Mature Student

badger71

Hello fellow money-savers, I'm hoping for some advice...
In September I'll become a full-time mature student at the tender age of 34. In order to do this I'm quitting my present job and selling my house to release the equity. This will (hopefully) facilitate a substantial deposit on another property in my University town, and savings to fund this madness.

Hopefully I'll sell my property and relocate during my current employment, which leaves me the dilemma of how best to manage my finances. Some friends have suggested that 'one' accounts could offer a good solution, but then I read an article by Martin who was fairly critical of them... I've read articles on this site about the 'saving fountain' but as a mature student with a sizeable sum, I feel my circumstances are a little unique.

I've also heard Martin comment on how banks like customers making regular deposits, whereas I'll be mainly withdrawing funds. So, any useful comments/ideas/experiences would be gratefully received.

(What would be really great would be to contact somebody who has done the same thing, or is maybe about to?)

Badger.

Bokken_2

Have a look at the Career Development Loans ,we have one via Barclays which is at 0% for two years which I have stoozed.
Have a look at the yellow links at the top of the page to see if you can get your money working harder for you.

badger71

Cheers, I've just checked out Barclays Career Development Loan and Professional Studies Loan. My course is a three year Degree and neither of the loans appear to be interest free, but thanks anyway.

[Deleted User]

Badger71 - At 35 am doing EXACTLY the same thing just now and was looking at bank accounts etc today to try and find the best one.
My situation is a bit different from yours, but I will still have a mortgage to pay. I havent decided where I'm going to study yet, and am hoping to get a place in commuting belt from my current address.

Feel free to PM me and we can perhaps get our heads together?

D

davelewis

I went back to a full time law conversion course this year (last September). I am 31 and it is the best thing i have ever done. I have an original degree in History/Politics and then worked for 8 years.

I sold my house and am living of the equity. I put all of my money into premium bonds and am doing ok - won £300 this month!!!

Best of luck with your studies.

susiesue_2

hi, i too am an oldie(33) back at uni, i have a mortgage an 2 kids. my advise is apply for your student loan even if you think you wont need it. put it in a high interest account. i have got a halifax student account with a good overdraft. (approx £1000) which is interest free. if you can get a job. my degree if pretty full on but i have bills to pay ect.so need the money. its the best thing ive ever done. :T
good luck and keep focused.

badger71

Thank you both Susie Sue and Dave Lewis, I appreciate your comments :-)
I have to say that I'll be a Uni virgin as I'm not actually returning to uni, but going for the first time! So, the whole thing is quite daunting as I haven't had the opportunity of higher-education; YET! I am looking forward to September and all that the next three years (and beyond) have to offer, and to that end, your affirming comments are good to read
Next week I'll be more clued up regarding how to manage my finances after some free financial advice, so, things are coming together slowly.
Thanks again and good luck to you both.

outofdate_2

I have just got my offer today, to start uni in Sept, so I am feeling scared right now. I am a single parent with a morgage to pay so not sure how I will manage financially but got to give it a go.... I have recently turned 40 so it must be an age thing!
Badger, you are ahead of me in planning accounts etc, I have been getting too stressed about getting an offer 'til now. Guess I need to get a move on with the practical issues. Let me know how it goes, and thanks for the motivation to get organised. Good luck!

Volcano

Just a quick one to any other mature-students-to-be!

I read today in a university newspaper that the government will soon be stopping certain benefits for mature students that younger students get. I believe this is in relation to the low rate of interest that student loans have as well as the tuition fees.

The newspaper was a bit vague and didn't cite its source so sorry I can't be more specific.

tiptoes

Hi all

Im a mature students with two kids in my thrid year, so on the last push. I've work part-time and have been entitled to tax credits and my loan as low paid. I have a mortgage to pay and all the cost that go with kids and other than my student loan I have no debt, though doubt that would have been the case had I not have worked.

library_lady_2

read today in a university newspaper that the government will soon be stopping certain benefits for mature students that younger students get. I believe this is in relation to the low rate of interest that student loans have as well as the tuition fees.

hi
I'm also planning to start a degree in September (interview Tuesday!!) which will mean me giving up work, our income will be reduced to £9,000 for a family of 5. I had banked on student grant/loan to make our money up so reading the above frightened the pants off me, anyone know anything about it?? Cheers.