Student MoneySaving: Funding, Borrowing & Living as a student Article Discussion Area

dawyldthing

casper09 wrote: »

Hi
I'm a bit unsure about the finance for my son who is planning to go to uni in sept. He is allowed £3400 loan plus a maintance grant of £1300. The halls where he has applied to are charging £104 per week and the minimum tenancy is 43 weeks (which seems like a rip off but...). So that means his rent alone will be £4472 leaving £228 for food, books, travel etc. His uni only charge £2000 fees but don't give any bursaries.

As he is my first child to go to uni this has all come as a bit of a shock. I will support him as best I can and he will have to get a job but I was wondering is a student bank account overdraft the way that a lot of students get through?

It seems like madness that the reason students are getting into so much debt is to make the letting companies who own these student tower blocks rich, £104 per week from 200 students for 43 weeks...

I know when I was in halls I paid 3600,back in 2005, but that included 30 pounds a week in food. I'm in the old system, so got 4500 in loan and 1000 in grants. Basically my first loan installment in September and 2nd in January paid my accomodation, then the 3rd installment was my own. I basically lived in my overdraft, then in the summer worked for the whole summer, as well as getting term time jobs as a student ambassador. My best advice would be to get him to save up as much as possible during the summer and then work 10 hours a week if he can get a job, but depending on where he is studying and what he doesn't mind doing there are a few out there. I have worked at the ice rink, sainsburys as an online shopper, student mentor and student ambassador and have survived alright. Depending on where he is in the country the second year can be cheaper, and if he asks the landlord he may be able to rent out his room for the summer, thats what i did last summer and will be doing this summer to go abroad as I've worked during the year to pay for it. I've always shopped for the cheapest rent, and the most I have paid privately has been 227.50 per month. If you shop around for accomodation and barter with them, not believing the spiel and living around the corner from the 'in' places, it can save loads. I know someone said to me the other day that they lived in the middle of Headingley for 67.50 per week because it was in the 'in' area and right outside the pub, and it made my eyes water! I live 10 minutes walk from the same place, and save a grand a year, which pays for the bills and my food for the year, and gives me exercise as well as being closer to the train station.

He can also apply for access for learning fund, but theres no definate chance of getting it as i haven't been allowed it.

If he is on full grant he should be able to get 10% grant in January i think it is for TASC, but not sure when it is as i'm still in the old loan system.

dawyldthing

ianknight wrote: »

Hi,
Wondered if anyone could help me. My stepson has been offered a place at a US University with a scholarship award that covers approx 30% of the fees, still leaving a considerable annual fee to pay.
Does anybody know if he would be eligable for any form of student loan or grant from the UK if he were to go and study in the US?
Any advice would be gratefully recieved.

There are grants for this type of thing, I think its something like the ERASMUS scheme or something like this. Plus there are other grants out there, if you google student grants studying abroad it may give you some options

exfashack

Hello, I'm 37 weeks pregnant and just been turned down for Employment Support Allowance. The reason why I'm posting on this forum is because the benefits people assessed my eligibility based on my husband's student loan, which they counted as income and thought was too much. The fact is that we're having to live 40 miles apart so he can study for a PGCE, so he's having to live full-time in London, pay rent etc. Is this decision wrong?

moneysavvystudent_2

This is a good article, and I am sure will help a lot of people.

Have you considered the implications for this though for those who (for example) graduated and were unable to get a job, if they had taken the full loan and placed it in a savings account, as suggested, to make the difference between interest earned on the capital and interest charged on the loan. While someone in this position would have made this profit, would the level of savings (18k +) they had not accrued mean that they were unable to get (for example) council tax benefit or local housing benefit? If this was the case, that could more than outweigh the profit made from the interest?

Interested to hear people's thoughts.

Cheers

BensMummy_2

Hi, please bear with me as I am new to the forums.
I've searched through the various posts for info but it's abit like information overload! :eek:

I'm a 28yr old single mum, living in a council flat in Edinburgh and I've just finished a F/T foundation course at college. I've applied to go on to do a HNC then HND which is supposed to start in September.

I'm currently receiving IS (with a disability premium I think), DLA - low rate mobility component for being severely deaf, HB, CB and CTC. (was receiving Council tax benefit but applied for the exemption once I started my course)
I haven't been back to see my Lone parent advisor at the jobcentre yet but I do remember him telling me I won't be able to remain on IS once I go on to do the HNC.
I'm confused as to what I can get money-wise.

I was told by student services I have to apply to the SAAS for a loan as soon as I get the written letter saying I've been accepted onto the HNC. However although I've been offered & accepted the place I dont' have the letter yet confirming said course start/finish date and time. Plus I've now been told my course may not run due to "cutbacks"!!!

I am not sure how much of a loan I can get from them if it goes ahead, how it's paid weekly/monthly/yearly etc or any other loans/grants/allowances I'd be entitled to?

I'm really worried about being able to afford to live because money is very tight as it is and once I come off benefits I'll have to start paying rent, on top of bills and everything else plus I have my little boy to think about and at the end of the day he comes first. Childcare isn't a worry right now as fortunately I've been offered a student funded place for him at the nursery he's at for the next term but what about after that and everything else?

If I go on to do the HND that'll be 2yrs full time study from September, how is everything paid and what benefits will I be able to keep, if any?

James12345_2

I am a student going to begin a trainee cardiac physiology job which has a duration of 4yrs, as it has a degree intergrated into the job by block release. Basically the Nhs give me a salary, and also pay for my tuition fees too, but Im just wanting to find out if i am eligable for any student finance help on top of that aswell, because im going to be living on my own.
please help someone.

Oldernotwiser

James12345 wrote: »

I am a student going to begin a trainee cardiac physiology job which has a duration of 4yrs, as it has a degree intergrated into the job by block release. Basically the Nhs give me a salary, and also pay for my tuition fees too, but Im just wanting to find out if i am eligable for any student finance help on top of that aswell, because im going to be living on my own.
please help someone.

If you receive a salary then you won't get any additional funding, although it may be worth discussing with the council whether you are classified as a full time student and are therefore exempt from council tax.

If you can't afford to live on your own, move into shared accommodation as most people do.

bobmccluckie

Martin
Will you please, please look into the utter chaos that is student finance england. The new company set up to administer student loans in England from 2009 is in melt down. I will not bore you with my details but simply ask you to look at this forum as an example of what is happening. People are being told they are only getting minimum maintenance loans and no maintenance grants when they know they are entitled to them. This is a deliberate action by Student Finance England who are desperately trying to clear the backlog by fair means or foul.
Look here
http://www.thestudentroom.co.uk/forumdisplay.php?f=176

bunney

Hi, I'm hoping someone may be able to give me some advice as after visiting numerous websites I'm at a loss! My friend is due to attend University this year to study for BSc degree in Physiotherapy. As it is an NHS course as such the course fees are paid for. However
she previously completed a degree about 8 years ago and took out all of the standard student loans provided by the SLC in England. She's currently working full time but will be finishing this job and relocating to attend University to study full time. I'm really unsure if she is allowed to get another student loan from the Student Loan Company or not as this is a second degree. No-one seems to know the exact answer not even the student loans company themselves!! We're desperate to try and find additional funding but fear she may not be eligble for most things! The only info that seems to be available in general is all geared towards current students or those who are attending University for the very first time but nothing about if you do a second degree course. Can anyone please help or point me in the right direction?

bobmccluckie

I believe she will be entitled to one year's tuition fees and nothing else, based on the formula 3 years plus 1 year minus years already had.
Ask Taiko on the link here. He/she will know.

http://forums.moneysavingexpert.com/showthread.html?t=1756899