How can I afford to go to uni as a mature student?

alyth

shop-to-drop wrote: »

If it is your dream and you will work hard it would be worth doing. Do you have a graduate job in mind? You are likely to earn a lot more with a good degree behind you. I would go ahead and use some of the £50K to get you by. I would think it will be money well spend in the long run.

I'm kind of scared to use any of the £50K, that money is settlement money from ex and it's my pension for my future, I'm taking £5K out as "treat" money but the rest of it is going to be invested, but the interest won't be enough to live off.

My plan is to temp/do bar work/work in McDs, I guess what I'm really asking for is reassurance that someone else has done this and isn't as terrified as I am, I'm on my own, I have to provide for myself, if I screw up then I have no money/home/no one to blame but myself!

maryotuam

You used to be able to get a career development loan from the bank but not so sure about getting one in the present climate. Ten years ago I was able to see a careers guidance officer and it's possible that free service is still provided by the government.Or check with the CAB what you are entitled to as there might be some little known grants you could apply for.

If all else fails I agree it might be worth using a porportion of your savings and replace it when you are back working, hopefully in a better paid job. See it as investing in yourself.

Anyway well done for having the guts and determination to improve your life and challenge yourself.:T

dieselhead

Personally I would use some of your savings, that is what I am doing in my case it is a considerably smaller amount but I consider money spent on my education an investment in my future and therefore well spent. It will improve my job prospects and I hope to be able to replace it in a few years.

[Deleted User]

I would recommend continuing with the OU - it's the only way to mantain your current standard of living. The OU way of working really is excellent + I would imagine that although different the quality of learning experience at the OU is higher than at Dundee.

Fire_Fox

alyth wrote: »

I'm kind of scared to use any of the £50K, that money is settlement money from ex and it's my pension for my future, I'm taking £5K out as "treat" money but the rest of it is going to be invested, but the interest won't be enough to live off.

My plan is to temp/do bar work/work in McDs, I guess what I'm really asking for is reassurance that someone else has done this and isn't as terrified as I am, I'm on my own, I have to provide for myself, if I screw up then I have no money/home/no one to blame but myself!

I don't know what prices are like in your area, but is there any possibility you could buy a flat/ little house within walking or cycling distance of your new university? If you have spent the £50K you will be entitled to means-tested benefits along the way, and without as much/ any rent to pay you will be a very comfortable student indeed. I know cos I am in exactly that position! :cool:

You will get a rubbish interest rate on the capital in savings accounts anyway - the Bank of England has said the 0.5% base rate is here to stay. I am assuming, of course, that you won't be investing in bonds or the stock market as you talk like a low risk investor. If you can stretch to a two bed place you can rent out the larger room and have even more income: the rent a room scheme is tax-free so won't affect your grant/ loan entitlement. Between my part-time work, lodger and maintenance grant my take home is £12K. :T

Oldernotwiser

alyth wrote: »

I want to study English at Dundee Uni - spoken to the head of dept a couple of times, the access course at perth college is one of the best things I could do to guarantee a place, which are massively oversubscribed. I will commute, Perth is 10 miles down the road for the first year, Dundee uni is 30 miles for 3 years. because the course is so over-subscribed I need to do my OU course, the access course plus a few others like a TEFL course to enhance my application. I need my car even just to get to the local shop as I live on an estate down a farm track.

Access courses are excellent but wanting you to do an OU module AND an Access course seems like belt and braces to me! As for a TEFL qualification for a Literature degree; it just seems totally irrelevant. Could you suggest that you offer a couple of specific Literature modules (in addition to the Humanities Foundation course) as an alternative to the Access Course? You might find that a more manageable option.

As you only rent and have no dependents, why limit yourself to just the one university? You'll find other places far more welcoming to mature students and far less inclined to make them jump through unneccessary hoops!

Edit: Rereading this it sounds as if I'm anti Dundee, which I'm not as it's an excellent university. I just think that they're making things rather difficult for you. Southampton used to be one of the local universities for where I lived and they were perfectly happy with EITHER Access OR OU modules, so long as they were with good grades.

Pixulated

I'm in the same boast as you, but worse off I think I want to go back to college to do my a levels and then go to uni however I'm employed and living off my parents at the moment, this is going to be a big challenge.

I'm going to keep an eye on this thread to see how you go.

Good luck!

Oldernotwiser

Pixulated wrote: »

I'm in the same boast as you, but worse off I think I want to go back to college to do my a levels and then go to uni however I'm employed and living off my parents at the moment, this is going to be a big challenge.

I'm going to keep an eye on this thread to see how you go.

Good luck!

If you're over 19 you'll be much better doing an Access course rather than A levels. You'll save a year, be better prepared for university study and spend your time with other adults rather than people of 17/18. You should be eligible to get the ALG for this.

Oldernotwiser

Fire_Fox wrote: »

I don't know what prices are like in your area, but is there any possibility you could buy a flat/ little house within walking or cycling distance of your new university? If you have spent the £50K you will be entitled to means-tested benefits along the way, and without as much/ any rent to pay you will be a very comfortable student indeed. I know cos I am in exactly that position! :cool:

You will get a rubbish interest rate on the capital in savings accounts anyway - the Bank of England has said the 0.5% base rate is here to stay. I am assuming, of course, that you won't be investing in bonds or the stock market as you talk like a low risk investor. If you can stretch to a two bed place you can rent out the larger room and have even more income: the rent a room scheme is tax-free so won't affect your grant/ loan entitlement. Between my part-time work, lodger and maintenance grant my take home is £12K. :T

I think that's a really excellent bit of lateral thinking and a quick Google at prices shows that this would be perfectly possible.

rosy

Not really to do with living costs but funding the courses - I don't know whether you get your tuition fees paid just now via SAAS but there is a £500 award towards your fees if you are studying at least 40 OU points towards a degree/ diploma etc from ILA Scotland if you have income of less than £22000, irrespective of how much savings you have ( if you look at your OUstudent home page there should be a message about this sent on the 29th May).