Going back to university at 29

Anne28

I really need some money advice really. I am taking a big risk and planning on going back to university to do a two year fast track PG Dip Adult Nursing course at a london university. I have two offers but for financial reason I cannot decide which is best.

My first choice starts in April (2012) its the last intake where I would receive a non-means tested bursary of £6700. I have savings of £6000 to add to it. So will have about £1058 a month. However, I have £212 direct debits coming out a month. I had planned on living at home with my parents but I've been looking at the travel to my placements in central london and it will take around 1-2 hours to get there from home by public transport and buses don't run till a certain time in my area. So i will have trouble with early shifts. I thought about driving but congestion, petrol and parking adds up. So now I'm contemplating moving nearer to the uni but I am wondering if it will be possible for me to afford rent and other essentials with the amount i will get a month?

My second choice is for a university closer to home starting in september but Nursing funding is changing. As part of the new funding arrangments your supposed to be able to take out a non-means tested maintance loan from student finance but I have now been told I don't qualify for this. As I have a degree already (which i'm paying back a loan for) and they only pay out for teaching qualifications not postgraduate qualifications. So I will be getting a lot less - I will be means tested based on my fathers income and I will get a grant adding up to £3967. I will be able to save up enough while i work for £8500 savings. So £1038 - but will that be enough to get by?

I'm not sure where i will be financially better off! or how I can make cutbacks and make it work? as I really want to do this but for too long finance has put me off! .....My big concern is i've heard its such an intensive course and your unable to work part time while in uni or on placements. My parents are unable to contribute or help me as my mother is on a pension and my dad is supporting her so can't really support me too. Any advice would be appreciated.

Many Thanks

Badger_Lady

Am I missing something? It seems obvious:

£1058 a month whilst having to commute or pay London rents
or
£1038 a month whilst living with parents

Umm...

Anne28

ok yea that is obvious!! .....I think the other factor that i missed out though - the first uni is a top uni in london, i would love to go there. The second uni is low down on the league tables :-s

RedSoleShoes

Does it take 1 hour to your placement or 2? 1 hour commuting is reasonable but 2 hours is a lot, unless you are talking only once or twice a week?

At the end of the day, I guess you have to make sacrafices if you want to be a full time mature student, very few people can afford to do it easily. I am studying part time with OU and working full time but I would love to be able to attend uni instead of doing distance learning.

If it was me, I would go for the April intake as I would be keen to get on and study and London is a great place to train.

Cherry_Bomb

Anne28 wrote: »

ok yea that is obvious!! .....I think the other factor that i missed out though - the first uni is a top uni in london, i would love to go there. The second uni is low down on the league tables :-s

I really wouldn't base your choice on league tables.

I'm 6 months away from qualifying. I've secured an amazing job in a very specialised area and that's me coming from a uni currently sitting at number 56

Sorry mean to add, placements for me were very important.
Have you had a look at the trusts you might be placed at?

Listerbelle

I returned to university aged 33 to become a doctor. I survived on about 600 a month, incl food, rent and running a car.

I recommend your second option.

Good luck with everything!!

Badger_Lady

So really I think you're choices are:
- Struggle financially and work hard but have a great experience and the best training possible
- Comfortably afford everything and do your training as easily as possible

That's much more a case of personal priorities - what is the top objective for you, the journey or the destination?

If you do want to do London, it's possible in your budget as long as you're VERY savvy and willing to make sacrifices. You can become a property guardian in a good building for less than £300 a month and have no household bills to pay. You can travel around London easily and economically (no need to run a car) and you can entertain yourself for free using mystery shops and audience clubs.

Or you can take the easy route. It's entirely up to you

slig

I think either way you would make it work. Financially, obviously option 2 is better. But there are other things to consider.

*Which course sounds better, which uni do you like best, what are the placements like, which has better job prospects?

*Is commuting by public transport even possible? Would the cost of driving negate the savings you are making by living at home?

*Do you want to live at home for the next two years?

Personally, I think both options sound possible. With option 1 I would be looking at renting a cheap room a bus ride away from uni. Perhaps do a budget and see if this would work for you financially - it depends on your spending habits and whether you can stick to a tight budget. If you think you can then this is the option I'd go for - it starts sooner, it's a good uni, you would have more independence.

InsideInsurance

Both are viable financially.

Personally there is no way I would have wanted to live at my parents home from the age of 29 to 31, I thought it was bad enough with the one or two who were still living at their parents home at the age 19 when I was at uni.

You really do also need to look at the courses, post course support etc and not just the finances of today

LittleMrsThrifty

A couple of things to clarify;

Would means testing really be based on your father's income when you are 29? Normally when you are 25+ or if you've supported yourself independently for 3 years you are classed as an independent student with means testing based on your own income.

Do either courses offer a travel allowance? Many nursing courses allow you to claim travel expenses to either uni or the placement which would make the first option more viable. Also have you asked where the placements are likely to be, how long for,whether you get choice etc.

rexmedorum

can I just point out that league tables are made up of several things that don't concearn you? Research is an important part, yet in the top notch uni's staff is there mostly for research, staffs performance is judged by research etc rather than teaching!

When it comes to student satisfaction surveys: the big flaw in these is that they suvey students who have just graduated, while I would argue, how your qualification has helped you say 5 years on is way more important than if you had a great time.