The Student Room Group

Can you survive on a student loan without parent's help?

Hi,

I'm starting uni in September and I'll be 24. I'm eligible for the maximum loan of £8,200 plus a grant from my uni of £1000.
My parents aren't in a position to send me loads of money every month and I haven't got much savings - I didn't have an ISA growing up to save for uni or anything like that.
Also, I'll be 24- a fully grown adult and I feel like I shouldn't be asking my parents to help me out financially all the time. I've been so used to working for my own wages since I left school.
So, my question is - has anyone else been in the same boat? How hard is it to live on about £20-50 a week? That's what I've worked out I'll have to myself once my rent has been paid.
Thanks!

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Original post by Miss.O
Hi,

I'm starting uni in September and I'll be 24. I'm eligible for the maximum loan of £8,200 plus a grant from my uni of £1000.
My parents aren't in a position to send me loads of money every month and I haven't got much savings - I didn't have an ISA growing up to save for uni or anything like that.
Also, I'll be 24- a fully grown adult and I feel like I shouldn't be asking my parents to help me out financially all the time. I've been so used to working for my own wages since I left school.
So, my question is - has anyone else been in the same boat? How hard is it to live on about £20-50 a week? That's what I've worked out I'll have to myself once my rent has been paid.
Thanks!


£50 is definetly doable :smile: if you re sensible and don't insist on a ensuite bathroom that should reduce your rent costs dirastically.
It's tough. I've been on the lower amount of maximum loan and grant (so £6000 + £1000 bursary from uni). My parents have paid to keep my car on the road, but other than that, I've actually managed ok. I work during all the holidays (inc. half terms) which is a massive help!


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I have lived on much less. As long as you are sensible you'll be fine.
Original post by Miss.O
£20-50 a week?


That's a huge range you've got there. £50 would be easy. £20 would be difficult, but not unachievable.

I lived on about £6K per year thoughout university without making any particular effort to save money, though my rent was much lower than your projections. £6,000-£8,000 for a room is very high.
(edited 8 years ago)
Reply 5
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Original post by claireestelle
£50 is definetly doable :smile: if you re sensible and don't insist on a ensuite bathroom that should reduce your rent costs dirastically.


My uni only have ensuite rooms haha! I would happily settle for shared facilities though it would be so much cheaper 😄
:rolleyes: Easily, if you are careful with money. I intend to live solely off my loan of just over 5k. With the size of your loan, you should have no problems at all. :nopity: You'll live a life of luxury compared to me.
Original post by Miss.O
My uni only have ensuite rooms haha! I would happily settle for shared facilities though it would be so much cheaper 😄


Private halls could be cheaper ?
Reply 8
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Original post by nexttime
That's a huge range you've got there. £50 would be easy. £20 would be difficult, but not unachievable.

I lived on about £6K per year thoughout university without making any particular effort to save money, though my rent was much lower than your projections. £6,000-£8,000 for a room is very high.

My rent will be £5400 so it's not too bad. I will have about £50 to spend on food and socialising so I guess I'm luckier than some people. I also won't be running my car whilst I'm away from home so that makes life easier! I'm just so used to having £150 to myself a week from working full time!
Reply 9
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i have lived off the minumum of 3.5k... its doable. cook in big batches. you just cant afford to get takeaways, expensive drinks etc. need to be organised with money
Is your accomm all inclusive or self catering? If the latter learn to cook.
Will you be getting a p/t job to supplement?
The whole point with getting the maximum loan is that you're parents arent mean to be able to help you out.
I got a part time job, worked full time in the holidays, didnt eat out a lot and walked to uni to cut down on transport costs (lived 40 mins away). Also im a vegetarian which makes meals a lot cheaper!
Original post by tpxvs
i have lived off the minumum of 3.5k... its doable. cook in big batches. you just cant afford to get takeaways, expensive drinks etc. need to be organised with money


How did you manage that? Considering accommodation is 3k even the basic ones...
I think your calculations might be wrong. 9,200/42(number of weeks) = £90.48. That's far better than some of the guys who have commented. Plus, you could get a part time job during the summer and during your 1st year of study.


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I've been living off £20 a week this year... some times I won't spend £20 because I will have enough food from the week before.

In terms of bills and stuff, I'm sharing a flat with two mates, so they're split 3-ways and half way through this year I had to ask her from my parents. Actually they offered the help.

On campus in my first year was a lot easier though.
In previous years I've had to live off the £3.5k minimum loan plus whatever I earned during the summer (usually around £2k), so had around £5.5k in total. My rent was £450/month and I managed to live off £20/week. It is definitely doable, you just have to think about bulk cooking and freezing / do one big shop in Aldi instead of nipping to the corner shop etc etc.

I now still only get the minimum loan but my rent is £200/month so I have more disposable income. I've decided to save it, and still stick to my budgeting.

When my boyfriend was at uni he got the maximum loan / grant etc, never watched what he spent, and actually managed to save around £1500 a year. Not sure how much his rent was though.
Original post by Miss.O
My rent will be £5400 so it's not too bad. I will have about £50 to spend on food and socialising so I guess I'm luckier than some people. I also won't be running my car whilst I'm away from home so that makes life easier! I'm just so used to having £150 to myself a week from working full time!


£5400 is excessive for rent, unless you live in London?
Reply 17
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Original post by littlenorthernlass
£5400 is excessive for rent, unless you live in London?


They're the cheapest halls at Nottingham Trent Clifton campus 😳
Reply 18
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Original post by 999tigger
Is your accomm all inclusive or self catering? If the latter learn to cook.
Will you be getting a p/t job to supplement?

It's self catering. Luckily I know how to make cheap and healthy meals. I'm hoping to get a p/t job, I'll be looking as soon as I get there!
Original post by Miss.O
It's self catering. Luckily I know how to make cheap and healthy meals. I'm hoping to get a p/t job, I'll be looking as soon as I get there!


If you have £30+ then youll be fine as you can frontload things a bit and pay the rest of the term with your job. Everyone else finds a way to manage and you are getting the max. learn to shop as well.

Aldi netto lidl are your friends. reduced food and markets also your friend.

Youll be fine, just budget sensibly.

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