[nmr1991]

My accommodation is asking for the amount of £3998 and the maximum amount that maintenance loan can give you is like £3575 and I have no benefits that can help me.

Getting a job is a really big jump for me and I can't see myself getting one as easy as going into a careers office and getting one straight away.

I will have -£423 however I read that I could have a bank overdraft from Barclays bank (my nearest branch) of £2000 without interest fee so I could use that to my advantage, however my parents don't like the idea of it, what should I do: go through hell trying to look for a job or use the bank overdraft?

[F1 fanatic]

(Original post by nmr1991)
My accommodation is asking for the amount of £3998 and the maximum amount that maintenance loan can give you is like £3575 and I have no benefits that can help me.

Getting a job is a really big jump for me and I can't see myself getting one as easy as going into a careers office and getting one straight away.

I will have -£423 however I read that I could have a bank overdraft from Barclays bank (my nearest branch) of £2000 without interest fee so I could use that to my advantage, however my parents don't like the idea of it, what should I do: go through hell trying to look for a job or use the bank overdraft?

For many/most students using a student overdraft is just a daily part of student life. The key thing is to make sure its interest free and be clear on the terms for paying it back later. Most student accounts will have an overdraft that reduces year on year after you graduate to give you time to pay it back.

However, it's also worth bearing in mind that accommodation is not going to be your only cost - there will be food costs and costs associated with socialising and entertainment. The overdraft may not cover all of that and so getting a small job for a few hours a week may be a good idea. In any case, it will be a good experience for you. You don't have to get a job during term time, you could work in the (many) holidays and save up money then.

[RachelSophia]

Ok first of all bank with Natwest!
You get an interest free overdraft of up to £1000. If you have one with interest you can get in very deep trouble! [They also give you a free rail card handy when you have to go home to save money] BUT, remember you have to pay that overdraft back when your next part of the loan comes in. so just because you can have that extra bit of money doesn't mean you're ok.

Also start looking for a job now. If you can get one that it just 1 day a week then it will help! Some universitys also have jobs going for students, like being a librarian and they are more flexible because they understand you're a student.

Apply for scholarships! Look on your university website for information or call up.

Out of interest did you apply for the national loan? or the one based on household income? and do you qualify for a grant?



Oh one more thing, if you have a smart phone there is an app that is called 'student budget' Which is VERY helpful and adjusts to your weekly spending

edit: how can i get negged for that? lol

[nmr1991]

Barclays is the only one in my area and can't be bothered to go to any other banks, however it has a better overdraft of £2000.

I got -£432 where I am taking into account Maintenance Loan which is £3575 which is taken from £3998.

£2000 - £432 = £1568 remaining overdraft interest free.

So I just get left with £60 per week for food which is £2220 for the 37 weeks - but is that excluding christmas & easter?
Even then I would be going over my overdraft limit which means I will be charged interest. Or is £60 a week for food a little much?

Tuition fee loan covers the tuition fees so I don't need to worry there.

[b1505]

(Original post by nmr1991)
Barclays is the only one in my area and can't be bothered to go to any other banks, however it has a better overdraft of £2000.

I got -£432 where I am taking into account Maintenance Loan which is £3575 which is taken from £3998.

£2000 - £432 = £1568 remaining overdraft interest free.

So I just get left with £60 per week for food which is £2220 for the 37 weeks - but is that excluding christmas & easter?
Even then I would be going over my overdraft limit which means I will be charged interest. Or is £60 a week for food a little much?

Tuition fee loan covers the tuition fees so I don't need to worry there.

I wouldn't rely on getting the full £2000 for your overdraft. I know people with Barclay's who have only been allowed to have £1250
I'd say £60 a week is too much for food, I spent £20 maximum apart from the odd big shop where I spent about £40.
Do you get any grants or bursaries that you can use?

[Norton1]

(Original post by nmr1991)
I will have -£423 however I read that I could have a bank overdraft from Barclays bank (my nearest branch) of £2000 without interest fee so I could use that to my advantage, however my parents don't like the idea of it, what should I do: go through hell trying to look for a job or use the bank overdraft?

A wee part time job for a few hours is hell now? Someone phone that 127 hours guy.

[Dan1909]

(Original post by Norton1)
A wee part time job for a few hours is hell now? Someone phone that 127 hours guy.

Depending on the workload from his course, having the time to find, apply, and hold down a part time job may not be that possible, and definitely not easy. All depends on his workload though!

[Norton1]

(Original post by Dan1909)
Depending on the workload from his course, having the time to find, apply, and hold down a part time job may not be that possible, and definitely not easy. All depends on his workload though!

