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Finances

Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
I'm starting to think about my uni finances and stuff as I have to choose my accommodation asap and I'm just trying to work out how it will pan out......... I'm a bit concerned! As I understand I'm gonna get about £3000 student loan. Now for a start there is tuition fees to pay, and my halls are gonna be £3600, which is more than my loan before I even start on general living costs which will obviously run into 4 figures. It just don't add up, obviously you have an overdraft limit but in year one it's not that much is it? I'm a bit concerned about where all this money's gonna come from, I mean my parents won't let me struggle but I'm sure I'm not alone in wanting to be self-sufficient and not wanting to have to ask people for money. Can anyone shed any light on things?

Comments

  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Im in the same position. Firstly the uni can help but like me they wont help you becuase your parents earn too much. Anyway you can apply through them for an extra £500 in loan. otherwise youll have to beg from the olds.......i didnt want to and well i work! So choice is up to you.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Yeah my parents are gonna have to pay my tuition fees for me now because my loan will only cover accomodation, I'm working part time now and plan to work full time over the summer and a bit while Im at uni to cover living costs. etc. I think starting off though in your first year is difficult unless you already have the money saved up or someone else can cover you for a while :confused:
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Just had a bit of a panic- when exactly am I meant to apply for my student loan if [email protected] going to uni in September this year and how do I do it? As I say I'm on a gap year so I'm not getting guidance from school etc.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    I was wondering about that kinda thing, and also applying for LEA assessment things. The school have no idea about it, and not to sure what to do.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by MoonShiner
    I was wondering about that kinda thing, and also applying for LEA assessment things. The school have no idea about it, and not to sure what to do.

    That's a bit worrying, shouldn't they know how to deal with it if they have a 6th form?

    http://www.studentsupportdirect.co.uk/portal/page?_pageid=34,31429&_dad=portal&_schema=PROTOCOL

    I've found this link which should be of use, it explains the whole thing, looks like it's around now that we need to be applying but it's not too late at all, in fact the on-line application system doesn't start until April.

    I haven't really got my head round this, is there anything else other than loans which need sorting out? Not being at school I'm kinda fending for myself with arrangements....
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Ooh, that link is rather helpful, thanks. I have enquired at my school but they don't seem to know much about how to apply for financial aid, considering that they wanted us all to go to university so much...

    I suppose you probably need to think about getting a student bank account rather than a normal one, the overdraft can be intersest free that way, or so I've heard...
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by MoonShiner
    I was wondering about that kinda thing, and also applying for LEA assessment things. The school have no idea about it, and not to sure what to do.

    read your private msg.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by Kat
    read your private msg.

    I didn't get a PM :(
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by MoonShiner
    I didn't get a PM :(
    lol sorry i meant museman.

    somehow quoted you! Sorry!
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    £3,600 for accomodation?!!!! Someone's robbing you mate. I was in Kent and only paid £2,600.

    I suggest you get yourself working during the summer and save the money up. Also if you can get a part-time, saturday job whilst you are at uni to keep topping up your finances.

    If things are still tight then there's normally a £500 bursary you can apply for.

    Main thing is to be sensible and don't spend all the money on your first weekend.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Yeah that's catered though, most people I know who are on self-catering pay about £2,700 but that's without food for a year so there's very little in it. I mean Uni is 31 weeks, if you spend £30 a week on food, that's the extra £900 accounted for straight away. I know a few law students who have been given massive overdraft limit extensions by banks, apparently on the theory that if they keep you happy as a student you're not going to want to change to another bank, and then when you're earning loadspost-graduation (IF you're earning loads) then they'll be glad they softened you up a bit and kept your custom.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Wow. I'm so glad I live in Scotland. And really glad I'm going to be living at home (at least to begin with).
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by Museman
    Yeah that's catered though, most people I know who are on self-catering pay about £2,700 but that's without food for a year so there's very little in it. I mean Uni is 31 weeks, if you spend £30 a week on food, that's the extra £900 accounted for straight away. I know a few law students who have been given massive overdraft limit extensions by banks, apparently on the theory that if they keep you happy as a student you're not going to want to change to another bank, and then when you're earning loadspost-graduation (IF you're earning loads) then they'll be glad they softened you up a bit and kept your custom.

