how do you live off student loans if it all goes on rent

skintmumof3

i know this sounds a really stupid question.
i have been reading a lot lately on student finance and budgeting etc as my son is off to uni next month.
but a lot is printed about living off your student loan and not going into your over draft.... but i thought the student maintenance loan paid your rent for the year and you had to have other finance.. eg job .. or mum.. for daily living expenses.....
so either some kids have got very rich parents who can pay out £5,000 a year for rent or am i miss reading these articles...
sorry to sound dumb, but this uni stuff is all very new to us.
many thanks
skint
x

shopaholicleo

Last year i found that i had roughly £900 a year after paying my rent, so £300 a term. I basically transferred my employment to uni, earn £200 a month doing 8 hours per week, and allow £100 from loan each month to live off as well. I work overtime in holidays, sell stuff on ebay and use my student discount card constantly. Am £250 into my overdraft due to shopping urges, but put the rest in an ISA. So it basically can be done without rich parents, you just need a job.

nementai

Either your parents are poor and you get a huge loan, or they're rich and pay for you.
Or you're like my parents, and most others, who earn enough not to qualify for any extra money but can't afford to pay your rent, food and power bills, insurance, travel home for the holidays, and tuition fees.
In that case, you eat rice for 3 years and work every second you're not physically in classes. And then hope you've got the metal to do that and get a decent grade (I was happy with my 2.2 in these circumstances).
The problem I found was that since my parents didn't qualify for the extra loan in the first place, I wasn't eligable for any of the emergency welfare loans. I did have to literally eat rice with soy sauce on its own for most meals for 3 months of my 3rd year, after I'd maxed out the credit cards, loan and overdraft. Thank Buddah for the buddhist centre, where you get a great meal for £1! The Hare Krishnas are good for this too!
I guess it depends what course you're on. Mine was a 4 year course condensed in to 3, so I did about 9-5, 5 days a week, with the odd weekend as well. With essay writing on top of that, I was very limited in working hours available, I know friends on 'easier' courses who were able to fit 20 hrs work in a week, and lived much better.
Teach your son about MSE - he'll need it!! :rolleyes:

Lokolo

You chose the uni. You could have looked up costs there and then. You chose to live off rice for weeks and weeks. :T

My accomodation last year was £2285 (in halls, all bills paid etc.), this year £2475 without bills. Which means my loan would cover it (my grandparents are loaded so they pay it for me! woo!)

It depends where you go and how you spend your money.

Idiophreak

It helps if you go to a sensible uni - ie one with cheap rent...that leaves a bigger chunk of money left for living off. But realistically, a student needs more money, from parents, from a job or from overdraft and credit cards...something's gotta give.

Rikki

Idiophreak wrote: »

It helps if you go to a sensible uni - ie one with cheap rent...that leaves a bigger chunk of money left for living off. But realistically, a student needs more money, from parents, from a job or from overdraft and credit cards...something's gotta give.

Quick question, what do you class as a sensible university?

Once you leave the halls after your first year. Student rented accommodation is very high and plus the cost of bills for gas,electric and food on top.

The_One_Who

My max loan would be roughly £4,500 which would cover rent but not leave me with much else. Students need to work. If you work full time during the summer then you should have managed to save some money to live off of and with a part-time job during term-time then you should be able to cope.

Wiggynut

I live in london and pay rent to a private landlord... I pay just a notch over £4,000 for the year. (I'm a mature student (no parents anyway) and would not fit in halls, plus I think they are extremely over priced! I would not pay £120 for a tiny box room and a single bed!)

I'll be working part time and through out the breaks so the overdraft will only be for emergencies - I might have to use some of the loan but hopefully get that back when working through the holidays /breaks etc.

gonna be tough at times but I need to learn to spend money more wisely anyway so it's not just the course I'll be learning skills from! :-)

Oldernotwiser

I think that that many parents sub their children by keeping them rent free during holidays and giving them a small allowance (£100 per month?) during term time. After all, if they were living at home and working, very few parents would be charging a level of "keep" that cover all that it costs for them to live there.

As has been said before, if money is tight then sensible choices need to be made as to the university and the accommodation. The loan is only supposed to support someone for 40 weeks a year, which makes the amount allowed more feasible.

Finally, students need to accept that they won't have as much money as their friends who are working full time and that your student days are not the time for designer clothes, expensive gadgetry and (necessarily) running a car. With some parental help, most students shouldn't need to work more than about 12 hours a week.

nementai

Lokolo wrote: »

You chose the uni. You could have looked up costs there and then. You chose to live off rice for weeks and weeks. :T

Yes, I did choose my uni.
What's your point?

I knew about the problems when I went, but I was happy to go and 'suffer' as I did.
My point was that there are limited options, either work, or go a bit hungry.

Wiggynut

Rikki wrote: »

Once you leave the halls after your first year. Student rented accommodation is very high and plus the cost of bills for gas,electric and food on top.

why does it have to be student housing?
(I have noticed that student housing is sometimes advertised at a higher rate of rent than 'normal' rented accommodation.

just rent a room in a house/flat - if it's near the Uni then you will probably find other students living there too!
(that's what I'm doing myself)