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

student_advisor

Any decent advisor will see you with your kids (I do).

There are many different courses you can do on your way to Primary teaching:
BEd without QTS (qualified teacher status) followed by PGCE
Any other degree followed by PGCE
BEd with QTS

The last one is the quickest route as it is generally only 3 years instead of 4.
Try the following websites:
https://www.tda.gov.uk/
https://www.ucas.com
https://www.gttr.ac.uk

If your college and uni are being a bit rubbish, definitely try Learn Direct. Also complain to the institutions if you do not feel that you are being supported enough.

XxnayxX

Hiya, i am starting uni in september and i am worried about my finances. i am a single parent on income support and i am also claiming housing benefit. will i still be able to claim income support whilst i am studying?? i have been offered a maintinence loan for £4510 and a special support grant of £2765. if i lose my income support i will also lose my housing benefit and if that happens there is no way that i can afford my £500 per month rent plus everything else i have to pay like gas, electric and so on. i have made countless telephone calls to the dwp to ask for help but nobody seems to know anything about it, its driving me insane :mad: !!! i would be really grateful if anyone can help x

student_advisor

XxnayxX wrote: »

Hiya, i am starting uni in september and i am worried about my finances. i am a single parent on income support and i am also claiming housing benefit. will i still be able to claim income support whilst i am studying?? i have been offered a maintinence loan for £4510 and a special support grant of £2765. if i lose my income support i will also lose my housing benefit and if that happens there is no way that i can afford my £500 per month rent plus everything else i have to pay like gas, electric and so on. i have made countless telephone calls to the dwp to ask for help but nobody seems to know anything about it, its driving me insane :mad: !!! i would be really grateful if anyone can help x

You will not receive income support during your HE course as your student income will be too high. You might retain some housing benefit. Full-time students do not generally have to pay council tax - ask your institution for an exemption certificate. During the long summer holiday you will be able to claim all these benefits in full.

You should also get:

1. Parent's Learning Allowance of £1435
2. Childcare Grant - 85% of childcare costs
3. Institutional Bursary (if fees are more that £2765) generally around £1000 per year
4. Access to Learning Fund - apply to institution, different amounts available depending on circumstances and institution
5. You can also apply for charitable support, use funder finder (may be available at your local library) to target your applications based on sex, ethnicity, course subject, where you live etc.

The council cannot take all of your student income into account when working out your eligibilty for housing benefit. From your loan, they must disregard:

• £361 for books
• £285 for travel expenses
• £10 per week

They cannot take the Special Support Grant, Parents' Learning Allowance or Childcare Grant in to account at all (though some councils need reminding of this sometimes).

You should apply for the Access to Learning Fund as soon as you start uni. The uni will be able to draft a letter to make sure that any money you receive cannot be taken into account either.

iscoed

Our 17 year old son has just been accepted on full time Diploma guitar course at Institute of Contemporary Music Performance in London. It is a private college and we have been told that he is too young for student loans. Does anyone know how we can get help to pay for him. We are not eligible for grants etc. To keep costs down he would be travelling each day from home in sussex.

INSPIRED

I have to agree with previous comments about lack of funding and information for postgraduate students.

Our son is 24 and studying Architecture. He is about to start his final year (6th), has two degrees and will be completing a Masters Degree. Anyone who knows anything about an Archtitecture qualification will know that it takes 7 years and is extremely expensive. Think powerful laptops, expensive software, travel (research),books, stationery and printing costs.

Because it is a taught Masters rather than a research Masters he can apply for a student loan but because it is his last year at uni the amount is reduced. We will pay the parental contribution and his rent.

So far he has not succumbed to credit cards but owes us a fair amount. He finds work whenever possible and is guaranteed a position on graduation. However, he can not get a loan at a reasonable rate, anywhere.

He does not qualify for the CDL because he qualifies for a student loan. The banks offer Professional Loans at very good rates to doctors, dentists etc but not architects. This seems extremely unfair.

So, does anyone out there have any suggestions? We have spent hours trawling the internet looking for help.

kannykat

Hi in the Student Loan Article it says that 'unlike other debt it doesn't get added to your credit reference files, so it's not hanging over you or impacting your ability to get a mortgage', and so I have been taking out the full loan amounts, thinking it would not affect me when I come to get a mortgage.

But I have been advised by a mortgage advisor that although the student loan does not appear on your credit reference file, mortgage lenders now specifically ask about student loans and take this amount into consideration. My loan will be a large amount by the time I want a mortgage, and so if it is taken into account will cause me problems!

Can anyone confirm whether my student loan will affect a mortgage?
Thanks!

student_advisor

When it comes to a mortgage, they could look at your monthly repayments (based on your salary) and how much you have paid back. The amount you have paid back is an indication of the salary you have had in the past.

They may also look at the amount you have left to get an idea of your commitment in the future.

Obviously, if you haven't paid a lot back, it's because you haven't been earning as much, which may impact on your eligibility.

As with anything else, you should shop around when looking for a mortgage provider, but remember: they are being a responsible provider by taking all of your monthly repayments into account.

Rikki

Quick question.

Are the grants and bursarys that a student is entitled to automatically deducted from the course fees and accommodation costs and then billed accordingly; or do you pay these charges up front and then receive any grants or bursarys?

Broke_Student

Rikki wrote: »

Quick question.

Are the grants and bursarys that a student is entitled to automatically deducted from the course fees and accommodation costs and then billed accordingly; or do you pay these charges up front and then receive any grants or bursarys?

Grants/Bursaries/Scholarships/Maintenance Loans are given to you as cash in the bank to spend as you wish.
You pay for your living costs yourself using either this money or other saved money. Whether you pay before or after getting the funding depends on when you incur the cost. For example most universities ask for a deposit before term starts and you recieve your student funding so you must pay with other savings. However they then ask for three larger payments which are required a few days after the date your funding is paid into your bank each term - you therefore have the chance to pay with your student funding if you depend on it.

As far as course fees go, they are not usually linked to grants/bursaries/scholarships/maintenance loans. Most students get a special 'tuition fee loan' and pay their course fees after they graduate and are earning. If your circumstances dictate that you pay for your course fees then it will be down to your uni when you pay the full balance (and therefore whether you will be able to use your loands and grants etc to pay it).

Rikki

'tuition fee loan' Is the one you pay back at a low interest rate when you leave and earn more than £15,00. Am I right.

His accommodation cost have to be paid as soon as he starts.

My concerns are: his father is paying fees and basic accommodation cost. What I don't want is the University being able to take any grants or bursarys he maybe entitled to directly from my son.
I also don't want his father to be able to demand the university take them either to reduce his expenditure on accommodation.

I think basically I want to know is if any entitlements go direct to my son are his alone. He needs something to get him started till he gets a job.