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Mature Student and Money

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I hope this doesn't sound a stupid question - so here goes.

I've just finished a 10 point OU course and signed up for a 60 point course. However my dream has always been to study English at uni, and I'm tentatively thinking of applying for 2010. However, I'd be 40 by then, I'm single, how on earth would I support myself? From investigations I'd get a student grant of £4500 or similar a year, but at the moment I earn £15K and it's a struggle sometimes. I know there are companies you can apply to for sponsorship type ideas, funds, that sort of thing, but has anyone got any experience of being a mature student and funding themselves through their degree? I rent a lovely house but the uni is about 35 miles away, I would temp during the summer, but I'd welcome anyone's experiences on this.

I want to follow my dream, I know I could continue with the OU but I always wanted to go to uni and study full-time and I could do it in three years if I got accepted.

I've been following some of the threads on here regarding the mature students and you've all really inspired me, hence this post!

Thanks.
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Comments

  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    I think that, as a mature student, you have to accept that you need to make lifestyle adjustments if this is what you want to do. You need to decide whether you're prepared to do this and make certain financial sacrifices if you want to go the full time route rather than continue with the OU.

    If you look at the funding more carefully, I think you'll find that you get about £6,200 from Student grants and loans, with a minimum of an addition £300 bursary from the university itself. This is free of tax and NI and, obviously, you can work part time as well (full time in the holidays), remembering that you'd be able to earn just over £6,000 a year without paying any tax on it. You'd have no council tax to pay on your house.

    You might want to consider having a lodger/house sharer in if your tenancy allows, or you might decide to move closed to university and either share a house or live in halls. If you move closer you'd have fewer travel costs and you might even decide that you don't need to run a car. You'll also save all the expenses that seem to go along with working for a living.

    On the OU side of things, if you're just about to start a 60 point course, you'd be able to fit in another one by the time you could start at university and could finish in 2014, rather than 2013 at a traditional university,

    I've been a mature student twice, once younger and once older than you and I certainly don't regret going to university the first time, although that was a while ago, when things were rather different economically.

    Whichever way you choose, there's no reason for you not to make a success of it and you don't need to make a final decision until September 2010, when you would start t at a traditional university. You could be applying for this whilst studying with the OU and make your mind up at the last minute if neccessary. I'd see how you get on with the OU this year and visit any of the "bricks and mortar " universities that interest you.

    Edit: I've just noticed that you're in Perthshire and the financial info I've given you relates to studying in England. I won't delete it, but make adjustments for the SAAS funding.
  • Oldernotwiser has made some great points.

    Whatever you decide to do, always follow your dreams. Don't lose faith and you will make it.
    Credit Card paid back in Full (June 2011): :j £500 in the clear -

    Part of the £11,000 in 2011 challenge: £3,284 done so far.
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I am a mature student - my Statement of Affairs (budget) is here
    http://forums.moneysavingexpert.com/showthread.html?t=1359737

    But basically you can get
    1. Full non-repayable maintenance grant = £2800 a year (unless you have previously had student support or have a degree?)
    2. Student Loan for fees = up to £3k per year
    3. Student Loan for living = £3500 per year
    4. Exemption from council tax = £1k per year for 'average' house
    5. Student Union card/ student travel passes/ etc.
    6. Any wages you earn part-time (not used for income assessment - recommend few hours in term time)
    7. 0% student bank account overdraft - mine is £1700 in year 2.

    So probably as much as you take home now!! :j

    Note that your wages are not taxed up to £6000 per year, neither is the maintenance grant. No idea about the loan for living costs as I don't need this, but it's a loan not income ... ?? :confused:

    You can also rent out a room in your own home for up to £4200 per year, again not taxed and not counted when assessing your income for student support. The forms clearly ask you to state your 'non-earned taxable income' - I confirmed with the Student Loans Company as well. :D

    Basically you will be fine if you are used to living to a sensible budget. There's usually adjustments that can be made - the Debt-free Wannabe board and the SoA calculator (sticky to link on same board) is brilliant for that. Feel free to post: you don't have to be in mega debt, just wanting to stay out of it! Lovely bunch of regulars too.

