Leaving full-time work to do full-time degree course - finance?

bashedup

Hello,

I've been working full-time for many years and want to change career. This will involve quitting a well-paying job and going to uni for 5 years, full-time (in either England or Scotland, depending on the uni I am accepted at). I'm single and will have about 20-25k in savings by the time I start. I don't own a home, have no dependents, and have not done a degree in the UK before. Has anyone done this that can share their experience?

I know I should qualify for the usual student loans for fees & maintenance, but I'm not sure if I will qualify for the additional maintenance grant that is available to low-income independent students if I willingly give up a job in order to study - doing this precludes me from any sort of income support or benefits as far as I know. The grant is means tested, but I think it is based on your previous year's income rather than your income while studying, which will be 0 per annum due to the nature of the course - no time for a summer/part-time job. I don't know if savings count as income (I suspect so).

Having looked at many student finance advice sites I don't think I would qualify for any other help (except maybe for travel). Can anyone who has been through this give me advice based on their experience?

Thanks!

Titch89

75% of the student loan and all of the tution fees loan aren't means tested.

lilysgarden

Well, I did the same thing but had debts rather than savings! You won't be entitled to any benefits at all but you can apply for student loan and fee loans. You might well get the mature student bursary which is a grand a year, but the savings could affect that. The savings could also affect how much student loan you can get. It would also depend on what course your studying. Some people doing courses such as midwifery, nursing, social work etc can still get their tuition fee's paid, either by the LEA, GSCC, or the NHS.

Oldernotwiser

As an independent student with a low income (which you will have when you return to study) you should be eligible for the maintenance grant as well as the (slightly reduced ) loan. Savings don't affect your eligibility for this although I think that the interest on them is taken into account. With that level of savings the interest will have little effect, even if added to any part time work you might decide to do. The fact that you've given up work to study will have no effect on getting this. You seem to be in an ideal financial situation to return to study; savings/no debts, single/no dependants so I'd suggest you go for it.

How old are you, what qualifications do you have and what are you planning to study?

I've been a mature student several times but the main one was before the loan system was introduced so my financial experiences won't help you much. Remember that although you can't claim benefits you won't have to pay council tax and you won't be paying tax on your income. If you modify your lifestyle a bit and are prepared to dip into your savings for emergencies you should be able to manage very well. Good luck.

HM-Yorks

I went to Uni under the old system but I don't think things have changed in many regards. You're not means tested on your own earnings etc as regards grants so you should be OK on that front. You should also apply to be council tax exempt if you are currently paying it.

Just one point on the above. Income earned during the year remains taxable though obviously anything up to around the £5k lower earnings limit won't be taxed. If your not going to be earning anything like that then registering to have interest on your savings paid gross of tax might be sensible.

FWIW I managed to earn enough in the summer holidays to go through three years of University without having to break into my savings though I did take the full loan available. Depending on your previous field of work finding work in the summer may be much easier than for younger students and probably better paid.

Most Universities provide advice for mature students - eg http://huddersfieldstudent.com/files/mature_students_handbook_06.07.pdf