Don't know how I will afford uni...

jesski

Hi, I'm hoping someone here can give me some advice:

I'm currently applying for uni for this September and am trying to work out how I'm going to pay for it! I understand that my tuition fees will be covered by my loan so am not worried about that. But, according to the student finance website I will only receive just over £3,500 a year maintenance loan. Accommodation alone costs £4172...

This is the second time I've applied to uni; I went for a year after college and felt the degree wasn't right for me. During this course, I was able to live at home and so did not need to worry about accommodation fees. However, during this time, I managed to max out my £1500 student overdraft aswell as my £500 student credit card (which I still have, despite not technically being a student anymore... oh dear...)

This makes things pretty difficult as I'm trying to pay that off along with figuring out how to afford £4000 a year accommodation!

My parents income rests just above the threshold so I am not eligible for any grants, and I don't feel comfortable asking them for money as I have always tried to support myself as much as possible. I currently work roughly 30 hours a week, earning about £600 a month, and the prospect of paying off my debt and saving enough money by September doesn't look promising.

I have no idea how I'm going to be able to afford it. Just thinking about it makes me want to give up!

Any advice would be appreciated.

Oldernotwiser

How long have you been supporting yourself financially for?

jesski

I'm not, really. I still live with my parents and I am lucky enough that they don't ask any money of me to stay with them.

arbroath_lass

So you have £600 per month to yourself? Save £500 per month for 8 months - that's £4000. Assuming half of that goes towards your debts you still have £2000 so your accomodation is more than covered. A part time job will pay your living expenses - no?

jesski

true... i have some bills, phone contract etc, but i think i could save at least £400 a month. i could probably push for more hours at work aswell...

jesski

okay, i was maybe panicking for nothing! with a bit of self-control it can definitely be done...

bouncydog1

Jesski - to enable you to save and budget properly (good skills for when you are at Uni) post on the debt free board and the people on there will help you stay on track.

Much better to be able to budget pre-Uni than when you get there!

Oldernotwiser

jesski wrote: »

I'm not, really. I still live with my parents and I am lucky enough that they don't ask any money of me to stay with them.

Neither of those things matter, although it does mean that you shouldn't have a problem saving the extra money.

Mind you, it's a bit puzzling that you say "I don't feel comfortable asking them for money" at the same time as you're living there without paying any keep.

jayme1

Oldernotwiser wrote: »

Mind you, it's a bit puzzling that you say "I don't feel comfortable asking them for money" at the same time as you're living there without paying any keep.

not really, she doesn't want to ask them for more over living rent free, not hard to work out.

mr.brightside87

Beg, borrow and steal. I had this problem last year and all I can say is take whatever stuff comes your way. Also, ask family for a little help. My nan paid for my first semester's accommodation and it did help a little (although I had some major expenses to come).

Also, have a look at the clauses on any student account. Some say that to have the overdraft, they have to be used as your primary bank while others just say they need a certain amount paid in. If its the latter, apply. While not the best idea, it would alleviate some issues

Oldernotwiser

jayme1 wrote: »

not really, she doesn't want to ask them for more over living rent free, not hard to work out.

You seem to have missed the fact that the OP won't be living at home when she returns to university. I don't see much difference between asking her parents to give her a small allowance when living away from home and having them keep her for free when she lives there.