    :beer:
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • justruth
    justruth Posts: 770 Forumite
    Hi another mature student here and I have the information leaflet for next years student finance which tells me that from this year
    1. Grant on household income less than £25k goes up to £2906
    2. Maintainence loan for students living away from London increases by maximum £4745 (remember the grant is deducted from the loan)

    I have to work several nights each week as I started out on a 5/6 year course with a lot of debt. If this were not the case I would live comfortably on the money I receive in the way of grants, bursaries and loans.

    I would certainly recommend going for it, the student loan repayments are linked to earnings so if you dont earn much you dont have to repay it. This is probably the safest occupation in the recession as all you have to do is do the work, and they send you the cash. In addition to that there is the potential increase in earning potential post grad, even in totally unrelated fields.

    Personally I think I benefit from being a mature student, I draw on my life and work experience to make the most of it and I think I am that bit more determined since spending so much time in dead end jobs. Go for it.
    Debt £5600 all 0%
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    Fire_Fox wrote: »
    I am a mature student - my Statement of Affairs (budget) is here
    http://forums.moneysavingexpert.com/showthread.html?t=1359737

    But basically you can get
    1. Full non-repayable maintenance grant = £2800 a year (unless you have previously had student support or have a degree?)
    2. Student Loan for fees = up to £3k per year
    3. Student Loan for living = £3500 per year
    4. Exemption from council tax = £1k per year for 'average' house
    5. Student Union card/ student travel passes/ etc.
    6. Any wages you earn part-time (not used for income assessment - recommend few hours in term time)
    7. 0% student bank account overdraft - mine is £1700 in year 2.

    So probably as much as you take home now!! :j

    Note that your wages are not taxed up to £6000 per year, neither is the maintenance grant. No idea about the loan for living costs as I don't need this, but it's a loan not income ... ?? :confused:

    You can also rent out a room in your own home for up to £4200 per year, again not taxed and not counted when assessing your income for student support. The forms clearly ask you to state your 'non-earned taxable income' - I confirmed with the Student Loans Company as well. :D

    Basically you will be fine if you are used to living to a sensible budget. There's usually adjustments that can be made - the Debt-free Wannabe board and the SoA calculator (sticky to link on same board) is brilliant for that. Feel free to post: you don't have to be in mega debt, just wanting to stay out of it! Lovely bunch of regulars too.

    :beer:

    Just as I did, you haven't noticed that the OP is in Scotland, where funding is different.
  • justruth
    justruth Posts: 770 Forumite
    I was under the impression that funding in Scotland was better!
    Debt £5600 all 0%
  • I am considering going full time in September, again as a Mature Student. This has really helped me too – thanks! Could I just ask, I have an outstanding personal loan for £2000. Does anyone know if that can be frozen or lumped in to a student loan to lower outgoings for the next few years while I do my degree? I have/I am making other life ajustments financially to accomodate, it is just the loan that is an outstanding problem!
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    theavj13 wrote: »
    I am considering going full time in September, again as a Mature Student. This has really helped me too – thanks! Could I just ask, I have an outstanding personal loan for £2000. Does anyone know if that can be frozen or lumped in to a student loan to lower outgoings for the next few years while I do my degree? I have/I am making other life ajustments financially to accomodate, it is just the loan that is an outstanding problem!

    Banks don't care if you are a student, they just want their money every month. Well worth finding out how much it will cost to pay off in one hit, might be worth taking out maximum student loan and overdraft to do so? I don't normally recommend this as it needs very careful thought, but you might also consider a 0% for 9 months credit card. You won't get that as a student so will have to be done while you are still working.

    The snowball calculator and Statement of Affairs links on the Debt-free wannabe board are ace for focussing your mind. Do one for now, and a projected one for while you are a student and see whether it seems better to pay your loan off, or keep making the repayments.

    :beer:
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    justruth wrote: »
    I was under the impression that funding in Scotland was better!

    In as much as you pay no fees, but I think that there's less money available for maintenance.
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    theavj13 wrote: »
    I am considering going full time in September, again as a Mature Student. This has really helped me too – thanks! Could I just ask, I have an outstanding personal loan for £2000. Does anyone know if that can be frozen or lumped in to a student loan to lower outgoings for the next few years while I do my degree? I have/I am making other life ajustments financially to accomodate, it is just the loan that is an outstanding problem!

    You could pay off your personal loan with your Student Loan, but then what are you going to live on? Otherwise, could you spread the payments over a longer period or make a real effort to pay it off in the 8 months before you go?
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