Going back to uni!

Degeneratemoo

I want to go back to uni next year to do a nursing diploma. I am nearly 28 years old and although I *should* get a bursary of around £6000 I think I might struggle money wise. I have been told by my current job whom I have been with for 9 years that I would have to resign upon taking a full time uni place to free up my position on the books so they can employ someone else.

I need to know what are my best options to reduce my monthly payments when I (hopefully) start uni.

After cancelling all bills that are not necessary I am left with:

Car payment £166.78 a month, approx 2 years left to pay (circa £4000).
Contract mobile approx £30 pm.
Internet £27.99.

Not much I know! Items like petrol etc would come out of my excess money with anything left over for me.

The car payments are the biggest thing so I would like to get rid of them. The loan is 5.9% from lombard direct.

I have an ISA with just over £6K in it and an A&L internet account with around £1K. It is worth taking £4K out of my ISA to pay off my car early?

I also have £4K of student loans from the last time I was at uni 96 to 2000!

The earliest I could start my course would be January 2007, I currently earn around £275 a week (takehome) but I do have extra bills now that I have yet to cancel but I do have a few months to save money up!

Thanks for any advice!

southernscouser

I would definately use my savings to get rid of the loan! Your paying 5.9% on it and what is the rate on your savings? Lower I imagine!

Also are you tied in to your internet contract. You can get 1meg broadband for about £15 a month!

kar

Also when your at uni are you really going to need a contract phone. PAYG might be better cos then if you don't have the money - you can't put any credit on it and will have to make do without.

Definately look into PAYG as an option.

Degeneratemoo

But don't PAYG cost more in the long run with increase call charges etc? My mates are on one network, my girlfriend is on another!

CLAPTON

see what it costs to pay off the car loan...if it costs in then pay it off, if it doesnot then don't. Ask for a settlement figure.

: budgettting is about what you actually spend...you haven't told us that so i can't comment
:obviously save as much as possible
:try to draw up a budget for uni ... you can probably find out what accommodation costs and you know what you spend now so you should be able to work it out...feel free to show it here and people will be able to help
with saving of £7,000 you should be able to cope...presumably there are no tuition costs.

yasmin2

Hi,
I may be going off on a tangent here but there will be opportunities for you to work if you chose to as a student nurse as well. Every hospital will have a nurse bank/ nursing agency that is used and wards are always on the lookout for decent nursing staff. you could work as a health care assistant on the wards - supplement your bursary and also use the time to put your knowledge into practice. The first year isn't that taxing to be honest (in my opinion) - just a general introduction to principles of nursing and different areas... Good luck

kar

Degeneratemoo wrote:

But don't PAYG cost more in the long run with increase call charges etc? My mates are on one network, my girlfriend is on another!

Not if you don't use it as much!

The great thing about PAYG is that if you don't have the money you can't spend it. On a contract you can rack up bills and then find you have no money in the bank. Even with no credit on your phone you can recieve calls. If you get one of the deals that are out now you can get text messages free everytime you top up too.

It makes sense not to have too many set outgoings when you are going to be a student. You may have to chose between having something to eat or paying your phone bill!!- that's why i prefer PAYG.

At the moment I have 78p on my phone and its been like that for nearly a month. If i need to contact people i tend to do it by e-mail or in person.

I'm not saying yo have to just saying it might be an idea.

r.mac_2

well done on getting a place!

I am in a similar position, doing a law conversion. Unfortunately us wanna be lawyers don't get busaries *jealous look in eyes*

My strategy has been to batter down my bills as much as possible and in addition taken on a part time job as a nanny to have some money coming in.

I have:
paid off a loan with my savings
switched from contract mobile to PAYG - great for keeping control of spending
switched utilities suppliers
rejigged my mortage (not money saving over the longer term admittedly, but helps my current situation)
cut out unneccessary spending
meal planned my meals
work in cash instead of plastic

my advice would be:
1. pay off your borrowing with your savings now.
2. save as much between now and starting your course
3. switch any cards you have to 0% while you are still earning i.e. before becoming a student as easier to get better rates. Keep one low spending rate card for emergencies.
4. make a budget and see where your money goes. this helps planning.

good luck

lou_lou_skinty_poos

have u considered gettin a job as a hca (health care assistant ) and then doing nvqs and waiting for them to then sponser u through the course i think its called secondment my friend is doing this and she gets paid her wage of 12 grand from thwe hospital she worked at it takes longer but u have financial security and a job with ure department when u finish the nursing course maybe sumthing to consider?