funding help

edited 30 November -1 at 1:00AM in Student Money Saving
1 reply 439 views
nickwilks7nickwilks7 Forumite
76 Posts
edited 30 November -1 at 1:00AM in Student Money Saving
Hi, i am a 27 year old looking at going to unniversity in september to study for a degree in sports coaching, and then a 1 year teacher training course after that.
The problem is i am currently in debt of around £17,000 and have a variable mortgage which is currently £340 a month.
so therefore with paying off my monthly bills (approximately £800) i am going to struggle coping financially with going into full-time study.
what grants/loans will i be entitled to, and how much would they be?
really struggling to find out what to do as i am currently in a dead end job and dread getting up in a morning.

Was even contemplating bankruptcy or an IVA as a last choice?

Any help would be extremely greatful

Replies

  • edited 26 May 2009 at 6:28PM
    Fire_FoxFire_Fox Forumite
    26K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    edited 26 May 2009 at 6:28PM
    Complete this and post up on the Debt-free Wannabe board - really helpful and knowledgeable bunch:
    http://www.makesenseofcards.com/soacalc.html
    Bankruptcy may mean you lose your house - a Debt Management Plan is usually a better solution. You need to contact one of the FREE debt charities such as CCCS or Payplan: never use a fee paying service. Basically they will contact your creditors on your behalf, freeze the interest and agree lower repayments to each which can be adjusted down if your income reduces. :money:

    Really you need to get control of your income and outgoings before you start thinking about going back to university. The last thing you need is to ruin the student experience with worrying about your debts. Can you take a lodger into your home? This income is tax-free so won't affect your student entitlements.

    Assuming you are single your student finance will be decided on your own income - so as a mature student you will probably be entitled to a full grant (£2800 a year) plus a full loan (£3500 a year) plus exemption from council tax! :cool: You can still work part-time, which is advisable for experience if you are changing career.

    If you don't already have a higher qualification have you thought about taking a foundation degree? These are classed as full-time, attract all the usual student finance but you only attend one day a week, so you can work in your chosen field the rest of the time. It might not be the best route for you career-wise but it may be what you need to get you through financially.

    I am sure Oldernotwiser will be on in a bit - she is the queen of careers guidance. :T If you have any questions about being a mature student or about fitness qualifications or working in physical activity send me a PM.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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