My Guide to Student Finance

mrsmith_3

dmg24: On the contrary i've listened to your advice and amended the overdrafts and phone points, which are the two biggest things no ones agreed with. I've just added my little bits at the end to represent my pov which essentially when compared to the 'sound' advice above make fun of me more than they do you, which was intended to make you guys realise i have realised the naivety and risk of my attitudes. Yes, it is sarcasm.

Your second quote is just you getting offended because you suggested the pay as you go idea. Another post on here said students were lazy and likely to lose forms etc so i just paraphrased.

Thanks to everyone for posting their warnings, i think it's good students will see them, especially the case studies as they are the easiest to relate to, and make you realise debt is a risky thing.

txt speak amended!

dmg24

Your second quote is just you getting offended because you suggested the pay as you go idea. Another post on here said students were lazy and likely to lose forms etc so i just paraphrased.

It would take a great deal more than a snotty little student to offend me! (Please don't take offence - I'm only paraphrasing!).

Lavendyr

So mr smith, having realised the naivety of your approach, are you going to change your own attitude towards money as a result?

mrsmith_3

Well i did paraphrase and never personally insulted u but thanks for that.

Well lavendyr my overdrafts are already slightly eaten up but i think i will try my best not to use them up to their limits! I will certainly will recalculate my budget and not factor them in as loans,i will instead use them only if forced to go over this budget. My biggest change in attitude is that students, including me, that do not need the overdraft should not use it as a loan. I will still have to use the overdrafts sometimes temporarily as i earn less money through a part-time job than in the holidays, but when the holidays come i will pay it back!

Lavendyr

That's very good news and I wish you the best of luck with the rest of your course.

mrsmith_3

Thankyou! And thanks for all your posts, please feel free to add any more opinions/stories about student debt or ur own versions of 'the guide' xx

Tetsuko

missk_ensington wrote: »

If you live economically you don't need an overdraft, and a loan, and a credit card..... You should be able to get by on your student loan, money from part time work and any help from parents.

It's not fair to generalise because not every student's situation is the same. My degree was in chemistry and yes, while some students had a couple of lectures a week and did not appear to do much else in between, my degree units were hellishly busy. When I wasn't in a lab, workshop or lecture, I was writing up my notes, doing coursework, revising for exams/test, writing up lab reports or researching for the next lab sessions. Not everyone has the luxury of fitting in work with their studies. And then I had to get back home after uni in time for my son to come out from school.

I got no help from my parents. I spent my summer vacations working in chicken factories trying to keep the roof over our heads. I had a home to keep and pay bills for. If I didn't have my overdraft there is a good chance I would have ended up homeless and there definitely would have been times spent hungry without it.

There were people I studied with who were always going out and had it easy but that's because they got their loans and when they ran out of cash they just phoned mummy and daddy who would send them extra.

No everyone has that option.

mrsmith_3

You're quite right tetsuko, my guide unfairly generalised but so did some of the criticisms. This is what i was talking about when i said the government maintenance loan was so small and so the magnitude of other income has to be heavily relied on and this is a matter of chance really, leaving some people struggling alot. For them the student overdrafts are a godsend as they are a much better alternative to credit cards. Alot of students live on the poverty line. My rent is expensive and i work flat-out all holidays...so it just comes down to, if you don't need the overdraft, don't use it. But if you do really need more money, the overdraft is the best alternative.

agathacrispie

please tell me what is this 31k job that you know you will get.Also what are you studying ?

kr15snw

Heres how I do it:

I get the full loan, grant and bursaries. Prob about £6500 altogether. I also have a part time job earning about £200 a month.

The grant, loan and bursary go into my student account, the wages into my standard account.

When I get my loan / grant / bursary I put a certain amount into my normal account for living expenses.

I pay about £150 - £200 in living costs a month to my boyfriend as my share of the bills etc.

If I buy something studenty it comes out of the student account, if it not studenty it comes out of the normal account. In desperation non studenty things I need but cant afford (petrol etc) go on the student credit card which is cleared once I get another grant / loan payment.

So far I havent touched my overdraft and manage to live very nicely. We have a nice house, sky, internet, go on nice holidays, manage to travel to lots of football games and have a fun life together

It can be done very easily!