Funding Options? Won't be able to afford university

So I'll keep it short.

I have an offer to read E&M at Oxford, (not a v wealthy college at all)
Household income is ~£40k, but parents hold the view that once I'm 18 I should be fending for myself, won't support me financially whatsoever. Student finance have offered me 45% of the estimated living costs for my college, which has pretty high rent. Apparently Oxbridge don't allow/strongly advise against part-time work as well.

What are my options? there MUST be others that have been in this situation, but I haven't found anything online as of yet, all the financial support from the university and government is for those with household incomes of <£16k, they could actually rack up a huge sum of grants, far more than the estimated living costs.

Thanks to anyone with advice.

Reply 1

RachelLJ

3

Original post by Bayestheorem

So I'll keep it short.

I have an offer to read E&M at Oxford, (not a v wealthy college at all)
Household income is ~£40k, but parents hold the view that once I'm 18 I should be fending for myself, won't support me financially whatsoever. Student finance have offered me 45% of the estimated living costs for my college, which has pretty high rent. Apparently Oxbridge don't allow/strongly advise against part-time work as well.

What are my options? there MUST be others that have been in this situation, but I haven't found anything online as of yet, all the financial support from the university and government is for those with household incomes of <£16k, they could actually rack up a huge sum of grants, far more than the estimated living costs.

Thanks to anyone with advice.

Unfortunately I'm not too up to date on the government's funding schemes for those who struggle to pay for university, but I think you should be able to take out a student loan right? Or does that still not cover the costs?
Also, although it is never an appealing prospect, you can work in the Oxford holidays full time. I know it does not sound enjoyable but Oxford state that because the breaks are often so big between terms, you can easily save up some money. Sorry if I'm just telling you something you already know but it's a really awkward position you've been left in.

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Reply 2

gdunne42

21

If your parents won't help.......
Defer your place and work for a year to get some savings behind you or work for longer and apply as a mature student when you have become financially independent. Top up your resources by working through the long holidays.
Most banks offer an interest free credit cards with student bank accounts, I wouldn't encourage students to build up credit card debt but you could use one to defer/spread the cost.

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(edited 9 years ago)

Reply 3

nulli tertius

21

Original post by Bayestheorem

So I'll keep it short.

I have an offer to read E&M at Oxford, (not a v wealthy college at all)
Household income is ~£40k, but parents hold the view that once I'm 18 I should be fending for myself, won't support me financially whatsoever. Student finance have offered me 45% of the estimated living costs for my college, which has pretty high rent. Apparently Oxbridge don't allow/strongly advise against part-time work as well.

What are my options? there MUST be others that have been in this situation, but I haven't found anything online as of yet, all the financial support from the university and government is for those with household incomes of <£16k, they could actually rack up a huge sum of grants, far more than the estimated living costs.

Thanks to anyone with advice.

There are always these threads at this time of year.

You need to explain to your parents gently and not with a sense of entitlement the true financial position. The world was different when they were young. They need to understand that whether you go to Oxford to read E & M or you become a bricklayer it is now virtually impossible for a young person to become established in any career with any prospects without parental financial support where the parents are considered by the state to be able to provide that support.

In many cases parents are simply taking a hard line because they think that if they do, they can foist the cost off onto the sate.

Most parents when they see that there is no way forward other than paying up, relent and fund.

Given the high employment and salary prospects of your degree, one possibility is to negotiate a loan with your parents. They will fund you and you will pay back their loan as well as your student loan. Whether they later choose to enforce that bargain, is a matter for them.

Reply 4

Chr0n

14

Original post by nulli tertius

Given the high employment and salary prospects of your degree, one possibility is to negotiate a loan with your parents. They will fund you and you will pay back their loan as well as your student loan.

Either this or deferring and working for a year are your only options I suppose. You could also have a look at bank loans, but not sure how easily you get them in the UK for an undergrad.

Reply 5

Klix88

17

Original post by RachelLJ

Unfortunately I'm not too up to date on the government's funding schemes for those who struggle to pay for university, but I think you should be able to take out a student loan right? Or does that still not cover the costs?

Sadly these days, Student Finance rarely covers all of the living costs of undergrads, even for those who qualify for the maximum amounts. Those from higher income households get lower SF loan amounts, on the assumption/expectation that parents will continue to provide some level of financial support until their children leave education. Folks in the OP's position can be some of the worst off, with relatively well-off parents who refuse to help. The ban on working in term-time at Oxford is an additional complication.

Reply 6

Klix88

17

Original post by Chr0n

Either this or deferring and working for a year are your only options I suppose. You could also have a look at bank loans, but not sure how easily you get them in the UK for an undergrad.

In the UK, full-time undergrad students can't get bank loans as they have no means of repaying them (the banks assume that if you could repay them, you wouldn't need them in the first place).

The only commercial bank loan available for study is the Professional and Career Development Loan, which isn't available for any course which qualifies for other funding i.e. no undergraduate courses which would be eligible for Student Finance (which is all of those in all unis other than the handful of private establishments).

Reply 7

TheWaffle

16

Original post by Bayestheorem

So I'll keep it short.

I have an offer to read E&M at Oxford, (not a v wealthy college at all)
Household income is ~£40k, but parents hold the view that once I'm 18 I should be fending for myself, won't support me financially whatsoever. Student finance have offered me 45% of the estimated living costs for my college, which has pretty high rent. Apparently Oxbridge don't allow/strongly advise against part-time work as well.

What are my options? there MUST be others that have been in this situation, but I haven't found anything online as of yet, all the financial support from the university and government is for those with household incomes of <£16k, they could actually rack up a huge sum of grants, far more than the estimated living costs.

Thanks to anyone with advice.

Email your college with your situation and ask for advice. Or maybe there is a university wide funding department you could talk to. Good luck.