Medicine is probably fair enough. Anything else? You're having a giraffe.

[Dan1909]

(Original post by Norton1)
Medicine is probably fair enough. Anything else? You're having a giraffe.

Most intensive science or engineering degrees will have enough hours. I'm not saying it's impossible, but it's a long shot from easy.

[Norton1]

(Original post by Dan1909)
Most intensive science or engineering degrees will have enough hours. I'm not saying it's impossible, but it's a long shot from easy.

I know multiple people that did science and engineering degrees and had part time jobs. I think it's a valid choice not to work in term time, but it is definitely relatively easily manageable with some organisation.

[Sparklyblue171]

(Original post by Norton1)
A wee part time job for a few hours is hell now? Someone phone that 127 hours guy.

I think you read it wrong. He said "trying" to look for a part time job, and to be honest, it can feel tough if you don't apply early enough or there's just a plain shortage. The hunting and sealing could be lengthy.

[Norton1]

(Original post by Sparklyblue171)
I think you read it wrong. He said "trying" to look for a part time job, and to be honest, it can feel tough if you don't apply early enough or there's just a plain shortage. The hunting and sealing could be lengthy.

So he's only going to be "trying" to look for a job rather than look for one?

We can all employ pedantry when we want to. I'm not sure looking for a wee part time job is particularly hellish either. Oh you looked at a computer and did some applications. What would you have been doing otherwise? Probably looking at a computer anyway.

[bahjat93]

(Original post by nmr1991)
My accommodation is asking for the amount of £3998 and the maximum amount that maintenance loan can give you is like £3575 and I have no benefits that can help me.

Getting a job is a really big jump for me and I can't see myself getting one as easy as going into a careers office and getting one straight away.

I will have -£423 however I read that I could have a bank overdraft from Barclays bank (my nearest branch) of £2000 without interest fee so I could use that to my advantage, however my parents don't like the idea of it, what should I do: go through hell trying to look for a job or use the bank overdraft?

You could go with option 3 which is ask your parents for the money

[Dan1909]

(Original post by bahjat93)
You could go with option 3 which is ask your parents for the money

Surely if that was an option he wouldn't have posted this thread...

[electriic_ink]

(Original post by nmr1991)
Barclays is the only one in my area and can't be bothered to go to any other banks, however it has a better overdraft of £2000.

I got -£432 where I am taking into account Maintenance Loan which is £3575 which is taken from £3998.

£2000 - £432 = £1568 remaining overdraft interest free.

So I just get left with £60 per week for food which is £2220 for the 37 weeks - but is that excluding christmas & easter?
Even then I would be going over my overdraft limit which means I will be charged interest. Or is £60 a week for food a little much?

Tuition fee loan covers the tuition fees so I don't need to worry there.

If you're seriously considering doing this without the aid of a part time job, how do you plan to fund Year 2? What if the bank suddenly decide they want their money back by the end of the month? What if they don't give you the full £2000 interest free overdraft? (since you don't have a job, they probably won't)

[bahjat93]

(Original post by Dan1909)
Surely if that was an option he wouldn't have posted this thread...

Some people don't consider all there options before posting :P

[RachelSophia]

(Original post by nmr1991)
Barclays is the only one in my area and can't be bothered to go to any other banks, however it has a better overdraft of £2000.

I got -£432 where I am taking into account Maintenance Loan which is £3575 which is taken from £3998.

£2000 - £432 = £1568 remaining overdraft interest free.

So I just get left with £60 per week for food which is £2220 for the 37 weeks - but is that excluding christmas & easter?
Even then I would be going over my overdraft limit which means I will be charged interest. Or is £60 a week for food a little much?

Tuition fee loan covers the tuition fees so I don't need to worry there.

If you go home during the holidays you save money on food, which is why i suggested the free rail card
£60 a week for food i'd say is average as my sister spends £80 and only buys branded stuff. You could easily get it to around £20 if you budget carefully, but you need to remember things like shampoo, washing powder and your phone contract/top ups.

you should phone student finance as you also may be entitled to the non-repayable grant.
Definitely check for scholarships too, call your university before they stop taking in applications. There is a 'national scholarship' which i'm pretty sure is available to most people? And ask about jobs in your student union, you can always live into your overdraft until the university helps you out. They also have like finance Councillors. They sometimes give out an extra £1.5K [rarely, you have to be struggling, which you sound like you will be] and sometimes that is non-repayable

2nd year will be cheaper as you have all summer to work/look for a job and the private sector is usually cheaper accommodation, also if you flat share you can buy food in bulk and just split the bill

[M4LLY]

Its threads like that that make me glad i'm not going uni