-fiction]

The course fees and maintenance loan (normally just enough to cover accommodation costs) normally amount to around �6500 a year. But this can be taken as the student loan so that needn't cost you anything- it's your daughter who would pay it back over several years in the future.
Depending on your family income she may also qualify for grants.
She will need money to live on for food, clothes, entertainment etc - maybe �3000 a year between October and July. So you could pay this although you may expect her to fund some of this via a part time job.
There are lots of sites on student finance- try student loans company

[msemma]

Short answer: much more than you budget for!

Longer answer: you should sit down and discuss your daughter's finance with her at every opportunity to ensure she does not get into more debt than is necessary. Whenever she come shome, for holidays or weekends, check what her financial position is. Saving up isn't the answer - your daughter getting a job that suits her while she studies and provides valuable work experience / summer work is the best way forward. Earning money will make her value it more, and she will be ahead of others when she graduates if she thinks about her employability skills whie she studies. Find out if there is the option to do a placement year on her course - a year working in industry where she can develop her practical skills (often resulting in a better degree result!) and work towards reducing her debt.