Bob

But most banks will offer you a student loan, in which they'll rub their hands with glee...but they won't rob you quite as badly as a private student loan taken in the US

Mummy in the foothills

Sue are you doing the fafsa for your son going to UK Uni, Apparently you can fill it out even if you are living abroad or studying abroad. No idea how much they'd give if any.

Sue

Yep in the middle of that.

Was just trying to let hdrummond15 know about the 3 year rule applies to gov backed UK student loans as well, as I think that is what he was referring to.

CTland

Surely UK bank rates would be just as high if you don't have UK property to secure the loan against?
Not being too far into this process it would seem that a US home equity or mortgage extension might be the cheapest funding route??? Any thoughts from anyone else in the same boat??

Bob

Naaa....they offer student loans, not to cover the whole thing, but enough to cover tuition and some living expenses, the rate is high because it's not a secured loan....but when we were looking, HSBC and Barclays were offering much better rates than US banks were offering, which at the time, only BoA were offing for international courses. This was a few years ago though.

Tootsfromscotland

Excellent post and echoes many of my own thoughts
We have just moved to Florida...is this a permanent move?? dunno yet! We are certainly applying for permanent residency, not necessarily because we want to stay here, but we need it to enable my husband to join us to work ( he is currently still in Scotland working there, until such time as PR is granted (- we can only keep our fingers crossed on this one!)
Before we left the UK, I did masses of reading/research into the possible implications of further education a few years down the line, as I have a 14 year old and an 11 year old, both were doing really well in their schools back home and would obviously be eligible for free tuition at a University in Scotland if we were to stay in UK. I was really worried about compromising their education by moving over to the US, particularly for my 14 year old as its a precarious age to make such a move, particularly from an educational standpoint.
I'm aware US education fee's are significant, and I also became aware in my research, that it would be highly likely we would need to pay international student fee's if they return to UK

We had to weigh up the pro's and con's of moving to US/staying in UK from all angles and education was way up there in our list for consideration. By the time the Uni years are upon us for my eldest, she may have gone through 4 years of US high school (if we are successful in obtaining PR that is!). So far she is doing really well in her new school and is already obtaining straight A's, so I am hopeful that she will qualify for scholerships to assist with tuition fee's over here (again, all presuming we obtain PR!).

For all said and done though, part of our final decision to make the move to the US, regardless of the potential financial implications it would have for us in regards to funding Uni fee's (USA/ international UK vs free tuition in Scotland if we had opted to stay in UK), I figured that it's not the bee all and end all to go to Uni straight after high school. If push comes to shove and we find we can't afford Uni fee's - (US or International UK!) , then my daughter can consider returning to Scotland, get a bit of life experience behind her to make an informed decision about what she really wants to do in her career and re-establish residency there for 3 years before applying for Uni. She would only be 21 at that point. It's not the end of the world!

I went to Uni straight after school at the tender age of 17 and sometimes wish I had had some "time out" before going to Uni,...might have quenched my thirst for adventure and put a lid on the mid life crisis and the "lets upsticks and leave our stable life in the UK" syndrome as I approach 40!! Also, whilst I am in a career that has served me well, I do often wonder if we push our youngsters to make important career choices too early...I'm not sure I'd have chosen the career I find myself in, had I been a little more mature and had more life experience behind me, prior to making my career choices.
My husband left school at the age of 16 and had 10 years in the "trades" workforce before he decided to go to Uni at the age of 26 and got his degree at a more mature age - so by the time he obtained his degree, he also had 10 years of related work experience and knowledge behind him to help him along the way, making him a very attractive employment candidate.

Going to Uni straight after school isn't an absolute must in order to have a secure future and to "make something of yourself" , there's plenty of time

Sally Redux

That would be fine if you could still get good jobs without a degree. Will employers be happy to revert to that situation? My Dad worked from 15-55 and had a good job with a good pension. Doubtful this is possible now.

CTland

We have found in the US that having a degree is a pre-requisite for most jobs.
Also that when you are filling in forms for mortgage, insurance etc that you will be asked about your level of education...no degree= lower score, more risk, higher premium.....I just can't see that changing anytime soon as the Uni's continue to over market themselves to justify those ever increasing fees

Sally Redux

Indeed.

I would be only too happy for my son to go straight into a job but I feel he has to go to university to give himself the options, and especially in the US where you need health insurance with your job I think it's better to do the degree earlier rather than later.

Englishmum

My son is at university and students are offered health insurance (students can get inexpensive health insurance if they go to community college too); I think it's fairly basic but we bought a policy (with United Healthcare) anyway as it didn't cost very much at all. Indeed I think you actually have to opt out if you don't want it. I'm not sure but I guess one has to be a full-time student to get the health insurance?

(He's also covered until the age of 23 on his dad's BUPA International insurance).

Mummy in the foothills

The age limit for young people to be on the parents health insurance has risen, up to 26 last september.

Jerseygirl

US insurance yes but BUPA is UK.

Sally Redux

I was referring back to Dunroving's suggestion that school-leavers should get a low-level job for a few years before university, I guess it would work if they then went to uni before age 26.