£83,000 for a degree? It’s possible – but only if you really try…

May 2, 2009
By Duncan Robinson

Lovely headline in the Telegraph today:

Parents will need fund of £83,000 to pay for child’s university fees.

Wow. That’s a lot of moolah. It’s also bollocks.

The figures have been produced by The Children’s Mutual, who have a large interest in scaring parents into starting one of their trust funds. Their logic seems to go like this: tuition fees are going to rise to £8,000 and so therefore a sum of ohhh, let’s say, around £80,000 is needed to put your child through higher education.

So let’s presume that tuition fees triple.

£8,000 x 3 years = £24,000

That leaves you with £59,000 to spend on baked beans and student digs. That’s nearly £20,000 a year. I know people who support entire families for less. How the heck can a student spend that much in a year?

Student accomodation – go for the en-suite, £5,000.
Food budget – I quite like lobster, so we’ll say £120 a week.
Entertainment – Everyone likes a tipple, but not always at the union bar. Lets make every night out cocktail night. £120 a week.

Living in a swanky student pad, gorging yourself and getting wrecked every other night comes to about £15,000.

What to do with that extra £5,000?

Lets get that 42″ inch plaster that every student house should have. Xbox 360 or Playstation 3? Just get both and you’ve still got well over £3,000 left.

All this spending is tiring, isn’t it? You’ve earned a break. I hear Dubai is nice this time of year…

With £83,000 in the bank you can do that every year and not even touch your overdraft. The Telgraph says that this is “a further financial strain on Babygloomers – or the Sandwich generation – defined as those who support both their own elderly parents and their grown-up children.” Perhaps if newspapers stopped publishing made up figures, they’d cheer up.

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  3. VCs get fat-cat pay, but are they worth it?
  4. Why shouldn’t medics and engineers pay higher fees?
  5. Streeting gives NUS the right idea

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