We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Student in financial crisis

Options
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

Comments

  • 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
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Would there be any chance of extra hours in another bar/shifts at Macdonalds etc?
  • Kim_13
    Kim_13 Posts: 3,412 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.