I don't see your point.
The OP's posters most likely WILL have to pay, if they want to go (in England). What I paid or not viz-a-viz uni is irrelevant to this discussion.
How much to save for my children's university education?
- Thread starter geek84
- Start date
The OP's posters most likely WILL have to pay, if they want to go (in England). What I paid or not viz-a-viz uni is irrelevant to this discussion.
Sponsored Links
Life is a gamble though, isn't it? You could pay it all for them on the off-chance, then find out that your worst case scenario didn't happen after all. You're £50k down on the person who made their decision the other way.
On average a graduate earns far more than a non graduate over their lifetimes. A decent degree in electrical engineering should guarantee a very good income. A degree in meeja studies might get you a job in MacDonalds, or a real job if daddy has good connections, or you can blag. Friends from my university days are vice presidents and partners in big London companies, presidents of accountancy companies, and so on. Then again they all have degrees in maths, physics and other hard subjects.
I have 2 grown up kids who both went through uni and are currently in responsible and well paid positions in IT and NHS respectively. My issue is that after spending big bucks putting them through uni, both passed interviews which only stipulated A-level passes.
If I had my time again, unless mum/dad are expecting their babies to grow up as doctors or space scientists, I would recommend they leave school after A-levels, then seek a position in a company that does business in the field of their interest, then aim to better themselves whilst from within the company. Teenagers can earn a wage whilst their employers sponsor part time degrees. It may take a little longer, but important work experience is gained during the period of study and no debt on graduation!!!
If I had my time again, unless mum/dad are expecting their babies to grow up as doctors or space scientists, I would recommend they leave school after A-levels, then seek a position in a company that does business in the field of their interest, then aim to better themselves whilst from within the company. Teenagers can earn a wage whilst their employers sponsor part time degrees. It may take a little longer, but important work experience is gained during the period of study and no debt on graduation!!!
Sponsored Links
I wouldn't disagree, or agree with your opinion, Doug. But potential employers are interested and will often make a decision on the ability of the potential employee who has the required discipline to study and train for future skills.
Yes, and use the company's training programme to get the degree or other qualification.
- Joined
- 24 Sep 2005
- Messages
- 6,345
- Reaction score
- 269
- Country
http://www.slc.co.uk/services/interest-rates.aspx
'...If you come into repayment from April 2016 Variable rate dependent upon income. RPI (0.9%) where income is £21,000 or less, rising on a sliding scale up to RPI+3% (3.9%) where income is £41,000 or more...'
If we assume 1.0% whilst at Uni. after 3 yrs £27,500
Then around 2.5% thereafter, ten years later £35,200...
Bearing in mind the powers that be are trying to stoke inflation such that 2.5% may pale a little.
Payments based upon RPI and not CPI inflation measure !! What a con that is - and Base rate at historic low level !!
Who would have thought the fees would rise from £1k to £3k then triple to £9k - Massive pay rise for the boss woman at our local uni, grace and favour home and all that - perhaps the same peeps who thought they could post back the keys to their home when they couldn't afford the mortgage, some times the knock comes for outstanding monies many years later, not necessarily the original lender but maybe a Kray like mob.
Step away from debt !
-0-
'...If you come into repayment from April 2016 Variable rate dependent upon income. RPI (0.9%) where income is £21,000 or less, rising on a sliding scale up to RPI+3% (3.9%) where income is £41,000 or more...'
If we assume 1.0% whilst at Uni. after 3 yrs £27,500
Then around 2.5% thereafter, ten years later £35,200...
Bearing in mind the powers that be are trying to stoke inflation such that 2.5% may pale a little.
Payments based upon RPI and not CPI inflation measure !! What a con that is - and Base rate at historic low level !!
Who would have thought the fees would rise from £1k to £3k then triple to £9k - Massive pay rise for the boss woman at our local uni, grace and favour home and all that - perhaps the same peeps who thought they could post back the keys to their home when they couldn't afford the mortgage, some times the knock comes for outstanding monies many years later, not necessarily the original lender but maybe a Kray like mob.
Step away from debt !
-0-
S
Shutpa
Of course I don't know how bright your twins are, but if they are very, very, clever, and since the fees are the same as other universities in England, it might be worth your while considering Oxford or Cambridge as possibilities. I don't know about Cambridge, but I do know that Oxford has a summer school, (UNIQ), where in the year before the entrance application,potential undergraduates get a sample of life at the university all expenses paid including travel. Competition for a place at the summer school is very fierce,but if you or the twins are interested, then the school councilor or careers master could investigate further.
Well it seems those nice Tory MP`s have now decided giving money to the Plebs for an Education is not on !!
They have sneeked in a bill to do away with the first £3500 for University Fees for the Poorest students of the UK, as of April next year
So the burden on youngsters who want to go to university will be greater. Next step is to privatise all grants to Uni Students so regardless of what they earn they will have to repay all the monies given to them,
So a Uni Graduate on minimum wage shelf filling in Lidl and Aldi will have to budget repayment of all Uni Fees out of their earnings.
