university fees

[rickyg33]

I'm sorry to be a bit pessimistic but 'putting a bit away' and 'bursaries' and 'the OU would be another option' are a bit niaive, to say the least.

It's certainly my fault that I'm in the mess I'm in.....I'm trying to face up to the facts and turn things around. But......

(1) you'll find bursaries are mainly income-driven, not cash-available-driven, if you understand me

(2) let's assume that uni fees are £3,000 per year and the son or daughter in question will go there at the end of year 3 of the IVA - the fees will be payable in years 4 and 5 of the IVA, so £6,000 in total - so you have 3 years to save up £6,000 - let's assume the student-to-be manages to save up one third of this, that leaves £4,000 to save in 3 years = £111 per month. That's going to be out of the question if you're in an IVA, I'd say [I hope I'm wrong]

(3) I myself have done Open University courses but would not be daft enough to equate an Open Uni degree to one gained at a recognised university - in any case, do you realise how long an OU degree can take to achieve? A good deal longer than a 'university' degree

The more you look at it, the more you may realise that university education and IVA's are like oil and water [I'm sorry to say].

[kah]

I took out my IVA 2 years ago before loans were available for fees. I have been allowed to pay my son's fees (£97 a month - he started just before top u[p fees). BUT - because I earn more than the amount where fee paying without help kicks in - my son'r maintenance loan is over £3200 (or thereabouts) p.a. rather than the £5k plus that his friends get. The assumption is that I can top up this money. The IVA will not allow this as it is topping up a "loan". So he has a more than part time job - and because of the pressure of his paid work - he fluffed year 2 and it repeating it. The government website states that student s who do not get the lower maintenance grant topped up by parents very rarely finish their studies or words to that effect. So yes - our mismanagement has damaged our children's prospects. I became wise after the event - perhaps others will now look at other options - or try and manage till kids finish uni.

[MelanieGiles]

Ricky

It is not the IVA that is stopping you from supporting your children, but the fact that you have debts you cannot afford to repay. You would face the same issues whether you are in a DMP or bankrupt as well, although under bankrutpcy proceedings the maximum you would pay for is three years, and the OR would only take between 50% and 70% of your disposable income.

I have many clients who are supporting children at university, and they do manage with a combination of savings and part-time work, and dare I suggest the student loans which are currently available. I know you will not want your children to incur debts that they will struggle to repay, but the chance of an Oxbridge education is priveliged and may become a higher priority for you rather than debt repayment.

[rickyg33]

you've hit the nail on the head Melanie....it's my debt [as a consequence of my financial mis-management] that's likely to hold back my son if anything

one thing that springs to mind.......would the IVA proposal possibly allow an equity release clause at the end of year 2 [rather than year 4] which could be used to pay into the creditors 'fund' and a bit for the uni fees too?

ever come across this?

rickyg

[MelanieGiles]

Anything is possible Ricky, and work a try when you get to that stage. So long as the reason behind your request is justified, and the revised dividend you are offering is reasonable, there is no harm in asking.

[Rainbow]

You can gain an OU degree in three years if you do it full time with a part time job. Admitted its not an Oxford or Cambridge degree but please don't rubbish the degree. Students who work hard for their degree with the OU would not agree with you that its not as valid. I work for Connexions (Which provides careers advice and personal support to young people 13 - 19) and can reliably inform you that research has shown that employers do consider them as "Proper" degree's and think very highly of those people that have achieved this degree through their own motivation and focus.

[rickyg33]

An OU degree [BSc] requires 360 points. Each module is worth between 30 and 60 points, generally. There are three 'levels' of module.

A good number of upper level modules require lower level modules to be completed before progressing through to them.

Added to this, the OU give extremely strong advice that 90 points is about the maximum that a student can reasonably expect to get through each year. So that would be 4 years minimum for a BSc. BA's are slightly less and I'd agree that a BA might be completed in 3 years, with a lot of hard graft.

I've done 60 points in a year with a full time job and found it hard going. 90 points with a part time job might be feasible - I wouldn't like to do it.

I'd say that 6 years is probably about the norm for most students [60 points per year].

I didn't mean to undermine the value of a degree gained through the OU. Sorry if that's how I came across.

[Rainbow]

It is possible to do two 60 point courses in a year if you view the OU degree as a full time course as you would if you want to uni - In fact I know of students that have succesfully completed their OU degree in this way - I am not saying its easy but if you are prepared to work hard for the degree you will achieve it in the three years. And more importantly debt free!! with no tution costs or student loans which is the point I was trying to make in the first instance this is a way of doing a degree debt free.
Some young people tell us that they want to go to Uni for the student life and whilst I admit that this is an element with the degree its not the most important element! as I tell most young people looking at going to Uni's......