Becoming a full time student whilst in IVA

billyboing

I start University this month and I'm currently finalising my bursary. I also have the option of a small student loan through student finance.

Once I become a student we're financially going to be better off, although there are costs, such as text books, childcare and travelling too and from practical placements to consider.

Can anyone share any advice about being a student in an IVA, what should I declare?

For the past year I haven't been employed as I was caring for our 4 year old, all income has been assessed jointly, and is based on hubby's wages, child benefit, child tax credits etc.

TIA

loopylia

Hi, i don't usually write on the forum despite being a regular visitor but saw your post and just had to reply.

I took out an IVA in November 2007 and started university studying nursing in September 2009. I gave up my employment and lived off a monthly bursary, tax credits, child benefit. I have just qualified as a nurse (got official notification yesterday!) and have just 2 more payments on my IVA until its complete!

My IVA was a single application so i can't comment on your hubbys income but i just sent my bank statements in each month and kept up the payments. i'm not going to lie it was hard going at times and i struggled but it has been worth it. i now have a job which i love, a decent income and will be debt free in a matter of months. Also the years i spent in university were the best of my life. I have made many new friends and had some fantastic experiences.

A fair amount of the students on my course had young families and we all struggled for money at times. We shared our books, often chipping in to buy one book and also asked recently qualified nurses for their old books and they were always more than willing to give them away.

You also get council tax discount for being a student and discount in many leading high street stores.

i'm sorry i can't offer much more advice but i would say if you really want to go to university then go for it. Speak with your IP to discuss your payments and just try to budget as best you can. You will not be the only one on your course who has had to tighten their belt and i'm certain you and your fellow students will support each other in terms of books, travel etc.

Good luck

billyboing

Hi loopylia

Thank you for sharing your experience, and congrats on becoming a qualified nurse! I start my 3 yr training this month.

Certainly seems it was the best thing you ever did, I soo can't wait to be debt free (in 2016!!)

Maintaining our IVA's won't be a problem, however my bursary I guess will be classed as extra source of income, from the IVA point of view as I haven't been earning awage in well over a year now. I was pleasantly surprised with the bursary award, the added dependants allowance certainly helps. I've also checked with tax credits and was told my student income is non declarable, therfore our tax credits won't suffer as a result.

I know I need to get in touch with the IVA company at some point, but I'm worried they're going to want a big chunk of it and increase the payments. Although at this point it's hard to even gauge what me being at Uni will cost, in terms of books, childcare and extra fuel etc.

Isis_Black

Hi there
Until recently I was a full time uni student, just had to leave at end of yr 2 as could get on with the wrk due to I'll health and crap support.
Anyway back to the IVA if I remember right they only take into consideration your grant as your loan you will be paying back later so I think that's not classed as income.
You'd be best to go talk to your provider though xx

jerseygirl74

Hi Im going to be in the same boat as you next year hopefully. My IVA was approved today and im hoping to do nurse training next sept, currently at uni pt on health and social care. I wasnt sure how going to uni ft was looked at if you are in an iva, but as far as im concerned the bursery and grants etc need to at least cover my pt wage for me to consider going to uni anyway so i know i will be able to keep up repayments ok and after 3 years i will be earning much more than i ever would in my current job so will never be in this situation again. Can you apply for a student loan whilst on an iva is it classed as credit or just something we are entitled to? billyboing good luck with your studies and congrats loopylia on your results

x