Help with current debts whilst studying

Ims36

I would like to start an Access Course in Sptember and then go to University te year after.
I have debts of arount £210 a month on loan repayments and these have another 5 yars until they will be paid off.
Is there any way I can get help with paying these debts or anyway I can postpone them until I have finished studying? Or will I just have to accept that I cannot study until this debt is paid off in full?

Oldernotwiser

I have to be negative on this one and say that the answer's going to be "no" on both counts.

As an alternative to your existing plans you could do a foundation unit with the OU which would be likely to be accepted as an alternative to an Access course and which you could undertake whilst working full time. If you enjoyed this method of studying then you could do your whole degree with the OU (depending on what you're planning to study), still whilst working full time.

Good luck.

dmg24

It is very unlikely that you will get any help with these debts. The only option that I can think of is the Access to Learning Fund at the college/ university, but these will take into account the fact that you already have these debts, and they will only give funds in cases of absolute need.

Is it not possible to work for another year, and work to pay off as much of the debt in that time?

What would you be living off if you did go to college?

Voyager2002

The OU offers an excellent route into study. However, if it is not for you, then you could:
1. leave your job and start studying, as planned;
2. contact your creditor(s) and let them know that your circumstances have now changed, and in view of the reduction in your income you can no longer meet the payments as before;
3. at that point negotiate a new monthly payment that can realistically be made out of your student income (probably a token payment) and also agree that interest on the debt will be frozen.

Be aware that following this approach would ruin your credit rating, but at least it would enable you to make progress towards a degree.

Ytaya

I maintained debt repayments of £200/month throughout an undergraduate degree, so it is doable.

However:
- it was really, really hard. I pretty much never went out.
- I moved back in with my parents, which saved on rent and bills (I did pay rent, I did buy my own food and I did have to run a car to commute to uni, but on balance it was cheaper. I did, however, get the reduced 'parents home' loan amount).
- I really struggled during the final year when my loan was reduced (the standard final-year reduction).

I would strongly advise sitting down and completing a full and complete budget. Use Martin's budget thingy as a guide, to make sure you include things like haircuts and birthdays. Be prepared to ask for things like Tesco vouchers (groceries!) and Amazon vouchers (textbooks!) for birthday and Christmas pressies.


If you don't have the option of moving in with your parents, then consider finding a part-time job during your studies. You will certainly need to get a job over the summer/Christmas holidays. If you're disciplined and determined, you can do it.

Good luck!

mummytofour

I am doing access right now (almost finished..) But with regards to the finances could you do the couse in the evenings? My college runs and evening course for Access.
Failing that I guess you could pop over to debt free wanna be and see if there is any advice on budgeting over there which may help you.