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

Oldernotwiser

Sorry, didn't realise Kellogg36 was in Scotland.

The_One_Who

I don't know if they are, but just mentioning it to show the difference. Does everyone in England get the £6,000, or is it just those from low-income families?

moneymass

I got a thoroughly mediocre loan which paid for my rent in first and second year, and was less than my rent in third and fourth year. Tuition fee expenses as per weren't applicable to me.

Before Uni I worked my !!! off and saved and every summer break I worked full time and saved. My parents paid for the occasional high cost things like field classes and a few other things but I kept the amount it cost them to a minimum.

I didn't 'waste' money as such (excessive social/drinking money etc) but I wasn't eaxactly a MSE either.

I also raised an eyebrow at the idea of a 'sensible uni'. Does that mean cheap and not that great academically? Will that help you more in the long run?

Wiggynut

The_One_Who wrote: »

I don't know if they are, but just mentioning it to show the difference. Does everyone in England get the £6,000, or is it just those from low-income families?

I get the loan of £5215 and the full grant!
I'm a mature student and non-income assessed.
(I don't have any family anyway - 'cept a brother I recently met up with on the internet)

I'd prefer not to use the full loan as with the £10,000 course fees to pay back at the end will be hard enough.. .let alone a further £15,000 of loans to pay back... eeeeek :eek: - I'm trying not to think about that bit.. .but will work part time and through holidays/breaks.

but have to say that it does help having the higher amount as backup and emergencies etc... I don't think I would have gone to Uni if I couldn't get this (left school at 15 and fed up being paid less for the same work as others!! plus I've always wanted to study and try for a degree )

robnye

my eldest daughter will get £4625 student loan, this 75% of the possible max loan, plus a small proportion - cos we did income assessment, her student accommodation is £3058 for the year (or rather 9 months)
she has some money saved up, we also have some saved for her, but told her to try and exist (as we wont be able to save the same amount up for year 2), so she will get a part time job as mentioned, every little helps

Oldernotwiser

The_One_Who wrote: »

I don't know if they are, but just mentioning it to show the difference. Does everyone in England get the £6,000, or is it just those from low-income families?

Students from households with less than £25,000 income (and not studying in London) receive £6,200 from the combined Maintenance Grant and Loan package, as well as a minimum of £300 (often nearer £1,000) as a bursary from the university.

Rikki

robnye wrote: »

my eldest daughter will get £4625 student loan, this 75% of the possible max loan, plus a small proportion - cos we did income assessment, her student accommodation is £3058 for the year (or rather 9 months)
she has some money saved up, we also have some saved for her, but told her to try and exist (as we wont be able to save the same amount up for year 2), so she will get a part time job as mentioned, every little helps

The second year is harder financially. :eek:As my son and I are finding out.
He is already paid retainer rent for August and cannot move in till September. Then all bills are payable on top. This couple with the price increases of gas and electric, he's quite concerned.

Oldernotwiser

moneymass wrote: »

I also raised an eyebrow at the idea of a 'sensible uni'. Does that mean cheap and not that great academically? Will that help you more in the long run?

I didn't use the term "sensible" but there's no reason why going to a university in a cheaper area equates with "not good academically". Many universities in Northern cities are excellent and there are some pretty crap ex polys in London! If money is tight then studying at a university with lower living costs makes perfect sense.

cuddlymarm

Hi

My youngest son is about to start his final year at Hull Uni. He tells me Hull is quite a cheap place to live and we send him £40 per week and he raids my food cupboard when he comes home. He works in the summer hols and lives rent free with us when at home. This has worked for both my boys (eldest found a weekend job 8 hours and made sure it didn't affect his studies but DS2 has found that jobs aren't always available because you find that where theres cheap rentals there will be immigrants who also need work.)

As was said earlier its a matter of balance. If your kids an cook the basics and are taught how to budget before they go they'll manage.

Cuddles:rotfl:

moneymass

Oldernotwiser wrote: »

I didn't use the term "sensible" but there's no reason why going to a university in a cheaper area equates with "not good academically". Many universities in Northern cities are excellent and there are some pretty crap ex polys in London! If money is tight then studying at a university with lower living costs makes perfect sense.

I agree about poor Uni's in expensive areas and vice versa; one variable doesn't equate to another and I wasn't trying to say it did.

My point was;

"if i had the chance to go to a top X uk / top1% world uni would I give it up for the sake of Y amount of added debt at the end?"

It's a personal decision.