Student accounts/loans

Olly2007

Hi This is my first post so not sure if its in the right place.

My daughter gets EMA at £30 per week at the moment she will be 19 in November and starts a CACHE level 3 college course in September - what accounts are available to her as she will need some income i.e. loan as EMA will have stopped by then. I have looked but most accounts need uni letters - shes not going to uni only a college - is there anything out there for her similar to uni student accounts.

Thanks for your time and helo

Olly

zppp

Olly2007 wrote: »

Hi This is my first post so not sure if its in the right place.

My daughter gets EMA at £30 per week at the moment she will be 19 in November and starts a CACHE level 3 college course in September - what accounts are available to her as she will need some income i.e. loan as EMA will have stopped by then. I have looked but most accounts need uni letters - shes not going to uni only a college - is there anything out there for her similar to uni student accounts.

Thanks for your time and helo

Olly

Welcome to MSE.

Unless she has monthly income a loan is out of the window I'm afraid, as loans have monthly loan repayments. I am aware that the ConDem administration have stated that they will have some kind of hardship fund to replace the EMA, so when and if they announce this it may be worth looking at.

My understanding for student accounts in general are that they are for undergraduates, and many have the condition that regular funds go into your account from the Student Loan company for example.

I would suggest that she opens some kind of basic account or current account though. She may also want to look at a possible part time weekend job or something linke that.

iwantahome

Hello,

Your daughter would probably be better of with a basic bank account (so that she does not pay fees for using it) and a part time (weekend and evening job) so that she does not start off her adult life in debt. Getting into debt even by a few thousand pounds will greatly affect her self esteem and may take years and years for her to pay back. If I could relive my 20s and not have been in debt the entire time I would do it in a second. Being in debt is a horrible thing, she will be much happier if she learns to earn her money instead of borrow it, and will have more freedom in the long run if she is not beholden to debt companies/banks etc.

Studying with a part time job can be done, myself and every single one of my friends did it, there was no EMA when we went to college.

[Deleted User]

try the mse student forum,but i suspect only"normal"accounts will be avaliable,and dont forget ema ends this year for all.