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A survey shows that we as a nation are less likely to have made provisions for our childrens university education and rely on student loans. So did you make provisions or did they rely on loans and how much did it affect them and you financially?
My son wants to be a doctor so it obviously involves a university place and would just like an insight into how much this will cost.

http://www.gm.tv/index.cfm?articl eid=27088 copy
asked in finance, university

warriorprincessxena1 answers:

Unfortunately I dont have any 'parents' and havent had 'parents' so unfortunately I have been completely dependent on loans and grants in order to receive my degrees etc,however-since birth I have been saving money for my daughter to go to university(she has a post office account) and when I can I pout money in-not very often I admit so at least she has something. The cost is astronomical and they wonder why so many kids stop their education after school? espeacially the kids from lower income families...

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CGA answers:

When I had children in pre-university Education money was very tight and I was not in position to lay down money to make provision. By the time they did go to Uni I was just a little better off so I could help a bit with a small allowance but it was nowhere near enough to cover their costs - but they managed. A combination of working in spare hours and many of the student money saving schemes seemed to have got them through.

I wish I had been able to help them more and I think it would be much harder today.

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siasl74 answers:

I went to Uni at the time when student loans were introduced, and grants were just finishing. While I got a bit of subs from the parents, most of the cash I burnt through was earnt prior to going to Uni via Saturday jobs.

Saying that, I didn't live the high life. I cycled everywhere, and went mostly veggie cos it was cheaper. That saves a bundle.

I think a lot of students are quite spoilt nowadays - turning up to uni with laptops, ipods, even cars. In Leeds, I saw recently, the crime rate in the student areas quadruples in freshers week - with all the scroats being tempted by all the nice shiny toys.

Current estimates seem to indicate that the average debt incurred by a student is around £20K - and this is for 3 year courses!!! I think I budgeted around £2-4K per year (in 1992-1995), and this was in Manchester (other unis may be cheaper or more expensive).

Beer was cheap then, too...

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Arellia answers:

I also went to Uni on loans and grants (am currently paying them off and serving off bonds). My parents did put aside some and they did pay for some of my living allowances. Although it might have been tight I think they had enough to put me through but since the options of loans were available I took those up instead. A lot depends on where you study as well...if I had studied in my home country it would definitely have been cheaper but not provided me with as many opportunities...The US is slightly more affordable than the UK at least for foreign student but then tuition fees seem to vary quite a bit from school to school.
I guess we would all like to send our kids to the best there is but then its not always feasible financially even if you regularly put aside some. I would eventually put aside money for my thus far non-existent kids and while I wouldn't force them to take loans if I could afford it I don't see anything wrong in it. I know a lot of my cohort who came from much wealthier backgrounds but still chose to take up loans.

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