Mature Students entering course with debt or financial commitments?

blueopal5577

I know its unlikely but is there anyone else out there entering a course, already in debt... or with bad credit or so on?

Ive had a horrible few years starting off homeless, which made me apply for my first credit card to fund being in a B+B as there was no council housing and then being sick and unable to work, and too ashamed to claim benefits. (The latter is not a mistake I'd make again!)

It'd be good to know if anyone is in the same or a similar situation financially. I know I wont have the same access to credit during my course, as other students, which in many ways is a god send but not having that safety net is somewhat scary.

Equally it'd be good to chat with students with financial commitments in general - kids, dependents, houses and so on. I live alone in my flat which I cant give up as its housing association and since i have dogs, its gold dust. However means a lot of commitments to maintain whilst studying. Lol i think im perhaps a little overwhelmed! Would be good to know if others out there are concerned about similar issues.

PM me if youre a similar situation, be good to know im not alone amoung a sea of financial fountains, spewing credit, cash and cards.
A

Ytaya

I am a year into my PhD, but immediately before that I was an undergrad. You can see my debt in my sig - I was making payments all the way through my first degree. It was hard, no doubt about it, and it was sometimes difficult being a mature student, having different priorities to the younger students, but it was indisputably worth it!

If you're organised and determined, you can do it

bestpud

When you say you won't be able to access the same credit, do you mean overdrafts?

Because I assume you will be able to get your full loan/grant entitlement?

I wasn't in debt when I started but do have other commitments. In my experience it is 'different' being a mature student but life experience is an asset imo.

If you have a HA flat, you are actually in a better position than many students because the rent will very likely be more reasonable and your tenancy is secure. But then you do have to factor in travelling costs etc.

When do you start, or are you just thinking about it at this stage? Have you worked out how much funding you can get and how you may continue paying off you debts if you went to uni? That's where I'd start, I think.

You can work while at uni (most do) so you will have another income.

Or there is always the option to study with the OU (not for everyone - I'd hate it), or part time at a bricks and mortar uni?

Basically, if you can manage it financially then go for it, I say!

cardiffforthefacup

Hi there,

Welcome to the world of studying. There are quite a few of us around that have quite bad debt problems and been through the same situations as yourself but don't let it put you off getting on. It will be tough but I would get in touch with the student finance centre as soon as possible, they can help you work out a budget that would be easier to stick to and possibly get in touch with your creditors to lower payments. You will need a bank account of sorts, you could probably get a credit union account, they don't credit score like high street banks, else you could get a basic bank account which you need to have your grant/loan in. If it has only been a short while since you were homeless there may be a student support fund to offer you extra help(don't quote me on that though), there will more than likely be a bursary available and you should be able to apply for student access funds. There are a lot of mature students doing courses these days so don't be put off if you are the only one on your course, most other students will help you fit in anyway, you have a common goal.
I would be seriously concerned about the implications for bankruptcy I don't know all the ins and outs but wouldn't it effect your entitlement to further grants/loans. There was a thread on the student board not so long ago you might want to check it out or even ask at the student finance centre at uni.

Good luck, don't worry too much about your debts, they will still be there whether you worry or not, so focus on where you are now and where you are going to be in the future, the experiences you have gone through makes you stronger and you will find it funny that other people get so worked up about petty things in life.

flamingice

I'm also in a similar situation, basically have loads of outgoings but no incomings, maxed out my credit cards and overdraft and now have nothing left! I was a late application student so probably won't have my student loan until december, so struggling until then, only in my second week and finding it hard already!

if you're studying on a full time course (2 days or 12 hours a week) you may be entitled to Adult Learning Grant, so ask if your college or uni has some forms for that or just type it in google

there's lots of part time temporary christmas jobs coming up in shops so i'm trying to get one of those to help me out, if you have the time to do some temporary shop work then it might be a good idea to help with those debts!

