Confused as to what I should apply for via Student Finance.

clarebear007

Hi,
I need some advice as to what is probably best for me, as so far, people I have spoken to haven't been much help.

I have just completed a two year Foundation Degree and I am now applying for the final third year which is a top up year for a BA Honours. I am a single mum renting through the Housing Association. So far, I have been applying for the tuition fee, maintenance loan, special support grant, parents learning allowance and childcare grant. I also get housing benefit, child tax credit and child benefit. Through the college, I have been receiving a consortium award for doing the Foundation Degree.

I am very keen to do the final year. I've always wanted to go to uni and do a degree. It's only one more year. However, I will have to travel further for uni, pay for parking, pay extra through childcare as my daughter will have to go to breakfast club as well as after school club. I will be losing out on the consortium award which was £1500 a year which is a heck of a lot of money. I struggle as it is each month so £1500 less next year is going to hit me quick hard I reckon, especially with the extra money I'll be spending on travel.

I spoke to the student finance team at the uni today. They said that if I applied for the maintenance grant, whatever I receive, they match it. But if I apply for that, I do not get the special support grant as it's the same thing. However, as far as I'm aware the uni don't match that. But if I apply for the maintenance grant, it affects the amount of maintenance loan I get, so I don't know if I'd be any better off.

This year just gone, I had looked into getting a job that would fit in around my studies, and I had found a job that would have been perfect, but it worked out that if I took the job, I would have been worse off than if I didn't have a job, which makes no sense!

I'm just worried at the moment that I'm going to be so much worse off if I did go for the third year, so just hoping to get some advice, if anyone can provide me with any? Is it worth going for the maintenance grant, or just sticking with the special support grant since I'm a lone parent? Thanks.

GEEGEE8

I don't have the answers to the finance part, but I do think you should get that final year done no matter what.. It would hopefully create a better future for you and your child(ren)..

Think logically on the worst case scenario of your income, can you cope? can you cut back for the year and get by? If you can, then go for it, and any extra funding would be a bonus.

If you don't do it now, you probably never will.

xx

clarebear007

Thanks GeeGee8. That's my feelings on it, if I don't do it now, I won't ever come back to it. I've already taken two years out from employment that I just want to get it done whilst I'm still in the mindframe of studying. I'm hoping I can, I will have to budget a lot, and I'm going to try to get to CAB next week to see if they can suggest anything, but thought I'd ask on here. Thanks x

Lokolo

If you get the grant you still get the loan, just not as much.

The rate the loan goes down is lower than the the grant that goes up. So overall you end up with more.

I don't even think you can get the loan without the grant anyway.

Oldernotwiser

Lokolo wrote: »

If you get the grant you still get the loan, just not as much.

The rate the loan goes down is lower than the the grant that goes up. So overall you end up with more.

I don't even think you can get the loan without the grant anyway.

That's not true with the Special Support Grant, only with the Maintenance Grant.

OP, you don't mention what subject you'll be studying but have you looked at topping it up through the OU while you work?