Student, Money Problems, Need Help/Advice

TomPB

Hi,

I am a 20yr old student, I failed 1 of my modules and thus have to ultimately take a year out to resit that module before I can proceed onto 3rd year. What this has meant is I do not get any student finance for the year or any grants etc. I have a part time job but that is only paying minimum wage and at the moment they can't offer me more hours. I still owe my mum some rent money which is my first priority to pay because she needs the money (I have not told her because I don't want her to panic and I know she has some money issues of her own) I don't quite have the money yet to give her the rest of the rent, and I also have other expenses, such as my phone contact which sadly is a huge £40 a month! I tried phoning vodafone to see if I could get it cut down but sadly all they could offer was to stall payments which I really did not like the sound of because that will just lead to a build up of 1 big bill!

I have another 3 months until I next have to pay my rent of £800 and I have a horrible feeling that I just won't have anywhere near enough money if any to pay that along with any other expenses that come my way!

I don't have many assets to sell, probably just my iPad which won't get me much.

Does anyone have any advice or help that they can offer me, come Sepember next year I should have plenty of money to pay everything off because I get quite large students loans and grants. I have always been good at saving my money and have never had a minus figure in my account! I don't have an overdraft (As a student is there any way I could get one that is interest free?)

Thank You To Anyone That Can Help

N.B. My brother also recently got made redundant and also does not have much money so this is another reason behind me not telling my mum, she already has a lot to content with and I would like to get this sorted on my own.

StrugglingYouth

Speak to your university about an emergency bursary. They maybe be able to offer you something. A friend of mine got one to help with his living costs. Go and see them, actually ring them today, and book an appointment for Monday or whenever you can do it, but do it soon!

Best of luck!

TomPB

I have just booked in for an appointment with financial services. Thanks for the advice!

StrugglingYouth

TomPB wrote: »

I have just booked in for an appointment with financial services. Thanks for the advice!

No worries. The university will do all it can to help you out. Be honest with them, and ask their advice. This type of thing does happen a lot.

Ratison

You should be able to get an interest free overdraft as a student, but I would definitely favour a grant of some sort in the first instance, as you'll only have to pay the overdraft back in the future, and the rates may not stay zero for long.

Good luck

dancingfairy

It depends on how much you need to study to pass your module (AS obviously you won't want to resit again) but could you look for another job to go alongside your current job/instead of your current job for the year? With christmas coming up maybe there will be bar work or shop work available that would suit you?
df

Lungboy

Will they not let you "trail" the module while moving on to the next year? Repeating an entire year for one module is unusual.

TomPB

@dancingfairy I am looking for another job, I do expect my current job to pick up over christmas as it is in hospitality but thanks for the advice.

@Lungboy I cannot progress onto 3rd year until I pass this module, I did ask about doing it along side my other studies but that is not possible.

Bobarella

What a pity for you. I really sympathise. I worked 3 jobs whilst at uni as well as taking the max loan and only just scraped by. I'd have liked to change my BA but knew there was no chance I'd ever have the opportunity to do another 1st year so just kept going. I remember the emergency loan that the uni offered being about 250 at the time but this was 10 years ago so maybe a lot better now.
Some thoughts not sure of how much use. Coul your mum let a room to a lodger at all even if it meant you sleeping on the sofa? It's another source of income for your home & you can earn up to 5k per year tax free.
Could you tutor GCSE or A level students in your subject, good money in tutoring you could call your local agency.
Lastly, I had a zero per cent interest rate overdraft facility as a student which I had to turn into a loan after graduation but I found it easy to pay off quite early on. They were really helpful at the bank with that.

Bob

TomPB

Thank you all!

Just to update, I have a meeting with my university tomorrow, hopefully they can give me an emergency loan or something similar just to hold me over until Christmas, I also have an overdraft activating on Tuesday which is interest free but hopefully I won't have to touch that! I have also managed to sell a couple assets like my iPad which can hopefully bring me a little extra space to breath!