They have sneeked in a bill to do away with the first £3500 for University Fees for the Poorest students of the UK, as of April next year
So the burden on youngsters who want to go to university will be greater. Next step is to privatise all grants to Uni Students so regardless of what they earn they will have to repay all the monies given to them,
So a Uni Graduate on minimum wage shelf filling in Lidl and Aldi will have to budget repayment of all Uni Fees out of their earnings.
50% now go to uni, up from 25% from the days of yore.
Now education is until you are 18.
You can blame whichever nasty party is in power, the result will still be the same, it has to be paid for.
D
Doggit
With so many unknown factors, it's hard to guess the future. Did you go to uni, do you think you're kids will be bright enough to go even if you didn't; are you earning enough to save about £80k over the next 18 years.
I know this will raise a few hackles, but Gordon brown did a disservice to both youngsters, and to business, in trying to push at least 50% of students into university places. It was, and always should be, for the brightest students, and just sending anyone there, can give the underachievers a false sense of their worth, and misguided view on life, and leave them with a debt for 25 years. If there were less students going to university, then the government could afford to go back to the old days of giving student grants. As it is, it's reckoned that the system is going to collapse in a few years anyway, as not enough is going to get repaid.
A masters in golf course management will force you to stack shelves, and as a Chris Woodhead (former Chief inspector for schools) said after he got disillusioned with the education system, don't bother with any course that has "studies" in it's title. If the degree isn't going to get you a damned good job, then don't bother with it.
Loans get written off after 25 years, or when you reach 65. The current interest rate is 0.9% on the student loan, and you start repaying 9% of your salary when you earn more than £17335, so at that level, you'll be paying it off for the next 25 years anyway; and with current rents and everything else, that's a lot to dump on someone. And if they're earning £30k per year, they'll just pay it off quicker, but still struggle.
If you're determined to help them out, then look for a good investment plan that'll reckon to mature in 18 years, and give you the £80k you need. Another option is to put about £38k in to stocks, and let it grow. But with the stock market going down at the minute, just save it in an isa for the next few years, then invest it.
About 20 years ago, my mum lent my niece the deposit on a house near her uni, and she rented it out to other students, covered her costs, and saw the house rise in value for her future, but you couldn't do that nowadays. I'm prepared to help out my daughter if she decides to go in a few years, but I know that if I give her the whole amount, she won't work as hard as she'll have to if she's contributing as well.
The futures not written yet, and all you can do is either prepare the best you can, or just wing it as circumstances change. Best of luck
I know this will raise a few hackles, but Gordon brown did a disservice to both youngsters, and to business, in trying to push at least 50% of students into university places. It was, and always should be, for the brightest students, and just sending anyone there, can give the underachievers a false sense of their worth, and misguided view on life, and leave them with a debt for 25 years. If there were less students going to university, then the government could afford to go back to the old days of giving student grants. As it is, it's reckoned that the system is going to collapse in a few years anyway, as not enough is going to get repaid.
A masters in golf course management will force you to stack shelves, and as a Chris Woodhead (former Chief inspector for schools) said after he got disillusioned with the education system, don't bother with any course that has "studies" in it's title. If the degree isn't going to get you a damned good job, then don't bother with it.
Loans get written off after 25 years, or when you reach 65. The current interest rate is 0.9% on the student loan, and you start repaying 9% of your salary when you earn more than £17335, so at that level, you'll be paying it off for the next 25 years anyway; and with current rents and everything else, that's a lot to dump on someone. And if they're earning £30k per year, they'll just pay it off quicker, but still struggle.
If you're determined to help them out, then look for a good investment plan that'll reckon to mature in 18 years, and give you the £80k you need. Another option is to put about £38k in to stocks, and let it grow. But with the stock market going down at the minute, just save it in an isa for the next few years, then invest it.
About 20 years ago, my mum lent my niece the deposit on a house near her uni, and she rented it out to other students, covered her costs, and saw the house rise in value for her future, but you couldn't do that nowadays. I'm prepared to help out my daughter if she decides to go in a few years, but I know that if I give her the whole amount, she won't work as hard as she'll have to if she's contributing as well.
The futures not written yet, and all you can do is either prepare the best you can, or just wing it as circumstances change. Best of luck
To say that in years gone by, the brightest achievers went to University, is just a load of Upper Class Tosh,
It was "Mummy and Daddies Money"that got their children into University, and the contacts their Parents had to get them into a two tier entry system in upper class types of employment
By trying to make University Education a Classless society it has given bright, intelligent youngsters a chance to make something of their lives and be an investment for the future of this Country. A chance that they would not have had in past years.
S
Shutpa
I went to a primary school surrounded by tenement buildings, mills and factories, where I, and all of my peers were of working class stock. My best pall was the janitors son and he and his two sisters, all very bright, went on, not only to the local Senior Secondary school, but then to university where they all graduated. All three went into teaching but later my friend went on to lecture in maths.
Now I don't know about other years at my primary, but from my class alone, six of us went on to Senior Secondary and all of us bar one went on to university. And we were all working class! The other students at Senior Secondary who came from other feeder schools, were working class too. My father was a van driver and other parents had down to earth jobs.
And our teachers who were all graduates, had working class roots too. Two of my primary school teachers, my friend the janitors son and his family, and my family all lived in the same tenement building.
Perhaps others who completed their education in the 1950s might have similar or completely different experiences.
Sponsored Links
