how to raise £8k for daugther's college year?

976TXoo

My daughter's doing a year's foundation course, which is an A level equivalent so is not open to an automatic student loan.

Although her fees are paid, we will have to fund her, which with accommodation, travel, food, course materials and limited daily expenses, we estimate (her college is near London, more than 100 miles from our home) will be around £8k.

I already have £17k in debt across my overdraft, two current 0%-balance transfer credit cards, and a credit card. I earn £27k. My wife earns about £4.5k and has about £600 on overdraft. We already live frugally and have done everything possible to minimise household spending just to service the current debt.

We now have to find the extra £8k needed for this coming year, starting in September.

We have no family who could help and have a joint income that is above any discretionary bursary or grant limit.

Does anyone have any suggestions on how best to do this? More cards, a loan, extending the mortgage?

My daughter plans to get a summer job and will try for Christmas job as well, but the majority will come from me/us.

missbiggles1

Your daughter could consider taking a year out and saving up to fund this, alternatively have you/she looked ar alternative routes?

976TXoo

Many thanks, Missbiggles1. What 'alternative routes' were you thinking of?

tomtontom

Part time study, OU, an apprenticeship?

Can she not study closer to home?

Will she still be living at home? If not, I fear your £8K estimate will be too low. Accommodation near London is far from cheap.

poet321

Is there nowhere nearer to home she could study?

What about being a live in Au Pair/Nanny? In the right job that would work well as she would have free time when the children were at school to study and her living expenses would be covered. The Lady magazine has ads for that kind of thing if it would appeal.

toniq

Have you looked at Bursaries, a lot of places provide them even if you think you earn too much ask the establishment, you never know till you ask. We funded 2 at uni, accommodation was 30 weeks lets at approx £400 a month each. We paid for both girls accommodation.

Both my girls worked whilst at uni and in summer back here, that gave them food money and extras.

We did top them up as and when we could.

missbiggles1

976TXoo wrote: »

Many thanks, Missbiggles1. What 'alternative routes' were you thinking of?

Different ways of arriving at the same place. Different courses, different modes of study etc.

Basically finding a way to avoid doing a foundation course. (Is this in Art, by the way?)

YorkshireBoy

I fear you're on a slippery slope here. You already have, between you, over 50% of your annual joint (gross?) income in unsecured debt. And now you're wanting to take that to over 75%. And that's excluding the mortgage!

Two things immediately jump out...

1. You've had to cut spending "just to service the current debt". How will you service the proposed 50% increase in debt?

2. Your wife earns only £4.5K, indicating there's some room for increasing it?

As to re-mortgaging (you say extending it (the term?), rather than increasing the monthly payments), you're in big danger of losing your home should you lose your job or fall ill without cover in place.

It's admirable you're trying to help your daughter, but it's time for a reality check...you can't afford to. Not what you want to hear I'm sure, sorry.

missbiggles1

toniq wrote: »

Have you looked at Bursaries, a lot of places provide them even if you think you earn too much ask the establishment, you never know till you ask. We funded 2 at uni, accommodation was 30 weeks lets at approx £400 a month each. We paid for both girls accommodation.

Both my girls worked whilst at uni and in summer back here, that gave them food money and extras.

We did top them up as and when we could.

The OP's daughter won't be studying at university level so many of these won't be open to her.

C.M.

is there no other location / college closer to home that your daughter could study at?

You cannot afford to take on another 8k of debt in order to support her for these studies.

Either you / your wife need to increase your income or discuss deferring the course.

PasturesNew

You cannot afford it.
What normally happens when we can't afford things we want is:
- we go without
- we choose something that we can afford and just suck it up that we can't have everything (or anything) we want
- we save up.

She will have to do one of the above.