Student Advice with money

millwalll

Hi all I am 24 and I work full time but if I get into uni Going to work part time I am hoping to do Information Technology with a Year in Industry Full time. Am I right in thinking its 3,000 per year also the year I am Industry do I have to pay that? Someone suggested to me that if I get a loan that I can earn interest for it anyone heard anything like this? any advice would be super.

Also the qualification I get is Bachelor of Science with Honours - BSc (Hons)

is this the same as bs in computer science ??

Broke_Student

Hi. Welcome to the Student forum!

Course fees were £3000 last year. This year most courses are £3070 as prices have increased with inflation. You should check with the uni and then apply for the correct amount of tuition fee loan from the student loans company.

As for the year in industry, it depends on the uni. I have heard of courses that charge the full ~£3000 for the year and others that charge nothing. Many charge a half fee of ~£1500 for the year. Check with the department running that course. If the year in industry is abroad, don't forget that there are often many extra grants/bursaries/scholarships to provide additional finance (despite you getting paid!).

You are correct about the student loans. Under normal circumstances you should be able to get a student loan for maintenance between £3495-£6315 (depending on whether you are at home, in or out of london and whether or not you are independent). The interest rate of this loan is very low. If you do not spend it then you can invest it in a savings account paying a higher rate of interest to make a profit!

For example, if you take a £6000 loan the interest charged at 3% is £180 on the year.
If you put the £6000 in a savings account the interest earned at 6% is £360 giving you a £180 profit
And then you take out a loan every year and pay it back as slow as possible when you graduate....
And then you can benefit again if you use this stash of student loan money to pay off against your mortgage in the future as it is charges at a lower rate and paid back more slowly (or not at all in some cases!). Student loans are great!

These sites will tell you more about student loans and what you can get:
http://www.studentsupportdirect.co.uk
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/index.htm

Can I just ask how long you have been working and supporting yourself? If it has been 3 years then I believe you are entitled to £2750 grant each year which you don't pay back!!!

Hope that helps.

edit: Here are some more links from Martin that will help you with student finance/loans:
http://www.moneysavingexpert.com/banking/student-money-saving
http://www.moneysavingexpert.com/loans/student-loans-advice

millwalll

Well I left school at 17 and really been working ever since there few times I had to sign on. I also still live with parents if that makes any difference. I will only really need to pay the tuition fees as the uni is like 5 mins drive.

Blacksheep1979

You will get a BS(Hons) in Information Technology not Computer Science - slightly different on the technical content usually.

Broke_Student

millwalll wrote: »

Well I left school at 17 and really been working ever since there few times I had to sign on. I also still live with parents if that makes any difference. I will only really need to pay the tuition fees as the uni is like 5 mins drive.

You are 24 now, but how old will you be when the course starts?
I do not think you qualify as indepenent:

Independent student
Generally, you will be classed as independent if you:
- have care of a child (or children)
- are 25 or over before your course starts
- are married or in a civil partnership
- have supported yourself for at least three years before your course starts
or:
- have no living parents
If you are an independent student, your local authority will take into account your income and that of any spouse or live-in partner (including same sex) in the same way as for dependent students.

I am not sure whether or not you could argue that you are independent as, despite working for over 3 years, you still live with your parents. It may be possible if you can show you have been paying your parents rent to live there for over 3 years. Best thing is to call the SLC and ask!

If you are not classed as independent then your entitlement to student finance is based upon your parents income. How much do they earn between them? If you don't want to say on the board then you can work out what you get on this calculator:
http://www.studentsupportdirect.co.uk/portal/page?_pageid=1768,796584&_dad=portal&_schema=PROTOCOL

If you are independent then it is your own income that will be taken into consideration. As a student you will probably earn under £17k and will therefore get a full on-repayable grant of £2700! The calculator will tell you how much grant/loan you get if dependent on parents.

millwalll

I guess if i get on the course will start in feb i think so i be 25 not sure how much parents get but thanks for all the help will defo look into it all when i find out if i get on the course

lufiaguy

millwalll wrote: »

Hi all I am 24 and I work full time but if I get into uni Going to work part time I am hoping to do Information Technology with a Year in Industry Full time. Am I right in thinking its 3,000 per year also the year I am Industry do I have to pay that? Someone suggested to me that if I get a loan that I can earn interest for it anyone heard anything like this? any advice would be super.

Also the qualification I get is Bachelor of Science with Honours - BSc (Hons)

is this the same as bs in computer science ??

Computer Science and Information Technology are very different degrees... this page should help explain the differences: http://www.cs.york.ac.uk/admit/CSEandIT.php