    Knowing only from people online, I have been told that catered halls are not that great as if you miss the food, then it's just too bad and sometimes the quality of it isn't that great.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Yeah I know it's a tough decision. The only thing is that I want my own room, and you can't get self-catered single rooms I don't think, so it's either catered, or share a flat self-catered. Like I say I would rather have my own room first year, and I know quite a few people who think the same.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by Jacqueline the Ripper
    Knowing only from people online, I have been told that catered halls are not that great as if you miss the food, then it's just too bad and sometimes the quality of it isn't that great.

    Im living in catered halls, i didnt actually get a choice though is was the only accommodation offered. The food is crap-worse that school canteen food.

    So if i were you i wouldnt go for the catered halls

    In the long run you'll save money by doing your own food because i just end up paying extra because most of the time i just cant eat the food from here its made me sick before
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Hmm, this is turning out to be a far harder decision than it should be! Which uni are you at?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    in the vast majority of student accomodation, you get your own room. in most self-catered halls, you each have your own room on a corridor of about 6 rooms, but you all share a kitchen. if you're lucky you'll get an en-suite toilet too.

    most people i've talked to seem to think self-catering is the better option.

    and if you shop wisely, you can live off £20 a week food easily.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by kaffrin
    in the vast majority of student accomodation, you get your own room. in most self-catered halls, you each have your own room on a corridor of about 6 rooms, but you all share a kitchen. if you're lucky you'll get an en-suite toilet too.

    most people i've talked to seem to think self-catering is the better option.

    and if you shop wisely, you can live off £20 a week food easily.

    Yeah I thought that, none of the self-catered accommodation places at Sheff have en-suite showers/toilets or anything(which appeals to me really, I know some people think in a strange way it's part of being a student having to share stuff, and I don't mind sharing a kitchen, but waiting for other people to shower and stuff must be a right nuisance). Hmm, this is so confusing..... I think self-catering is preferable, but I think after a while sharing a bathroom would be a complete pain. If I could get self-catered en-suite I would jump at it, but there's none available :mad:
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    yeh £20 a week is plenty. The best way is to buy the basics (not microwave meals or pot noodles) and make up your own meals and freeze them.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    my self catered halls i share with someone cough cough *twat!*
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Ok matey, you need to apply through your Local Education Authority (LEA) and following that you get passed onto the Student Loans Company. Are you sure £3000 is all you are entitled to? You can be means tested if your parents earn below a certain threshold and you could get as much as £4k.

    Looking back over my 4 years as an undergrad, I don't know how I managed really - my loan of £3k was swiftly eaten up by fees and accomodation but I had an overdraft and I worked in the summer break (which is normally about 3 months). You'll get by if you don't try to live beyond your means. £20 a week is fine for food - don't pigeon hole yourself into a dining club scheme unless you're really lazy or frequently poison yourself. Cooking for yourself is something you'll need to learn one day and you'll be with similarly inept cooks at uni anyway :)

    Look for the most basic room you can find - do you really need en-suite? You'll appreciate the finer things in life after a year or two in student halls but at least it's usually cheap.

    I could go on for ages about all this stuff but if you have any specific concerns just PM me. I have as they say, been there and done that :)
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    The voice of a wise man, cheers mate! Yeah I've decided against going catered, reckon i can save a lot by going self-catered, not to mention the potential hillarity of setting fire to my fingers/hair/the ceiling/the entire flat. As Britain's most undomesticated man, at least I might pick up a few skills!

    Yeah I've looked at the thresholds for loans, in my opinion they are way too low!! In other words, yes I'll be getting the bare minimum by a long shot :-( The minimum is £3070 and then there's another grand on top of that which is the means tested bit. Cheers for the advice mate.
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