Student in financial crisis

kitkatt1982

Hi, I'm not sure if this is in the right place so posting in two boards.
My friend rang me just now in tears. She's recently started Uni and thought she had her finances sorted on the grounds that she'd be able to get extra hours in her evening bar work job so used her first loan instalment to clear debt. She's now had an illness resulting in hospitalisation and has both lost income and not been given any extra hours. She's a mature student living alone with no dependents with rent and bills to pay but is about £2500 short until Christmas with no idea what to do. She's approached the Uni and was granted £163 in hardship funds plus a £500 grant but doesn't know what else to do. She has a bad credit score so has no credit options and doesn't know of anyone who would be a guarantor. I'm not in a position to lend her money but wondered if anyone has any ideas? Thanks very much

[Deleted User]

Would the University agree to her postponing her place for a year, starting again next academic session, while she sorts out her financial position? She has only just started the course, so it wouldn't involve a lot of wasted time. Hopefully she could get a job for the next 12 months. I appreciate that she has already had the first instalment of this academic year's student loan but the student loan people would surely be sympathetic given the circumstances.and finance her for the full degree length starting next year, but with the partial loan already paid being added to her total debt to be repaid under the normal student loan arrangements. Could she try this?

xylophone

Would there be any chance of extra hours in another bar/shifts at Macdonalds etc?

Kim_13

Deleted_User wrote: »

Would the University agree to her postponing her place for a year, starting again next academic session, while she sorts out her financial position? She has only just started the course, so it wouldn't involve a lot of wasted time. Hopefully she could get a job for the next 12 months. I appreciate that she has already had the first instalment of this academic year's student loan but the student loan people would surely be sympathetic given the circumstances.and finance her for the full degree length starting next year, but with the partial loan already paid being added to her total debt to be repaid under the normal student loan arrangements. Could she try this?

Student Finance funding is degree length + 1 year to cover scenarios such as student realising they've chosen the wrong course, university etc. So she won't have any issue in being able to get a loan for the full degree length starting next year.

However, this year's loan can't be added to the loan balance as far as I'm aware. Student Finance will pro rata the loan for the amount of time she attended and add that amount to the balance. She'll need to make an arrangement to repay the amount of the loan that she was not entitled to. They shouldn't ask for more per month or whatever than she can afford and it might be a case of a small amount per month from any benefits etc until she is better and able to work.