Going Backwards at 24 !!

DEBT_23

Ok hi all, i have jumped over to this forum for some advice.
I am going to University full time i start in Sept 08 ( nxt month) im awaiting for the student finance to assess me. tho i should be ok having gone thru things online. !!
Since i was 18 ( now 24) i have had a career within the prison service had mortgage at 18 etc. ( also got in some debt ) i have been unhappy for a while . not happy in job, fed up with mortgage keep going up as well as other bills. and thought enough is enough. got myself into debt and figured sell the house clear it all and start afresh in a career i want to do !

So from next month im a full time student.. doing something i should/would of done if i hadnt landed lucky at 18.

this is where advice needed comes into play. my house is gone and P45 ( quit work) on its way. i have a friend who has kindly offered me his spare room for a fee ( cheaper than student acc) I also intend on getting a part time job. having had a good full time wage since 18 i could not survive without a wage !
i want to know about the student loan and grants etc. if i have my fees paid for and i get a part time job
these loan/grant payments into my bank account is it wise to save them and survive on a part time wage ?? or is that not possable ? should i be reckless for once in my life and jsut be a student !
Common sense tells me to try and put away most of it. ?! if so can you recommened a account ?
Is there anything else i am entitled too ? im classed as a independant student !??! 24 yrs of age doing a 3 yr ful time degree in Engineering.

Any advice needed im new to this whole thing..

Lokolo

Ok if you have only just applied for finance be careful - you won't get it on time. Likely to get it maybe a month late, so prepare for this.

I think you have to be living away from home for 3 or more years to be classed as an adult so yes you should be.

You will then likely get a grant I would think which is free money. And a loan on top of this. This is for maintenance. (i.e. it goes to you).

You then get another loan for tuition fees. You have to pay uni just over £3k a year in fees and such so they can teach you blah blah blah. You will get this as a loan but it will go straight to the university.

When you get a response from student finance, post the numbers and we'll tell you what you're getting.

DEBT_23

ok i will do thanks. if i start in sept will the loans grants etc come end of sept/oct time ?!?

Rikki

The loans and grants are paid in three stages. September, January and April.

cheekyweegit

Rikki wrote: »

The loans and grants are paid in three stages. September, January and April.

Are you sure about this as all finance from SASS in Scotland is paid monthly. This changed last year and has made a big difference to us students. It may be different in England though and alas I can't vouch for that.

It used to be 3 times a year though.

Edit - just wanted to say good luck with your course.

Broke_Student

cheekyweegit wrote: »

Are you sure about this as all finance from SASS in Scotland is paid monthly. This changed last year and has made a big difference to us students. It may be different in England though and alas I can't vouch for that.

It used to be 3 times a year though.

Edit - just wanted to say good luck with your course.

Rikki was correct - loan payments are made 3 times per year in England.
I recieved my payment schedule today:
- 22/09/08 loan + grant
- 05/01/09 loan + grant
- 04/02/09 tuition fee loan paid to uni
- 20/04/09 loan + grant
- 06/05/09 tuition fee loan paid to uni

DEBT_23

Can anyone advise me if its possible to survive uni on a part time wage and saving grants /loans etc..
Do you all save it or spend it.. as most of you are getting your payments you are students you will know better than me if its possable. .
thanks

Driving_Soon

Hey :-). I don't know much about the funding, but can I say i think you have made a really wise choice good luck with everything

DEBT_23

thanks driving.... stupid i think but brave ,lol i just hope i can stick to it. Im giving up a 'good career' in hope i can enter a career i want to be in .

Driving_Soon

DEBT_23 wrote: »

thanks driving.... stupid i think but brave ,lol i just hope i can stick to it. Im giving up a 'good career' in hope i can enter a career i want to be in .

Yeah! I'm doing a simlar thing to you at the moment! gave up my job to enter full time education! I took along time to decide! but I know i have made the right choice ( i think haha! )

Just think it the way I do, if you didn't go to Uni, How would you feel in 5 years time if you didn't do it? How would you feel?

go for it!

Lokolo

DEBT_23 wrote: »

Can anyone advise me if its possible to survive uni on a part time wage and saving grants /loans etc..
Do you all save it or spend it.. as most of you are getting your payments you are students you will know better than me if its possable. .
thanks

Ok if you have any saved money - don't spend it unless you have to (i.e. only food, rent, travel) and wait until you get your loan. I guess as its your first year and stuff you will want to go out and everything which is fair enough, but don't over do it. You could run out of money quite quickly before you loan and grant come in.

However, good luck and any problems or questions, post on here!!!