sooo confused starting uni with debt! help??

stephaniek6838

hey guys, i should be starting uni in september. thing is i allready have £4000 debt
im 21 ill be 22 when start, i live with my parents now, but will be moving away and living in halls. trouble is i havent got a clue how im going to manage i know i get tuition fee loan, whic you dont see til you graduate, and this is where i get confused! wil i get loan for halls? i think you do.....but because my parents earn just over the £38000 limit i wont get anything else will i?? im just getting really worried about how im going to cope??
any advice would be brilliant! thankyou:beer:

kr15snw

Youll be entitled to a maintenance loan which is to cover everything. But it will be about 4k a year.

It is expected that your parents help you out when they earn above the limit.

Unfortunately youll need to do what most of us do and get a job! I had to work 20 hours a week to afford to live

Best of luck.

stephaniek6838

hi, so the maintenance grant will be for the accomodation at halls then? and food etc will have to be paid by me from a part time job?? i thoughtso im just worried i wont get a job straight away! n get further into debt. seems daft this but my parents cant really afford to help me out they have mortgage etc etc.
i was told by someone, it cant be true that if ur over 21 you are classed as independent and got more help....if only!
thanks for info :rotfl:

dmg24

Based on a parental income of £38K, and assuming you are studying outside of London, you should get the following:

Maintenance loan of £ 3,533
Fee loan of up to £ 3,145 - subject to the cost of your course
HE Maintenance Grant of £ 1,092

You can get a more accurate estimate here.

Have you thought about how you will manage your current debt whilst you are studying?

Helix

The limit now is £60,000 income, so you will get some grant as long as your parents income is under £60,000.

This link will give you an idea of what you can get if you enter your parents income: http://www.studentfinancedirect.co.uk/portal/page?_pageid=53,1262820&_dad=portal&_schema=PORTAL

Anything classed as Maintenance is for you to live off. This gets paid to you so its up to you what it is spent on, so if your accommodation costs come to less than the maintenance loan + grants then you can use the extra for other expenses like food.

25 years is when you can get classed as independent and therefore have the loans decided on your income rather than your parents. You can also be classed as independent if you have not been living with your parents for 3 years.

stephaniek6838

thanks guys! sounding a little bit better allready
well, my debt allready all i could do really is to pay the minimum payments on everything, which is bad i know but i cant get any interest free CC's.
thankyou again been a great help

dmg24

stephaniek6838 wrote: »

thanks guys! sounding a little bit better allready
well, my debt allready all i could do really is to pay the minimum payments on everything, which is bad i know but i cant get any interest free CC's.
thankyou again been a great help

If you can't get an interest free CC, your minimum payment may not even be covering the interest, meaning that the debt will be growing each month.

Would it not be possible to defer for a year and pay off your debt? Whilst working in Yrs 1 and 2 may be possible, you are not going to have a lot of free time to do this in Yr 3.

I really would take further advice on getting this debt under control now, rather than when you are studying.

Good luck x

stephaniek6838

id noticed this with one of them! i thougth of defering for a year, but i really need to think a bout it. its a 4 year course with a work placement, so years 3 and 4 i wudnt be able to work as much!! im currently intouch with CCCS and ive written to my creditors offering a pro rata payment, which i still havent got replies from yet. thanks for your help dmg24

Horace

Can you not go temping between now and starting Uni in September? Working will at least give you some additional money to pay off your debts and perhaps you can also put some aside into a savings account ready for Uni?

AceCobra1

stephaniek6838 wrote: »

hey guys, i should be starting uni in september. thing is i allready have £4000 debt
im 21 ill be 22 when start, i live with my parents now, but will be moving away and living in halls. trouble is i havent got a clue how im going to manage i know i get tuition fee loan, whic you dont see til you graduate, and this is where i get confused! wil i get loan for halls? i think you do.....but because my parents earn just over the £38000 limit i wont get anything else will i?? im just getting really worried about how im going to cope??
any advice would be brilliant! thankyou:beer:

Hey steph. I am sure you won't have any problem coping. Just try to get yourself a part time job. I am not sure how many hours my friend worked but I know her parents are really really hardup and she just graduated as a dentist - yep not the easiest course to do as I found out! and it took 5 years. She manage to have money to go out and all that. She basically needed to work throughout uni for every penny, rent food etc. as she gets no support from her parents! In fact she graduated with commendation too! 3 people in my class was in the same boat and passed! So, if they can do it, so can you! I hope this has inspired you enough:money::money: I see no problems at all:T:T good luck:money:

PS. I was kinda in the same boat too but my parents paid for my halls and food but not extra expenses to go out and all that lol. So basically I 'worked' as a freelance webdesigner and also traded a lot on ebay by buying and fixing broken laptops. Made me a pretty penny for a good while and I enjoyed doing it! I am sure you can find some sort of interest too which can prob. make you some cash