University of Exeter

Exeter

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Urgent Problem

Sorry sorry, more accomodation woes.

After looking at my incoming and outgoing cash flow for my first year at exeter (in terms of loans, fees, etc, not private income like a job), i found that im left with roughly £600-£700 (maintenance grant) per year to live off. About £15-£20 per week.

This is because my accomodation is my 3rd choice, James Owen court, which costs almost £4000 per year. Yes, its right in the middle of town, good for going out, etc, but im not sure if i can afford it. I spoke to the uni and was told that if i chose to stick with James Owen i could get a student bank account, take out a £1000 overdraft per term, and work in the holidays to pay it off.

Alternatively, i could get a standard room at Lafrowda instead (the only ones left). This would cost me about £1500 less per year, but i may not be with people sharing similar interests and clearly it would be the most basic accomodation there is. I would still have to take out an overdraft, but it wouldnt be nearly as much as James Owen.

Getting a job during term may help, but i dont want it to impact on my studies too much.

Since i only got home from holiday today, and thus only found out about this problem today, i have about 1 1/2 hours to decide :frown:

Any advice would be hugely appreciated, and sorry for this being so late.

Reply 1

Joderz

ask ur parents for help. get a student bank account with halifax as their overdraft is £3000

University of Exeter

Exeter

Reply 2

Waterish

Well my mum can contribute £55 a month and my dad cant afford to contribute anything, so i wont be getting loads. Were right on the border line, so they earn juuuust to much to get extra help :/

Is James Owen that great / worth it anyway?

Reply 3

Saul

consider yourself lucky for getting free money from taxpayers in the first place?

Reply 4

Sephrenia

Personally I would go for Laffy. There again I come from a family that refuse to ask for help in monetary matters. I've been in JOC and didn't much like it tbh. Didn't have a character and felt really boring. Went in Laffy for even less of a time and loved it!

Reply 5

Waterish

Doesnt matter now, ive gone for James Owen.

Ill just have to watch the pennies :smile:

But thanks for the help anyway :smile:

Reply 6

hobbit_

Waterish- how did you only get £600-700 grant for the year? I got over £2,000 for the year, although I guess my Dad only earns below £20,000 since he's retired now.

I think, by the sounds of things, you should have got a lot more than the amount you say you have got?

Reply 7

im in a coma

Waterish

This would cost me about £1500 less per year, but i may not be with people sharing similar interests and clearly it would be the most basic accomodation there is. I would still have to take out an overdraft, but it wouldnt be nearly as much as James Owen.

I found about 1 person that I got along really well with in my block in James Owen Court. The rest - well it wouldn't surprise me if I don't speak to them ever again.
Seriously, the whole similar interests thing can go masterfully wrong. You could live in Lafrowda and meet the best friends you will ever have and in JOC have nothing in common whatsoever.
I would choose the money and Lafrowda.

EDIT: Too late.

Reply 8

EskimoJo

The overdraft and holiday work idea is your best bet. :smile:

I had about £2 a week to live on, and didn't get to work...I'm in a lot of trouble now!

Reply 9

lmcorr

Overdrafts aren't a means to an end. Its all money you will further have to pay back. As for the fluidity of your cashflow, it makes sense to go for Lafrowda. Besides, theres nothing wrong with Laffy in any way shape or form at all, its a wondrous place full of magic, a land of milk and honey.

Reply 10

Sephrenia

I was in Cook Mews and still ended up with a £700 overdraft. I think I worked out that I had £44/week for everything...

Reply 11

Angelil

I LOVE how the uni is apparently encouraging you to get into even more debt :rolleyes:

I'd say go for Lafrowda - it's still excellently situated and I had a brilliant time there.
However, if you still decide to go for JOC, it's still possible (tight but possible!) to live off £15-£20 a week. As a vegetarian my food bill was only £10-£12 a week, and that was without buying basics everything, so you could still continue to eat meat if you don't mind cheaper meat/a few trips to Iceland! So you could still do it if you do want to be at JOC - but you might be able to relax more financially in Lafrowda.

edit: curses. too late.

Reply 12

lmcorr

Haha thats very true how the uni encourages students to take out overdrafts and loans and the like, solely to pay for the services they offer when student finance doesn't cover it. Its like its perfectly acceptable, just a run of the mill norm to take on an even heavier financial commitment just so you can afford to live (including not solely accomodation) down here. If many other uni's, if not all, are the same, no wonder there is an encouragement and acceptability about being heavily in debt nowadays. The media talk of the 'affluent student' that is apparently so prevalent nowadays I totally disagree with, since in the real world credit card debts, student loans and overdrafts (which financial institutions seem to fall over themselves to give you) are not 'real' money after all - its not yours, you pay interest on it and you have to give it all back, someday.

I shouldn't talk about finances and the like, just seems to get me worked up. Apologies.

Reply 13

Angelil

Yeah, I agree with you there. This attitude of 'oh well, you'll be in debt anyway so you might as well fill your boots' is really irritating!

OP, remember you can always change your mind when you get there if you decide it isn't sustainable.

Reply 14

Waterish

Sorry about lateness to respond :/

Yeh, ive put myself down on the waiting list if any places elsewhere come up. I can survive in JOC, but will just have to work harder to pay all the money back.

I know theyre encouraging me to get into more debt, but theres not much else i can do. Even in Lafrowda id have to take out an overdraft, just not as much.

Frustratingly my parents earn just over the threshold for getting more funding :/

Reply 15

lmcorr

The income assessed thing is such an arbitrary way of assessing funding support, its as if 'your household income is X much so you SHOULD receive Y amount of money from your parents' for university, its ridiculous. Being as it is I never get any money from my parents for anything, I found it very difficult in my first, misguided attempt at university. I suppose there is no other way really, in practice, to assess who should get more from the state and who shouldn't really based on income and the expectation you should get money, by thats just the way it is I suppose.