second undergrad degree

r.mac_2

I am returning to university in September to study Law. I am Scottish and will be studying at a Scottish university. I have already completed an undergraduate degree (2002) and therefore, my financial support is limited. As this is a second undergraduate degree, I have to pay full tuition costs, which stand at £6000 p.a. (for three years) :rolleyes:

I will be classed as a mature student as I am over 21 (I’m only 23!) and will have been financially independent from my parents for the requisite 3 years in June 2005. I have been working full time for the last three years. This means my loan entitlement stands at approx £4000 p.a.

It will be financially tight as I don’t have huge savings as I bought myself a flat last summer, and now have a mortgage/house costs to pay. However, I plan to have a part-time job while I study. The shortfall will be covered by some help from my parents and a bank loan! But ideally, I would like as little debt as possible, at as cheap a rate as possible.

I take it that I will be entitled to a student bank account and the attached free overdraft etc?

Can anyone tell me the differences between a student mortgage and a non-student mortgage (I have a fixed interest rate at the moment)?

Are students entitled to other money saving products i.e. tax free savings etc?

I have pared down my spending in other areas i.e. food and travel costs etc. Can anyone suggest other avenues to investigate?

Many Thanks
r.mac

stuwilky

You are correct - you will still be entitled to the student bank account facilities.

As for the mortgage query, I cant imagine a student mortgage being better than a normal mortgage. In actual fact Ive never heard of a student mortgage!!

You are still entitled to traditional banking products as well (although with student accounts some try and get a bit shirty if you have other products)

There is also more support available from LEA's for mature students, Dependants Grants and Learning Grants. Universities are also more generous with the Access to Learning Fund with mature students. It might even be worth speaking to them before you start - explain you have current financial commitments that you cannot get out of and if there is any help available.

r.mac_2

thanks fro your reply stuwilky.

I'll defintely look into it.

BoltonMinx

Barclays do a graduate package, so depending on how long since you first graduated, you may still be entitled to the package... I beleive Lloyds do this deal as well, not sure of the rates so still worth doing a comparison.

Raindrops_on_Roses

Hi! I am in a similar position. I am just about to leave uni having completed 3rd year of a psychology degree (so i will leave with just an ordinary degree, not an honours one). I am doing a portfolio preparation course next year for art college, but funding a second degree in a subject which requires me to spend a lot on materials would definitely be a problem! I was wondering if I could get a second student loan for a possible second degree?

I also looked into buying my own house, I found out that you still have to have a certain level of income to get a student mortgage. My income of £3000 p/a was not enough unsurprisingly!

chugalug

Can only think of the usual - student bank account, use your SU card for discounts whenever possible, make sure you dont pay council tax. Also if you have your own place perhaps you could offer digs to another student - would cut living costs.

r.mac_2

raindrops on roses - yes, you can still take out student loans. In scotland, if you are over 25 or have been financially independant from your parents for at least three years you are classed as a mature student and this means your loan 'allowance' is greater. This is what is helpingme out! The loan and tuition fees application forms for this coming academic year 05/06 are now available on the SAAS website.

chugalug - thanks fro your suggestions. I have thought about the situation long and hard. basically I will be taking out a loan (using cheapest means possible) to cover my main otugoings as well as having a apasrt time job. My parents have, very kindly, also offered to make a contribution. Unfortunately my flat is a one bedroom, so renting a room is not an option, but at least I'll get rid of the enormous council tax bill!!!!

r.mac

Raindrops_on_Roses

thanks r.mac, I'll look into how much I can squeeze out of my bank (RBS). Ufortunately even by the end of my second degree I won't be 25 so the mature student bonuses won't apply to me . (Left school after 5th year, am just finishing 3rd year to get my basic degree, so I am just 19).

I'm thinking about putting as much as I can afford into a high interest savings account and living off my interest free overdraft and my wages. Up until now I have never been overdrawn but if it's interest free, I figure 'why not?'.

Also I should get one year of art school funded as SAAS will support you for 4 years in total, even if it's split between two qualifications, and so far I have only been in higher education for 3 years. So if your first degree was only 3 years long then there's that advantage. Quite good for people who dropped out of uni in 1st year too, if they want to go back.

FruGal_2

r.mac wrote:

to study Law

but why note take a 1 year PG conversion, (missing out 3/4 year degree), that then puts you at the beginning of your professional training?

cazzie_4

Im so glad I have found this thread, I thought I was the only person who had decided to take a second degree, I completed a sociology degree last year but unfortunately/ fortunately my one true passion art made me rethink, so I am taking on an art degree, hope to teach this is something that sounds like madness I know, but I dont want to have regrets in the future. I am unable to get a job with my 'first' degree where I live now, anyway, so I feel I am making valuable use of my time.

I have a graduate student account at Natwest , will it be possible for me to get a student account, with another bank and just stop using my graduate account??

Many thanks cazzie

( for advice and for just making me feel I am not on my own, as many have made me feel v guilty about having a change of mind about my career.)

cazzie_4

Hi The post above is by me cazzie but I believe that somehow there are two of us with the same user name oh no !!! I sent off for my username to be sent to me and it worked with my passsword, so apologies to the other cazzie, not sure what to do about this.