Do parents locally pay uni fees or do students take loans?

[curlyrainbow85]

Quite timely given the news coverage of student loans today but would love some advice.

Our son who is in lower sixth is about to start applying to unis but my husband and I are divided on whether we pay the student fees or get him to take the student loan for the fees. This has been exacerbated by the fact that I mentioned to some other school mums what we were thinking and they looked horrified that I would see him saddled with debt, of course I now feel awful.

What do people tend to do locally? Do most students take loans or do most students get the fees paid by parents? The interest is astronomical. I am SO taken aback that our young people don't get an interest free loan.

One other question I have is can you pay the fees off in one go and early? We are also thinking that he could take the loan and in a few years when it would work for us a little better we could pay it off for him?

Any insight much appreciated.

 

[DominicWhite]

Wow, that is an interesting situation. However, I wouldn’t take such a sizable loan. Many people think a loan is a perfect solution for any situation

 

[JaneBower]

This is a controversial question and depends on many factors. First of all, you should evaluate your financial possibilities. If you can’t do this, or you’ll struggle and try to save even on food, then the answer is totally no. However, if you can deal with this sum, it is better to pay it. I suggest you take a loan, but firstly compare the options at NaviBanker. That way you’ll see which option is the best for you and how quickly you can pay it off. Moreover, you can take a loan and let your son pay at least part of it. Many students have side jobs to be able to study, and it is fine. It is his life, and it is never too early to be ready for a real life