Starting uni in debt :(

lazysaver182

i think if you've worked it all out and think you can afford to do then you should check teh accomodation is the best you can get. some people at my uni were paying 80 a week for halls, when other halls pretty much round the corner were £48. makes a lot of difference over the term

barnaby-bear

Stupid_Student wrote: »

Although financially the best thing to do would be to stay at home, I've been looking forward to this for so long, and I think I'd only regret it later if I didn't move out for my first year. I know I'm being a bit stupid tho!

I work in a university - tbh I think you are doing the right thing - but why the most expensive accommodation? Get a decent summer job next year lined up and [STRIKE]freeload off[/STRIKE] live with your parents then....

I probably shouldn't tell you this but hardship grants are generally ranked higher if you are in debt already as opposed to unable to pay for stuff now.... we reward those who've already spent over those about to have problems and sensible enough to approach early....

Stupid_Student

barnaby-bear wrote: »

I work in a university - tbh I think you are doing the right thing - but why the most expensive accommodation? Get a decent summer job next year lined up and [STRIKE]freeload off[/STRIKE] live with your parents then....

I probably shouldn't tell you this but hardship grants are generally ranked higher if you are in debt already as opposed to unable to pay for stuff now.... we reward those who've already spent over those about to have problems and sensible enough to approach early....

Sorry I'm a bit confused by what you mean in the last bit!

That's what I'm going to do tho - work loads next summer then either get really cheap shared housing or live at home. The reason my accomm is so expensive this year is cuz it's 2 years old and ensuite. I didn't wanna share a bathroom! So I guess I'm splashing out this year and cutting right back next year.

I figured I'd have abou £40 a week to budget with. Do students out there think this will be enough?

in_debt_again_but_dealing_with_it

My ds is about to go into his 3rd year -halls in the first year, unite flat 2nd and unite again this year - his accomodation only is generally about £3500 (ish) - he works all summer and christmas and easter and saves (in theory!!) the money for his first rental installment. His budget allows him about £50 a week (in term time) and thats for food aswell. He hasn't used his credit card but does take advantage of his interest free Natwest overdraft - he is far better with money than his mother - thank goodness!

A long winded way of saying £40 should be enough, spend less some weeks and splurge the next!

Enjoy uni!

GreenManG0

Hello stupid_student!
Well done on getting into uni!

Im currently about to start my final (4th) year of a mechanical engineering degree in October.

Congrats on applying for the natwest account, i bank with them and they have been brilliant. You get a 5 year rail card too, so if you live 1hour from home, cuttng the costs of travel back with the price of fuel currently.
It may be worth considering transferring the debt from your credit cards into your interest free overdraft, (think natwest oofers upto £2100) then you wontbe paying interest on you ccs, and any "extra" (if that ever exists) money each month can jut be knocked off your overdraft. Depressing constantly seeing minus, but worth the interest savings. However consider if you will be dependin on his interest free amount to carry you over term to term, if so be realistic.
It is also worth having a separate current account that all your bills come out of, ie rent, tuition fees, tv licence... and getting a sum transferred from your student account into the current account to pay off your bills. That way theres no nasty suprises when you check your balance, thinking you have money when actually a bill was due.

£40 a week should be plenty, and you wont be the only person on a budget, infact you will probably struggle to find a person who isn't! if you head back to halls with your friends for lunch (£5 a day in the pub for lunch crippled me)and remember week nights are student nights, so avoid going out at weekends. At my uni we have 50p night and I can go out with my friends and have a good night out for £5!

Living wih you parents is brilliant and I dont think I have missed a second of fun at uni. I get my meals cooked, my washing done and have no bills to pay, aswell as lifts everywhere- however it is entirely a personal decision. Being the only girl on my course I enjoy support of being at home with boyfriend still.

Take advanage of the freshers fair, theres free food, loads of coupons, free memberships and loads of offers on phone deals etc.

Worth checking with your uni (website is a good starting point) what bursaries, grants and other financial support is available. Make sure you apply for maxiumum support your entitled to.

Text books are quite expensive so try loaning from the library if you wont be using them all of the time, or try bookprice24 online to get the best price on text books that usually cost around £60!

When working in the holidays make sure you fill in a P38 to avoid being taxed.

University will be the best years of your life, so enjoy them and worry about paying off debt when you graduate and are earning money! Just try to spend within your means and im sure you will be fine.

Stop worrying and start packing theres not many weeks until freshers! Good luck.

*sorry for the long post but hope some of it is helpful*

barnaby-bear

Stupid_Student wrote: »

Sorry I'm a bit confused by what you mean in the last bit!

You choose the sappiest tutor, cry a bit if you can, say you are crippled with debt, struggling to pay credit card bills you are waving (you have to have taken your loans and available finance, hard luck story as to why you spent the money - although I'm sure for some it's in a savings account) and you can make a case for a discretionary hardship grant - if people are paying lots to CC it seems to bump them up the list (although often entirely self-inflicted and the studnets who spent the most, the erally had up seem to struggle on a pitence for as long as possible)...

miniquinny

barnaby-bear wrote: »

You choose the sappiest tutor, cry a bit if you can, say you are crippled with debt, struggling to pay credit card bills you are waving (you have to have taken your loans and available finance, hard luck story as to why you spent the money - although I'm sure for some it's in a savings account) and you can make a case for a discretionary hardship grant - if people are paying lots to CC it seems to bump them up the list (although often entirely self-inflicted and the studnets who spent the most, the erally had up seem to struggle on a pitence for as long as possible)...

With all due respect, I'm not really sure that's in the spirit of any kind of hardship grant. Whilst I appreciate that existing debt is a big consideration, I don't think choosing the most expensive halls to stay in is a particularly appropriate approach to tackling the problem - and why should someone who needs the grant and is doing everything they can to help themselves miss out?

I know this sounds harsh and, having been a student I can appreciate the situation, but I really think that alternative accommodation is a better starting point that grants.

Fred56

We are verteran parents and we've seen two kids through university and one is stillt here. I messed up as a young person and returned to higher education at the age of 48. My wife is a former university lecturer. The following advice applies to just about everyone out there considering university. I say considering but in truth you simply have to. This truly is a knowledge economy and without a degree you're about stuffed.

The whole student experience thing is one big con. The objective is not to drink an unhealthy amount of acohol, eat bad food and run up debts whilst filling the pockets of a scumbag landlord. The objective is to get a degree.

Tuition fees are what, £3000pa. The current interest on student loans means that the outstanding balance is rising faster than you pay it back - it's not so soft a loan these days.

Do this instead. The Open University. True the range of degrees is limited but you can stay with M&D and get a degree with little or no debt. Check out their financial support pages, look at the course fees. I'm not wrong.

mummytofour

Stupid_Student wrote: »

Hi thanks for replying! I live about an hour away from the uni, so it would be awkward getting to my lectures in the morning cuz they can start at 8am. Plus I wanted to experience my first year in halls! This is the most expensive accommodation so at least it won't get anymore expensive!

I've already done a few balance transfers. I currently have 3 credit cards and owe my family money. I recently applied for a virgin cc but got rejected and got a random letter through from barclaycard about a cc so thought I'd try that but haven't heard back yet.

I will be travelling an hour or more and to be honest if you are worried about the debt I would travel. You cant have it all and if you have the choice to spend less, I would go that way.

I am sadly starting uni in debt and it will get worse I should think sniff sniff.