Have you ever done the university circuit?
It’s what we’ve been up to for the past couple of months. We’ve never done it before. But what a minefield it is. It’s not surprising our future business professionals (children) get confused.
I never got the opportunity to go to university. It wasn’t because of not being clever enough (honest). We never even discussed it at home. Life was about getting into the workplace fast.
My dad buggered off when the 3 of us were young. Even moving countries to avoid contributions to the family. Mum held down 3 jobs. Making just enough cash to keep our heads above water.
Mum had it tough. But I never thought for a second we had it tough. As mum did a fantastic job. Making sure we never went hungry & that we were happy. University was the last thing on her mind.
I’m sure there were government schemes available to help people in our situation. Like today with student grants, bursaries & scholarships. But information was much harder to source back then.
Personally. I don’t think university suited me anyway. I was keen to get out into the workplace & start making my own money. Which would release some financial pressure off mum.
But now we’re a little older & maybe a little wiser. We want to give our children at least the choice of furthering they’re education or heading straight into the workplace.
Just like in our day. We’re not loaded & our children will have to fund university through student loans. But it is important they get a choice to pursue a career that will interest them.
Back to the university circuit…
We’ve been far & wide. North & South. East to West. One day even taking in 2 universities on the same day. Manchester in the morning & Warwick in the afternoon.
In preparation. I’d sought advice from friends & even customers who already have children at university. Quite a few of them have signed up to our home printing service (Infinity), so their children can take it to university. It saves them a small fortune on university printing costs.
But I was still amazed that the universities are so diverse…
You’ve got some in a campus set up. Which is basically like a small self-contained town. With their own shops, restaurants, bars & even medical facilities.
Others are what you call city universities. Where the university itself is part of the city & the 2 just melt into each other. Manchester is a good example of this.
Some have student accommodation within the university, others have it a few miles away in a nearby designated area.
There’s also a small number that operate college systems. Accommodation is within the university & organised into small named colleges who compete against each other at events throughout the year.
Even before you view the universities. You’ve got to look at the required entry grades…
There’s no point looking at those that are way out of reach.
The entry grades can be hugely different. Ranging from A* A* A for the top-rated universities. Down to B’s or C’s for some of the others. Courses can also have an impact on the grades required too.
Some universities give out unconditional offers. This means they’re give you a place no matter what A level grades you get. On the condition you put them down as your preferred choice.
Then there’s the university rankings…
You’ve got a few well-known organisations (Guardian & Complete University Guide) who rank the universities in different areas. Like entry standards, satisfaction, prospects, research, courses etc.
Be warned though. Depending what criteria used to search the results, they can vary dramatically. A good example is Durham. It ranks 3rd for English. But isn’t even in the top 10 for employability.
There’s so much to take into consideration its mind blowing. I’ve not even mentioned accommodation costs & standards can vary dramatically too, between the universities.
A very important factor. Which some could over-look. Is the feel of the university. Your child will spend 3 or more years at university. It’s important that they feel it’s the right place for them.
You’ve made your choice & it’s time to understand the finances…
Currently university courses in England cost up to £9,250 a year. In fact, all the one’s we’ve been too are exactly £9,250 a year. There’s more information here about it from UCAS.
On top of the course cost your child will have accommodation costs & living expenses (food, clothes, partying etc).
Accommodation costs can vary quite a lot. We’ve seen differences of between £5,000 to £9,000 a year across different universities. Some include meals & others are self-catering.
I’m sure we’ll all treat living expenses slightly differently. But for us. We’ll buy the food & provide a small clothes allowance. But won’t fund the partying. This needs to be funded with a part-time job.
So how to afford the course & accommodation costs…
Unless your rolling in it. This is where the government help-out with student loans. It sounds scary them being lumbered with loads of debt before earning a penny. But it’s not as bad as it sounds.
The amount the government are willing to lend, depends how much parents earn. You can check it here. But most should be able to cover course & accommodation costs. Unless your parents are coining it in bigtime.
Over a 3-year course your child might need a student loan of say 50K. Yes. It sounds a lot. But they don’t start paying it back until they’re earning over £25,725 & only 9% of everything over £25,725.
As an example. If they earn £31,000 a year. They will only pay back £39 a month (9% of £5,250) & if they drop below £25,725 any time in the future they stop paying again.
If they never earn above £25,725, they’ll never pay anything at all & the best thing is. After 30 years. No matter how little has been paid off. The outstanding loan balance is cancelled.
Well that’s it then. Clear as mud…
1 thing’s for sure. I’m getting a home printing service (Infinity) for ours. He won’t be pulling the wool over our eyes & claiming his printing is costing a fortune, so he can fund nights at the student bar.
