Two years at university at home

Jmoo

I have a bit of a headache about university. I've spent the last two years travelling in and living at home. It's served me well, I've stayed out of debt and everything I have needed has been given to me. University is thirty miles away though so it does mean if I have a 9am or 10am lecture I have to be up at 6am ready to leave by 6.55am. It also means I have to kip on people's sofas or get taxis back due to the limited public transport running in evenings back home. As I've been working weekends that's not been so much a problem in terms of cash. I qualify for a full student grant due to my parents' low income which I have contributed to paying off tuition fees.

Now for next year I've been offered a place with some female friends and they have a really nice pleasant place. It's £75 a week (so about £2500 in total) and it would obviously mean less travelling, more chance to socialise, a five minute walk to university and the chance to be more independent.

But it's a lot of money - money I don't have and may not really have - just for a social aspect of life in my final year. Part of me wants to say "well it's my last year I might as well live it" but there is no way I can make a decision like this without being able to convince my parents I could afford it. They're quite old school and do not like the idea of debt as they probably feel they would have to scrape to help me if I did get into a cash problem. I would probably be forced to work every minute of the summer holidays to pay for it and even then I would be short.

I would value some input on this one! Or if you have a winning lottery ticket feel free to send it this way.

Ames

I don't understand why you've been paying off your tuition fees, surely if you qualify for the grant you qualify for fee support, even if it's through the student loans?

exil

The OP has already said s/he doesn't like getting into debt. That would I presume include being in debt to the Student Loans Company.

would it be possible to get a part time job in term time to pay the rent? The University may even help you find one.

you can also qualify for a higher grant for studying away from home though I don't know what the rules are about how far away from home you have to study to qualify

Poosmate

Jmoo wrote: »

But it's a lot of money - money I don't have and may not really have - just for a social aspect of life in my final year.

I would probably be forced to work every minute of the summer holidays to pay for it and even then I would be short.

I think these two statements answer your own question really.

You've done it for two years and congratulations on that, there are very few students that can come through Uni without debt at the end of it! To me it's like falling at the final hurdle.

Just a couple of things you are already thinking about:

Will you really enjoy your "social" life at Uni if you have to work every hour God sends?

Will your Uni work suffer if you are a) knackered from a part time job or two? b) knackered from partying too hard? c) worried about the debt you racked due to socialising? d) worried about telling your parents you got into a bit of debt?

Congrats on posting and thinking seriously about the decisions you make.

Poo

Ames

Ah, right, I didn't think it was humanly possible to go to uni without any debt whatsoever, most people don't really consider slc debt as debt.

Ames

I've got a few totally contradictory points to make! Firstly, it wont just cost £75 a week, there'll probably be bills on top. On the other hand though, you wont be paying travel costs.

Also, you get the grant for a reason - living purposes, using it for tuition fees really doesn't seem right if you're sacrificing other areas.

Although, I think if you were going to live away for a year, it'd have been better in your first or second year - the third year is a time to knuckle down to work and forget the social life! On the other hand, has your work suffered by the early starts and not getting a proper nights sleep?

Just a few things to think about, sorry it doesn't help with an answer.

exil

Well, it IS debt. You do have to pay it back. And having rich parents means you don't have to get into debt if you don't count being in debt to your parents (bank of mum and dad).

DarkConvict

Im in my 3rd year now. BSc Hons Software Engineering hoping moving to masters. Whilst i am targeting a 1st Classification degree i can ensure you the 3rd year is the hardest of them all and is worth the most towards your final degree mark.

I took out the loans/grants and mostly kept it all in savings/ISA's so aside from the interest rate crash am about level pegging, but kind of have a really low interest loan (student loans based on RPI (0% atm, but was 5% last year))

Do what ever you feel is best to reduce stress. if its anything like my course you'll be in the library researching alot so less time travelling is a certain plus. Its 1 last year, that if this is the end of formal education (no masters etc) will be the main thing on your CV til you have years of experience. If it helps you do better at uni for this year, then do it. Spend hat extra bit of money to make yourself achieve a better degree so best chance of a job!

Ames

exil wrote: »

Well, it IS debt. You do have to pay it back. And having rich parents means you don't have to get into debt if you don't count being in debt to your parents (bank of mum and dad).

It is debt, but not all debt is bad debt - something we sometimes forget on this forum. Now, I'm totally anti student loans (I don't have rich parents, got into a lot of commercial debt from their refusal to help me at uni, despite a divorce settlement saying they would), but while they're here to stay they have to be accepted. I see them as being similar to a mortgage, it's a debt that for many is inevitable and used as an investment.

I think the OP needs to view the whole situation - would studies suffer or benefit? If it's hard to get home on an evening and you have to spend hours in the library this year then how will you manage? Sleeping on floors and sofa's can't really be good for your concentration. But then, neither could living in a shared house with parties going on, other people coming and going, possible rows and arguments etc.

I just think that in this situation, financial questions are way down the list of ones to be asking.

Butti

Jmoo,

I think you are reinforcing that piece of research which says that people from working class backgrounds are disuaded from going to university because of the issue of getting into debt and the belief that it is bad (hope that doesn't come across as patronising). Martin likes to bang on about how debt isn't bad, bad debt is bad. Other people, like a friend I had at uni, used to spend spend spend because 'Its not real money its plastic'.

£2500 is brilliant as rent. Does this include everything apart from phones? My rent in Oxford was £2200 and that was 1993!

As Dark Convict says you need to look at the pro's and con's of the move and whether it will help you successfully complete your last year. This should be your primary concern as any studying you do later will probably have to be fitted round jobs/partners/children and becomes indefinately more difficult. You want to make a good job of it now......but also to have a bit of the social experience of university, the standing on your own two feet, learning 365 different recipes with baked beans. The fact that you will presumably be sharing with other people in their final year should curtail the partying.

So look at the above factors and their costs. Remember there is good debt and bad debt. How much will you save on travelling? How much of your extra costs can be covered by a student loan? I'm sure I'm telling you what you already know here but the loan company don't take any money from you until you are earning £15k.

I personally think the lack of travelling and independence will reduce your stress and give you more time to focus on your studies. It will also give you valuable experience of living with women you are not related to.

But that's my view. Balance it up and have a think about it. It is your decision nobody else's and I suspect you will get a gut feel for what is right for you.

B

mummytofour

Its a balance I guess. I wish I could have avoided the student debt that is growing by the day in my name.
I think it would be a better idea to wait until you are working to move out as you will have more money to spend. To live a debt free life is only a dream for me, for you its a way of life, keep it that way