Looking for advice and answers on student finance

Komubcha

Hi there, I just joined these forums.

I am 21 and starting the first year of my degree course this September. But after some calculations I'm not sure how I'm going to be able to afford it.

My loan will be just under £5000. This seems to be the base amount for a London university, as my parents earn somewhere around 70k a year total. I've got the cheapest flat I can get (it works out as £375 a month) as it's an expensive area. The problem is that if I have to pay for 10 months rent (I will), that's £3750, leaving £1250 spare. About £750 of that will have to go on phone, gas, electricity, water and internet bills it seems. That leaves me with £500 for 10 months, or about £1.60 a day. That money is needed for food, bathroom stuff etc. and any other irregular expenses such as public transport, fixing/replacing things, whatever comes up. At the moment I also don't actually have a bed or a desk (the flat came semi-furnished). I think I can solve that but that's only because of some good fortune.

Some people I know have money saved they can use, but for the past year no one has wanted to employ a 21 year old with limited work experience so I have no savings. My flatmate, who of course has the same rent and bills as me, seems to think he'll have about 5x the money I'll have spare after paying rent and bills (somewhere around £7.50+ per day). His parents earn less than mine, but neither his nor mine are giving us money.

So I suppose my question is, am I missing something? My loan application isn't complete as Student Finance England is p***ing about when I sent them everything they needed two months ago, but I'm fairly sure they won't give me more than £5k. Should they? Or is there some other support I can get?

Lokolo

No thats what you will get.

Job time me thinks.

Komubcha

Yes, I have been looking. But I'm not going to have much free time at all, and there aren't a lot of jobs going at the moment, especially ones that can fit around a full time course.

Lokolo

Komubcha wrote: »

Yes, I have been looking. But I'm not going to have much free time at all, and there aren't a lot of jobs going at the moment, especially ones that can fit around a full time course.

Argos are recruiting for xmas temps.

http://www.argoscareers.com/assets/858/Xmas_Application_Form.pdf

Theres an application form. I am sure there are a number around London. Good luck.

Bennifred

Your university should have a "Job Club" of some sort - make sure you sign up there.

Restaurants? Pubs? Shops? I would have thought that being in London would be an advantage job-wise.

To be honest, you are in the same position as many, many students. My boys saved from their part-time jobs for years (starting at 13 with paper rounds) for this eventuality..........

Komubcha

I understand that my situation is not remarkable, but I know of a lot of students and none of them need to live on £1.60 a day, and not because they've saved or because they work. Like I said, my flatmate has the same expenses, isn't working and hasn't worked at all for a while. He has some money but he's saving it for after university. And yet he will receive considerably more money. Something seems strange there.

Humphrey10

If your loan is reduced because of what your parents earn, they should make up the difference between what you get and the max loan and grant. No reason why you should suffer because of what they earn.

Oldernotwiser

Have you supported yourself (work or benefits) for 3 years? If so you'll be considered an independent student and not assessed on your parents' income.

If you've supported yourself for only 2 years, you might want to consider deferring for a year so that you'll be eligible for the maintenance grant in addition to the loan.

Oldernotwiser

Komubcha wrote: »

But I'm not going to have much free time at all,

Why not? What sort of course will you be doing?

Lokolo

Yeh you'll have loads of time, thats how I got so many posts on here!

MrsManda

As others have said, you should get some support from your parents if you've been assessed on their income. Sit down with them and see what they are willing to give you. Why are you living in a flat rather than halls in your first year? You may find it easier to budget and cheaper than living in a flat as gas etc... is included in the cost. Start applying for jobs around london and around your home town now. Which uni are u going to? Most universities have jobsites you can access from their website rather than waiting until you're at univerity.