How much money does a student need to live on?

poet123

Inneedofadviceplease wrote: »

Would really appreciate some help please working out how much parental contribution we need to make to our daughter's living costs at university. I'm talking about just living costs, not tuition fees, trying to work out how much to supplement the maintenance loan by (doesn't qualify for the maintenance grant). Living away from home, not in London.

When I was a student there was a maximum grant figure (which was supposed to represent the cost of being a student if you had no parental support). My parents contributed the difference between the grant I received and the maximum grant - so in total I received the maximum grant figure as income each year. I can't see a similar figure anymore though unfortunately which is what I was looking for really.

I tried adding together the maximum maintenance grant (2906) and maintenance loan (4950) less the bit they take back if you qualify for maximum grant (1792) making a total of £6064 pa to live on. Does this sound right - seems high to me? Is part of this money aimed at tuition fees not just maintenance?

If this figure sounds reasonable, it would leave us needing to pay £2500 pa (after deducting the maintenance loan (3564)).

I've heard a lot of parents pay the accomodation costs and expect their kids to pay the rest, but I feel my daughter needs to understand that if she picks the ensuite luxury accomodation something else has to be cut back on, so I don't really want to take that route!

Any thoughts, from parents or students, gratefully received - thanks.

We have had 3 go through the system,(and another waiting in the wings!:eek:) and they only got the basic loans, no grants.

We paid for all their accomodation, and every month or so, a home shopping drop of basic staple foods, or they took the contents of the fridge back with them when they came home:D.. We will also pay off a portion of their tution fee loans at a later date.

It is hard, and we too are reasonably financially comfortable, but we feel that we are investing in their futures, so we soldier on!!

hippysock

I'm currently studying history at Cardiff, going into my second year now.
I qualify for just the minimum 3500ish loan. Last year I lived in halls, and that cost £3016 - self catered. So i was left with about £500 to live on for the year. My parents and I agreed that I'd have to get a job, since I had already had one since I was 15, and I was used to having my own money to spend etc, and could not just live on the loan. So it seemed best. I work evenings in a shop, 12 hours or so a week, a little more sometimes if there is overtime going. I get minimum wage, and earn roughly £300 a month, which I use to pay for food, clothes (and I tend to buy quite a lot of them.... haha) and going out, socialising.
I finished my first year with no overdraft at all (although have managed to get a little bit of one over the summer, as I have been commuting back and forth so that I can keep my job, and petrol and parking is quite expensive) I only remember having to miss out on a night out once, and that was because it was a particularly expensive one - a special pub crawl type event, where you had to pay £13 for a tshirt to join the crawl - plus pay for your drinks on top of that, so I turned down that oportunity. But I still went out about once a week anyway, sometimes more. I didn't miss out.
I got decent grades in my exams too and my work did not suffer. I know that even if i had had more hours in which to study I would not have used them anyway. There is only so long you can concentrate anyway. .....Though obviously different people have different ways and requiements of studying and working. So perhaps for some it may be difficult? But I thought it was fine.

NurseyJen

I am a 3rd year student nurse. I get £6500 ish pounds per anum... sounds a lot you say...i get no help watsoever off my parents (as they cannot afford to give me any financial help).
I pay rent every month ( every month, not normal degree term dates, i have to be there every month as i have placements to do ) which is £252 a month. Bills NOT included, or TV licence.
I have to pay for my car ( without it I would not be still doing nursing as placements are far away and when starting at 7am, trains and buses simply dont run early enough for me to get to placement on time) this is £80 a month.
Then theres fuel for the car...and when it breaks...
My phone bill is £25 a month, a necessity as there is no landline at my student house, and i need to take it with me when traveling to placement and back which can be up to 2hrs per day.
Which leaves me with £203 for the month, which when it is a 5 week month is a longg time, especially when on placement travelling 35++ miles 5 times a week, morrisons petrol pumps must love me.
I hardly ever go out as the course is so demanding and i'm simply too skint anyways
So i'd say that an extra £20 a week would be VERY generous for any student as it could buy a whole weeks shopping ( my flat mates and I have worked out when the best "woopsie" times are at asda, then meat and other useful items can go into the freezer, which makes shopping soo much cheaper!)
Places like Poundland, B&M Bargains, Home Bargains and pound stretcher are amazing places to look round for toiletries and such like. You can get things at half the price of boots/superdrug!
Despite all the moaning about money and such like, Uni is fun, it can just be a total shock to the system when you have to deal with all the responsibility of lack of money!!
:j

Indie_Kid

poet123 wrote: »

they took the contents of the fridge back with them when they came home:D..

I'm guilty of this too!:o Although it was more stuff no-one else eats.

pimento

My 18 year old son is about to start university and he just qualifies for the basic loan. I will pay his phone bill (£15 a month) and at the moment he gets £38 a month pocket money from me. I will probably up that to £50 or £60 a month (his halls are part catered.

He really wants to get a job. He's had one since he was 15 (paper boy, then when he turned 16, the local Co-Op part time) so is used to having a pound note in his pocket.

We'll have to see how he goes.

He applied to turn his HSBC account into a student account today and was told he'll be assessed for an overdraft but it isn't guaranteed. He's had the account since he was very small and has been running a Maestro card without incident since he started work, so I hope there won't be a problem. I'll advise him to try another bank if they turn him down.

student_123_2

hello, im just about to start my third year of university.
My loan just covers my rent then I need to find money to pay bills, buy food, socialise.. and I manage this without parental help. why? because I got a job... i worked before going to uni, during term time and during the holidays.
Many of my friends say they do not have time for a job, even though they have far less contact hours than me...
I dont really think there is an excuse not to at least try and get a job!
It has also made me a lot more mature and I now know the value of money!

Indie_Kid

student_123 wrote: »

hello, im just about to start my third year of university.
My loan just covers my rent then I need to find money to pay bills, buy food, socialise.. and I manage this without parental help. why? because I got a job... i worked before going to uni, during term time and during the holidays.
Many of my friends say they do not have time for a job, even though they have far less contact hours than me...
I dont really think there is an excuse not to at least try and get a job!
It has also made me a lot more mature and I now know the value of money!

But how many hours personal study are you doing? I was at uni (first year) for 12 hours per week and had to do 40 hours plus study a week. (more when I had coursework to do)

ultimatedingbat

My parents rarely give me money. Instead when they come to visit once or twice a yer they do me a good food shop. Plus my mum sends me at the beginning of the yearw ith a toilitery box to get me started. THat's not to say the odd 20 quid isn't spoted my way

ultimatedingbat

student_123 wrote: »

hello, im just about to start my third year of university.
My loan just covers my rent then I need to find money to pay bills, buy food, socialise.. and I manage this without parental help. why? because I got a job... i worked before going to uni, during term time and during the holidays.
Many of my friends say they do not have time for a job, even though they have far less contact hours than me...
I dont really think there is an excuse not to at least try and get a job!
It has also made me a lot more mature and I now know the value of money!

I wish I had enough hours to do this. I have around 15 hours contact time + Personal study

Leanne.Antonia

I'm a third year student currently at university in London. All in all I would estimate that absolutely everything (minus rent and bills/tuition fees etc) can be easily covered by £300 a month living costs - including all the extras. This is what I currently live off and it covers:

• Food
• Travel around London
• Travel to and from home
• Going out
• Clothes
• Gym membership

I also have a part time job and money I make from that can go into savings.