Student Finance

[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.

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.

My thinking was to try to get her a mortgage with me a guarantor, so not BTL. She's 18 but I've no idea how mortgage lenders would look at that as she's a student.

[lurganblue]

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

 

[armaghniac]

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.

My thinking was to try to get her a mortgage with me a guarantor, so not BTL. She's 18 but I've no idea how mortgage lenders would look at that as she's a student.

If you have other children then then you might have subsequent needs, but perhaps no ability to buy them a house with one guarantee already.

[markl121]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

[p3427977]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

No need to brag about how much you earn!

[lurganblue]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

Is there a year limit on these loans?

[Milltown Row2]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

I really don't think kids know what they are getting into..

Paying a loan for that length of time is crazy

[markl121]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

I really don't think kids know what they are getting into..

Paying a loan for that length of time is crazy

They definitely don't realise, my school was just obsessed with the students into uni figures. Do a course, any course, get a loan. It's basically a graduate tax.

[toby47]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

Where were you able to check this at?

[Emmett Greene]

I think the whole University thing is getting too expensive nowadays. And it's not really necessary for a lot of careers/vocations.

I get the need for it for some intense subjects like Medicine/Pharmacy where the student is also partnering  with hospitals and so on for training as they go along.

But for subjects like IT, industry is copping on and offering apprenticeships along with semi employment for a few years. 3/4 years at Uni for IT is not needed. That's why employers happily take people with any degree who did a 1yr conversion course for IT.

I get the arguments for Uni, life experience, fun, making new friends, keeping employment options open with degrees like Maths but it's a lot of debt for a young person to be burdened with for the first few decades of their working life.

[markl121]

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

Where were you able to check this at?

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.

its 6.25%. I have been qualified 8 years now and been repaying, I just checked there and I still owe 27k. I borrowed 26607. So I owe more than I borrowed. I'll be paying 200 quid a month until the 30 years is up.

Where were you able to check this at?

https://www.gov.uk/sign-in-to-manage-your-student-loan-balance

You will need to stick a few details in there

[thebigfella]

I think the whole University thing is getting too expensive nowadays. And it's not really necessary for a lot of careers/vocations.

I get the need for it for some intense subjects like Medicine/Pharmacy where the student is also partnering  with hospitals and so on for training as they go along.

But for subjects like IT, industry is copping on and offering apprenticeships along with semi employment for a few years. 3/4 years at Uni for IT is not needed. That's why employers happily take people with any degree who did a 1yr conversion course for IT.

I get the arguments for Uni, life experience, fun, making new friends, keeping employment options open with degrees like Maths but it's a lot of debt for a young person to be burdened with for the first few decades of their working life.

This could not be farther from the truth. IT is such a broad definition and technology is constantly evolving; a degree shows some ability to learn independently and some computer science topics just are too much on the cutting edge for an apprenticeship. Plus some of these apprenticeships are taught by people that should have been roaded by the industry years ago. Also, IT conversion courses require an undergraduate degree and most people I've met that took that route come from STEM subjects.

The vast majority of apprenticeships are set up to produce cheap low skilled coders rather than quality resources with an understanding of the nuances of building modern platforms.

[clonian]

I think the whole University thing is getting too expensive nowadays. And it's not really necessary for a lot of careers/vocations.

I get the need for it for some intense subjects like Medicine/Pharmacy where the student is also partnering  with hospitals and so on for training as they go along.

But for subjects like IT, industry is copping on and offering apprenticeships along with semi employment for a few years. 3/4 years at Uni for IT is not needed. That's why employers happily take people with any degree who did a 1yr conversion course for IT.

I get the arguments for Uni, life experience, fun, making new friends, keeping employment options open with degrees like Maths but it's a lot of debt for a young person to be burdened with for the first few decades of their working life.

This could not be farther from the truth. IT is such a broad definition and technology is constantly evolving; a degree shows some ability to learn independently and some computer science topics just are too much on the cutting edge for an apprenticeship. Plus some of these apprenticeships are taught by people that should have been roaded by the industry years ago. Also, IT conversion courses require an undergraduate degree and most people I've met that took that route come from STEM subjects.

The vast majority of apprenticeships are set up to produce cheap low skilled coders rather than quality resources with an understanding of the nuances of building modern platforms.

Apprenticeships are getting more common with construction type degrees too, surveyors and engineers. From the outside looking in, it seems a good way of doing things for some of those roles, you get paid while doing your degree over a few extra years.
I thought a mix of the 2 would be a good idea, 1st year in uni to get the life experience and get a background in what you'll be doing and then enter into a apprenticeship for the remaining modules.

[Emmett Greene]

I think the whole University thing is getting too expensive nowadays. And it's not really necessary for a lot of careers/vocations.

I get the need for it for some intense subjects like Medicine/Pharmacy where the student is also partnering  with hospitals and so on for training as they go along.

But for subjects like IT, industry is copping on and offering apprenticeships along with semi employment for a few years. 3/4 years at Uni for IT is not needed. That's why employers happily take people with any degree who did a 1yr conversion course for IT.

I get the arguments for Uni, life experience, fun, making new friends, keeping employment options open with degrees like Maths but it's a lot of debt for a young person to be burdened with for the first few decades of their working life.

This could not be farther from the truth. IT is such a broad definition and technology is constantly evolving; a degree shows some ability to learn independently and some computer science topics just are too much on the cutting edge for an apprenticeship. Plus some of these apprenticeships are taught by people that should have been roaded by the industry years ago. Also, IT conversion courses require an undergraduate degree and most people I've met that took that route come from STEM subjects.

The vast majority of apprenticeships are set up to produce cheap low skilled coders rather than quality resources with an understanding of the nuances of building modern platforms.

Are university Computer Science degrees  cutting edge these days? If they are things have changed a lot.

If you can convert to an IT course in one year you can learn everything you need to know for industry in one year. Your previous undergraduate course is largely irrelevant.

[thebigfella]

Apprenticeships are getting more common with construction type degrees too, surveyors and engineers. From the outside looking in, it seems a good way of doing things for some of those roles, you get paid while doing your degree over a few extra years.
I thought a mix of the 2 would be a good idea, 1st year in uni to get the life experience and get a background in what you'll be doing and then enter into a apprenticeship for the remaining modules.

Don't disagree with the mix. Sandwich courses and sponsorships were common when I done my undergrad. I think 70% of us on my undergrad course had sponsorship's but it was very competitive to get them.

It's about getting the mix right, some topics just don't lend themselves to an apprenticeship approach to teaching. Understanding common algorithms and evaluating efficiency is something needs to be taught; in reality in industry there is probably already a library I will use and never develop these things from scratch. That doesn't mean I shouldn't understand the problem the library solves or how to evaluate.