Student Finance

[tbrick18]

My eldest is hoping to go to Uni later this year and a recently went with her to an applicant day at her chosen course.
They gave a talk about student finance.
My understanding of it is that everyone can get a student loan to cover the course fees but that there is a second bit of finance (I think they said a "Maintenance Loan) which can be used towards accommodation and living expenses. They went on to say the amount would be based on household income.
I've tried but can't find any detail around how much the Maintenance Load might amount to, the student finance website just says you wont know until you apply - which is not very helpful.
Does anyone have any knowledge on what the loan amounts would be and what the thresholds of household income are that can affect these amounts? We're in NI and the she's looking at going to Coleraine - it seems location affects amounts too.
I just want to look into the viability of a loan to pay accomodation. It might be more feasible to buy her a decent car and let her travel but it's so difficult to judge without the info.

I should add, that by the time she's in her final year, I could potentially have 2 more kids at uni so I need to take affordability of that all into account too.

[bennydorano]

Jesus brick your position sounds very like mine, 3 in a row, nightmare. Maintenance loans never even covered accommodation costs ffs - they have increased this year by about £1500 or so, so that is a help (but obviously more debt for the kids). I was a bit green going into it, I got my eyes opened. It can fair drain the savings, especially if they venture to GB.

The info is here somewhere with a scroll

https://www.nidirect.gov.uk/articles/income-assessment-full-time-students#toc-0

[Delgany 2nds]

https://www.nidirect.gov.uk/articles/income-assessment-full-time-students


Maintenance Loan was increased for students living away from home in 23/24.
The maximum is around £6776,  excluding London allowance and Maintence grant which is tapered to parental income. This grant is not repaid !

[Delgany 2nds]

Onto child number 3 at University now , on reflection, it would've made some sense to invest in a property to off set rental costs.These have ranged from £250 a month in 2014, to £450 in 2018 to £600 a month in Glasgow, in 23/24.
Accommodation options in Belfast have really accerlated in cost too with liadz of purpose built facilities being developed in city centre.

[LC]

Mines are a few years away yet but will not be long coming round.

HLAs are becoming a big thing and while it does not apply to every course / profession I am seriously hoping some of my lot go this way. There is a lot of talk about is University worth it with the debt and all that.  Seen data, albeit it is from the US, about average earnings of a college graduate in relation to their student debt, scary stuff.  College degrees are a lot dearer in the US but there is no doubt about they are getting no cheaper here and the cost along with everything else such as accommodation is going to move in only one direction.

[Delgany 2nds]

Apprenticeships definitely getting better profile but are you tied to that 'sponsor'for a contracted period of time.

[Milltown Row2]

I'd two at college for a period.. one finished last year, but one away and rent is £550!!

I cover the rent but they really need a job to have any sort living..

She works at Anfield on match days or if there is a function on, but could do more!!!!

The debt they will have doesn't bare thinking about.

If you can show a low income family then you can get more. I know businesses people who are loaded but can show (via a payslip) low income..

[seafoid]

I'd two at college for a period.. one finished last year, but one away and rent is £550!!

I cover the rent but they really need a job to have any sort living..

She works at Anfield on match days or if there is a function on, but could do more!!!!

The debt they will have doesn't bare thinking about.

If you can show a low income family then you can get more. I know businesses people who are loaded but can show (via a payslip) low income..

Are there any jobs going at Goodison?

Young people are loaded with debt. It wasn't like this when we were their age.
This actually is linked to the system.

[Hound]

What kind of debt are you left with after, say, a 4 year degree?

My lads in Uni in Dublin, it's a straight €3k per year, all other fees covered by the taxpayer (and temporarily reduced to 2k for the last two years). Albeit rent would be on top of that. If you have to repeat a year or change course than you would have one year at full price (which would depend on the course).

[Sportacus]

In the north, 5k fees, 5k accomodation, 5k to live, wouldn't be far away.  Four year course equals 60k.
Paying for it is a combo of part time job, student loan and parental contribution. The student and the parents are both coming out of it quite a bit worse off.
So if you're doing a waffly degree and putting no effort in, you better enjoy it while it lasts.

[bennydorano]

Fees in NI £4,792 (subsidised by stormont)
Fees for a course in GB up to £9,250

Maintenance loans if household's income is over £41,250 = £6,776. Plus, if course in London there's bigger loans available.

3 year course in NI = £34,704
3 year course in GB = £48,078

4 year NI = £46,272
4 year GB = £64,104

[tbrick18]

Cost for halls are about 6k ish per year.
Fees 4.7kish.
So about 11k per year in costs before you even live. Prob another 5k to survive.
My daughter does have a part time job, but it won't cover much.

I'm not trying to cry poverty, but I've a large family and a mortgage. Could potentially have 3 at uni at the same time with 3 more comi g behind.
Even if she gets the full loans available, which I don't think she will due to household income,  we'll struggle to top up what's needed down the line AND she'll still have a load of debt.

It's a bit of a nightmare!

It might be more economical to buy a house and lease out the other rooms and let her live rent free.

[LC]

Cost for halls are about 6k ish per year.
Fees 4.7kish.
So about 11k per year in costs before you even live. Prob another 5k to survive.
My daughter does have a part time job, but it won't cover much.

I'm not trying to cry poverty, but I've a large family and a mortgage. Could potentially have 3 at uni at the same time with 3 more comi g behind.
Even if she gets the full loans available, which I don't think she will due to household income,  we'll struggle to top up what's needed down the line AND she'll still have a load of debt.

It's a bit of a nightmare!

It might be more economical to buy a house and lease out the other rooms and let her live rent free.

Yes thought has crossed my mind for down the line but 25% deposit is fair chunk of change which you would need to put down for buying a BTL.  Have not looked at Holyland prices lately but I am reckoning £150k would not buy much.

[Delgany 2nds]

Pay back for 30 years !
9% of portion of salary above £ 27 295 threshold (edit)

[tbrick18]

Pay back for 30 years !
9% of portion of salary above £ 25000 threshold

Absolutely cheapest borrowing you'll ever get, but it's still a debt.