Paying my student fees - but i've no money!

louby_lou

hey there, im a third year student on a placement year of my 4 year course and looking to do a masters afterwards. I have lived on my student loan and dont know what I would have done without it. I have always paid any assessed parental contribution which normally parents would pay (mine simply could not afford it) as well as my own rent and general day to day living. I see a lot of my friends get a lot of things paid for them and generally they are not concerned by money to the extent that I am.

Im also 21 and have thankfully come to the realisation now that money doesnt grow on trees. im sorry that youre having such a tough time of it at the moment re: money but in the long run the fact that this has happenned to you so young will hopefully save you hundreds of thousands of pounds in the future. theres nothing like being broke to make you realise youre an adult now.

I understand that you dont want to tell your parents (although i would if i were you - you cannot truly judge what their response would be im sure!) and your gf but i think that you should definitely tell her. You say that having a gf is expensive, but it neednt be, especially at uni. Perhaps if she understood your financial situation she would be more inclined to save money with you? obviously i dont know anything about your relationship so tell me to get lost by all means - just trying to think of ways to scrimp and save!

The hardship fund wont touch you until youve explored every avenue of available funding (i.e. loan) and i would definitely recommend doing this. you needn't take it out year on year but by all means take it for this one which you are finding so hard. you will be able to pay your fees and possibly save the rest for next years and your masters (as i understand masters funding is limited to say the least!) you can obtain a loan without having your parent's income assessed, however quite rightly it was mentioned that all correspondance does indeed go through your home address and it is clearly marked on the envelope whom the letter is from.

I wholeheartedly applaud you for taking the GA route and truly you will be saving yourself an unimagineable amount of worry and loss of cash in the long term im sure!

Would it not be possible for you to take up a part-time job instead of the fluctuating income one which you have at the moment? I used to work in a call centre in the evenings after uni and was well paid. Maybe even as a short term solution? I would also suggest eBay! get on there and get selling! you'd be suprised how much you can get for things which you dont even think about!

As a last resort if you truly need the cash immediately I would suggest a 0% credit card which offers no charge for a chequing facility (i have this on capital one). I would never normally suggest a cc as a means of moneysaving but if you truly need the money fast and then cut up the card as soon as you have done this then im sure you could pay the balance off before the end of the 0% offer.

I hope that everything turns out okay for you and sorry i have waffled massively here!

chin up you will survive!

laura xxx

devoncat

I worked as a welfare officer at a uni a couple of years ago. Please, please talk to your parents a get help. Without thinking I can think of 3 students who made matters worse by trying to do things by themselves. Two alcoholics and one gambler. The financial implications made one of the alcoholics drink more and ended up in hospital once, police once. One quit uni and the gambler-typical of the problem tried to win his way out, but made matters worse-left the job so am not sure where he is now.
The point is financial problems are very hard to deal with and are one of the most stressful types of problems. You need support. I understand that it is scary. I know that it might embarrass you. But parents are the most forgiving of people. They will be able to offer you the type of support you need. They may even be able to work with the university to pay the fees. Please go to GA. Contact your uni's welfare office. At the uni I worked in there were two types of welfare grants-those funded through the government which required you to have taken out the student loan and those made by bequests and donations which were far more flexible. Please also go to the finance office and explain the situation. Ask if you can be put on a payment schedule. If you can work part time at night and add the cheques and money that is owed to you, you might pull it off. But let me stress again-please, please talk to your parents.

annmatkat

i know you've said that you don't want this, but why not?
The interest rate is really low and you will only start to repay it when you are earning enough. According to http://www.slc.co.uk/noframe/lr/sss/repaydet.html#examrepay

if you were earning £17,000, you would be repaying £15 a month. I've heard that they are not even counted as proper loans by credit referencing companies.
I've also heard them compared to a mortgage, ie you wouldn't say "Oh no, I won't borrow money to buy a house!" Like buying a house, it is an investment in your future and your future earning ability.
Hope things work out and good luck

bettingmark

I've calculated my total debts breakdown.... the majority through gambling but other elements such as christmas, holidays/breaks away etc over the past year has a lot to do with it.

£1,175 (student fees)
£1,000 (bank overdraft)
£300 (cant specify what this debt is sorry - not relevant but is another debt i have)
£600 that I owe my mum
£60 (speeding ticket :mad: and im not even a boy racer!)

Total Debt £3,135

Scary when I see it put out in front of me like that and considering at times were i've had £5,000 profit in betting account - very foolish i know, as any gambler will tell you, knowing when to quit when you're ahead is the main problem.

It's time to tell me parents. Im extremely scared of doing this, but I know its for the best and I know they will be helpful. I just never like to admit 'defeat' to something!

One element I've previously completely overlooked is that I have savings put away. Something ive left with my mother, amounting £2,300 - although it hurts me and will hurt them that this will have to be used to clear the debts as its amounted from wills etc

If these savings are used, my fees can obviously be paid off straight away - a big lift off my shoulders.

Im planning to go to the world cup with my gf in the summer, flights are booked, accomodation booked etc. Ive paid for flights already and owe my mum for the hotel (part of the £600 debt) Once i get this mess out of the way, this gives me something to work productively towards and reap the benefits from.

Im feeling positive now but also very scared of 'coming out' with the truth. Thanks to all those that have given me advice to date. Its been much appriciated.

Tomorrow night (tuesday) will be when I reveal all - it'll be when i can sit down and have one-to-one with my parents.

*SIGH* heres goes... _pale_

crutches

GOOD LUCK

best wishes

bettingmark

So far so good, parents have been extemely helpful and everythings looking very good for the future. all i need to do now is drop the 'betting' part of my username

kathfisch

Mark thats great! :T I'm so pleased that things are looking good and that you are looking to the future. From the first post you've sounded like you are determined not to let things carry on as they have been, and I'm sure you'll do it! Don't forget, keep talking to your parents and use the support that is there for you. Good luck with the GA too.

Best wishes

Kath

jobbingmusician

Mark, I am SO happy you have told your parents. Just to clarify - you have told them about the gambling, haven't you? :rolleyes: Cos I was worried before that the addicted part of you might not be telling them so you still had a little bolthole left to you of going back to gambling - if you tell them about it you will close this possibility! :j


(You've done BRILLIANTLY so far - well done and good luck for the future! :beer: )

bettingmark

yes I have told them EVERYTHING - every last story, detail, down to the last penny. The same with my gf, which didnt go as well with, but will be fine.

I got carried away, everyone including myself can see that but people that know me closely, know im a level headed guy whose determined and ambitious. I have a lot going for me, and im not going to jeopardise any of that from now on.

I will have my fees paid off by the end of the week with the thanks to my mum, but I will earn the money for the next few months and pay it back into my savings. Im also going to get my overdraft cleared soon too. Then i can look forward to saving towards the world cup in June.

It has been an amazingly great few days. I've just agreed terms with a new rugby club for next season which will see my money double when i move to them, also my part time job has offered me a lot of work over the next few weeks which doesn't clash with uni. Got my exams results too, and whilst I'd like to have done better, no major issues have been encountered here. Furthermore, I attended a meeting today designed to look at paid work placement in the summer to develop my experience before I graduate, hopefully june 2007. Looking at jobs in the media over the summer, so fingers crossed that will be successful too.

Will keep you's updated and thanks to all for advice to date

jobbingmusician

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