Pandora_2

Hiya, another one here :wave:

Started uni last year despite already having debts and negotiated with creditors to reduce payments so they were more manageable on a student income. I already had a bank account with Natwest so they let me change it to the student account, and although due to my credit rating I got rejected for the credit card, I did get the full student overdraft - I was very surprised I got that though :rotfl:

Managed pretty well through my first year by very careful budgeting and a part time job as well as my student finance, so it can be done!! All my friends are now asking for my help with budgeting as I always seem to have more money than them despite my extra outgoings!! (I've been in private accomodation the whole time as well, not halls!)

Definately speak to your student support people as they will be able to advise you on any extra funds you may be able to apply for and help with budgeting etc.

Good luck with it

ShropshirePagan

I'm finding this interesting to read.

I'm currently considering focussing more on my degree. I'm currently off sick in a job that is causing me so much stress that I probably will need to quit and was looking at options of how to fund my learning.

I will probably continue with the OU because it does suit me, but I'm aware that student grants and suchlike won't be open to me. I have been fully funded and if I stop working at the moment I will definitely be .. I will probably need to find a simple part time job to top up the coffers.

We also have debts which we've been chipping away at for the past five years and still have a substantial way to go. We've been fortunate in that we've kept up with the key bills and so don't have any arrears there.

I look forward to reading more on this subject in the future.

Elaine x

superspam

Its nice to know I am not alone in starting a degree with a pile of debt behind me. I am in Uni 3 1/2 days a week so I'll be looking into that Adult Learning Grant - thank you flamingice!

I have been self employed for almost five years as a Personal Fitness Trainer but with peoples finances as they are, my business has been gradually declining as people can't afford the luxury of a personal trainer anymore. I also suffered with depression just over a year ago and consoled myself with credit card spending. Subsequently I came to realise two things - 1. I had to stop spending and 2. I needed a more secure career if my partner and I ever had any hope of moving house to the area we wanted and starting a family (I'm 28). So I am know doing a Primary Education degree and I"m really excited about it, but my debt is a constant dark cloud over my otherwise sunny day. I know its going to be hard but I consider myself lucky that I do have some Personal Training clients left who will fit around my Uni timetable, enabling me to earn the sort of money I would have earned in a shop job, in half the hours.

I have received the full grant/loan entitlement and am using that to pay off my debt whilst hoping to survive day to day bills on my small earnings. It didn't help that my partner lost his job a few weeks before I started uni but we've just about been keeping the wolf from the door and despite probably being in the worst financial position I have ever been in, I feel more positive than ever because finally there is a light at the end of the tunnel. I know that as a teacher I will be earning at last £21,300 per month - I've never had that much money in my life!

I hope this thread continues and we mature, debt ridden students can support each other through the next few years!:D

cardiffforthefacup

Hi Superspam,
If your partner lost his job and is now dependent on you you are also entitled to Adult dependent grant, worth going to your uni student finance centre to check that you are claiming everything you are entitled to.

mummytofour

Adult Learning Grant Is for college NOT uni courses as far as I am aware.

I start Uni on Monday, 5 kids a hubby, massive massive mortgage and a DMP in place, which will take forever to pay off. I cant get an OD and I dont want one! I hope that with hard work I will pass my degree and get a good job which will enable me to pay off all my debts sigh...

Human_Computer

I am a 25 year old goin into my 2nd year Bsc Degree with debt problems. I wanna know whether a partner of a mature student can claim income support as we have a 15 months old dependant and v r getting £45/week Child Tax credit. Now is there anyone who is in the same position as us. We have been in heavy debt for some years now and are kinda ignoring and then making arrangements for manageable payments and den kinda breaking agreement as the company debt collectors change so its been a very very bumpy ride for us over the years better still we r way more positive as I know once the degree is completed I can manage to sort some payments and pay all in few years after University. Now at this point in time I am starting my uni on 29th and applied for student loan and tuition fee loan earyl sept I am expecting it to be in November time but want to what my partner can do as she looks after the baby and studies an accounting course at home. I paid for the course when I was working 2 years ago and is due to complete in June 2009. Any help would be a breath of fresh air.

Thanks