I’m worried my student loan is going to stop me going to a uni of my choice

I am currently at college and doing my ucas application, I have been looking at university’s away from home as they are better for the course I want to do. However I have recently found out that I will only receive the minimum amount of student loan possible and this means I will be over £1000 short for my accommodation a year and won’t have anything to live off. I already have a part time job and I am guaranteed a transfer when I move but my wages still wouldn’t cover the money I would be short. I have spoken to my family and they would struggle to lend me the money as well. I don’t want money to effect my education but I’m pretty sure it’s going to

Reply 1

IWMTom

20

Original post by Loz loz

I am currently at college and doing my ucas application, I have been looking at university’s away from home as they are better for the course I want to do. However I have recently found out that I will only receive the minimum amount of student loan possible and this means I will be over £1000 short for my accommodation a year and won’t have anything to live off. I already have a part time job and I am guaranteed a transfer when I move but my wages still wouldn’t cover the money I would be short. I have spoken to my family and they would struggle to lend me the money as well. I don’t want money to effect my education but I’m pretty sure it’s going to

Why can your parents not support your studies? If you aren't eligible for assessed maintenance, they must have a pretty solid income.

Reply 2

Loz loz

OP

2

They could provide me with some money but not all of it, I have a few siblings who also need providing for and it doesn’t really take into consideration their disposable income and just considers what they earn.

Reply 3

Loz loz

OP

2

I don’t really understand the whole system this is just what I was told by my college

Reply 4

999tigger

19

Original post by Loz loz

I am currently at college and doing my ucas application, I have been looking at university’s away from home as they are better for the course I want to do. However I have recently found out that I will only receive the minimum amount of student loan possible and this means I will be over £1000 short for my accommodation a year and won’t have anything to live off. I already have a part time job and I am guaranteed a transfer when I move but my wages still wouldn’t cover the money I would be short. I have spoken to my family and they would struggle to lend me the money as well. I don’t want money to effect my education but I’m pretty sure it’s going to

The most sensible strategy is to take a gap year and save up enough money. You can also see what bursaries are available.
Defer your entry.

Your parents are really meant to make up the difference. If they cnat then you have to do the above.

(edited 6 years ago)

Reply 5

IWMTom

20

Original post by Loz loz

They could provide me with some money but not all of it, I have a few siblings who also need providing for and it doesn’t really take into consideration their disposable income and just considers what they earn.

That's the way of the world, I'm afraid. The minimum loan is still a large amount.

There's always FutureFinance - it's not ideal, but it's worth considering.

Reply 6

999tigger

19

Original post by Loz loz

They could provide me with some money but not all of it, I have a few siblings who also need providing for and it doesn’t really take into consideration their disposable income and just considers what they earn.

Just get into your mind you wont be going for a few years, but it wont matter. You can use the 2 years work experience well and make sure you are better prepared when you graduate. It can work in your favour.

Reply 7

Arianax

20

Why can’t your parents help you out?

Reply 8

Loz loz

OP

2

Is there any other forms of student finance you can get anymore or is it just the one ?

Reply 9

Arianax

20

Original post by Loz loz

Is there any other forms of student finance you can get anymore or is it just the one ?

Future Finance

Reply 10

CaitlinSteph2000

3

You could always try going for cheaper accomodation- it may not be the best, but it is still better than not having enough money to pay the rest of the fees. A lot of the time you pay fees in installments, so you can always save up and pay it bit by bit?

Reply 11

LeapingLucy

19

Just take a gap year and save up. It’ll look good on your CV that you have experience of hard work, and you’ll be able to go to a good uni further from your home.

There’s no point saddling yourself with extra debt getting a loan from Future finance.