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    I get the maximum loan but with my accommodation being £412 a month that leaves me with £60 a week. Which to be fair I mange to live off quite easily. Thankfully my Mum pays my phone bill so that just leaves me with me food and drink costs and I don't have to pay for travel as my flat backs onto the University campus.
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    Well unless I get scholarships/bursaries I'll be in minus figures... Even though I have full grant/loan.
    Damn you London with your expenses!
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    Well i got an offer from a university in London but since im doing an NHS course all bursaries/grants/loans are reduced and unfortunately i can't afford to go - worked out i'd be living off £1.34p a week. something tells me thats not do-able...

    Is anybody else in this situation?
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    (Original post by und)
    About £300 a week after paying for accommodation. I really doubt I'm going to be spending all of that...

    The question is: is it better to keep the spare money (maybe in a low risk investment that keeps up with the interest) or to not take a loan in the first place?
    You'll need some extra cushion-y money for housing deposits and so on, so if I were you I would take it and save it, you'd not lose much if you used it to pay it straight back at the end of uni.
    (You may be able to take it just for the first term)
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    (Original post by sundogs)
    I'm sorry what?
    I've been studying in London for the past 3 years and I've neve spent that much in a week apart from freshers week and that had a £50 uni trip cost thrown in. You can easily easily have a brilliant time on half that.
    Depends where you're living in relation to Uni, and what hobbies you have. My accommodation is far enough away to mean that I'm straight away paying £20 a week on public transport. My sport society requires £6 a week, Gym membership £7 a week, printing/books for Uni probably average out at £6 a week. £30 on food if I'm lucky (and I have a big appetite and need meat and fresh veg, so that is really pushing it). So that is already £70 a week, not including going out, phone bill, and any of those other little costs that seems to add up.

    Now I know you could say walk instead of public transport, but the walk is well over an hour, I'm in uni everyday, and also need the transport to get to gym, societies, nightbus after a night out etc. I could get rid of the gym, societies, meat fresh veg etc, but that would be sacrificing my general health/well-being.

    All in all, I really regret coming to Uni in London. Up north I could be paying 50% less for accommodation, no need for public transport, and nights out with Jaegerbombs for £1 as opposed to £5!

    Don't go to London kids!
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    (Original post by Torrresss)
    Depends where you're living in relation to Uni, and what hobbies you have. My accommodation is far enough away to mean that I'm straight away paying £20 a week on public transport. My sport society requires £6 a week, Gym membership £7 a week, printing/books for Uni probably average out at £6 a week. £30 on food if I'm lucky (and I have a big appetite and need meat and fresh veg, so that is really pushing it). So that is already £70 a week, not including going out, phone bill, and any of those other little costs that seems to add up.

    Now I know you could say walk instead of public transport, but the walk is well over an hour, I'm in uni everyday, and also need the transport to get to gym, societies, nightbus after a night out etc. I could get rid of the gym, societies, meat fresh veg etc, but that would be sacrificing my general health/well-being.

    All in all, I really regret coming to Uni in London. Up north I could be paying 50% less for accommodation, no need for public transport, and nights out with Jaegerbombs for £1 as opposed to £5!

    Don't go to London kids!
    Get a bike - then you won't need to pay for gym or public transport. Sorted.
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    (Original post by sundogs)
    I'm sorry what?
    I've been studying in London for the past 3 years and I've neve spent that much in a week apart from freshers week and that had a £50 uni trip cost thrown in. You can easily easily have a brilliant time on half that.
    Really? Taking in to account food, travel costs, and going out? I'm a big drinker so... But I'm pretty crap at budgeting & I like spending ridiculous amounts on clothes but I've cut back on that now.
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    (Original post by petite fille)
    Really? Taking in to account food, travel costs, and going out? I'm a big drinker so... But I'm pretty crap at budgeting & I like spending ridiculous amounts on clothes but I've cut back on that now.
    Yes including all of those things.
    If you want to cut down on costs I really recommend getting some budgeting advice.
    Here are a few things you can do:
    - If you need to commute to uni then get a student oyster card - you can immediately cut your costs by a third.
    - Food - find where your nearest big supermarket rather than small expresses as these are often expensive. it's often cheaper to shop online especially if you can share the delivery cost with a friend.
    -Going out - find some cheaper haunts - all unis will have a few cheapish clubs nearby that are often visited by students.

    You needn't be spending any more than about £300 a month maximum I think. I've easily survived on anything between 20-50 depending on how tight money is.
    Also - try to get a part time job (not just for the money but to bulk out your CV).
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    (Original post by Torrresss)
    Depends where you're living in relation to Uni, and what hobbies you have. My accommodation is far enough away to mean that I'm straight away paying £20 a week on public transport. My sport society requires £6 a week, Gym membership £7 a week, printing/books for Uni probably average out at £6 a week. £30 on food if I'm lucky (and I have a big appetite and need meat and fresh veg, so that is really pushing it). So that is already £70 a week, not including going out, phone bill, and any of those other little costs that seems to add up.

    Now I know you could say walk instead of public transport, but the walk is well over an hour, I'm in uni everyday, and also need the transport to get to gym, societies, nightbus after a night out etc. I could get rid of the gym, societies, meat fresh veg etc, but that would be sacrificing my general health/well-being.

    All in all, I really regret coming to Uni in London. Up north I could be paying 50% less for accommodation, no need for public transport, and nights out with Jaegerbombs for £1 as opposed to £5!

    Don't go to London kids!
    Each to their own but London living doesn't have to be that expensive.
    I don't know how much your phone bill is but I still don't know how you'd be spending another £55 pounds a week on top of these things.
    Societies are normally annual costs so that's pennies a week not pounds.
    If you're paying Gym Membership weekly you're likely to get charged a lot more - why not go for a monthly or even an annual cost?

    I understand the transport cost but do you have a student oyster? or if you have a young person railcard put this onto your oyster and then you can get a discount of around a third on weekly/monthly passes which are always cheaper than daily ones.

    If you have the means to live on this lifestyle than by all accounts ignore me but don't tar the whole of London living with the same brush. I have held down part time job(s) during my studies and still don't spend that much. It's definitely do-able.
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    (Original post by BioIz)
    EXACTLY LIKE ME I have found a kindred spirit, my friends think it's funny that I'm so frugal and I split my pay packets between my savings account and my current account every week. I'm like, let's see who's laughing when you've run out of money at uni and I have the savings I set up as a 17 year old to fall back on xD
    haha I have two bank accounts too - I'm planning to transfer all the money I am not allowed to spend from my main one into my other one for uni, so I only have the money intended for that year in my main one so I don't see all my money in my account and think "hmm, i have a lot of money, taking this out won't hurt" (although I doubt I'd do that anyway). Plus, I don't have expensive tastes so stuff like sainsburys basics/aldi food is good for me, to keep food costs down.
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    (Original post by Ruffiio)
    I think the maximum loan and grant is £7177.


    Depending on which accommodation I choose I'll be living off either £105 or £94 or £80(en-suite) per week. I'm not sure whether that's comfortable or not though.
    Ahh, should have said - I'm in Wales! I'll get £2572 maintenance loan and an Assembly Learning Grant of £5161, coming to £7733
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    (Original post by RibenaRockstar)
    You'll need some extra cushion-y money for housing deposits and so on, so if I were you I would take it and save it, you'd not lose much if you used it to pay it straight back at the end of uni.
    (You may be able to take it just for the first term)
    This is true, but I mean at the end of my course, is it better to have £10-20k in savings that keep up with the interest (eg. peer to peer lending) or a student loan that's smaller by that amount? Looking at various calculations I could end up paying back a lot more, but the benefit would be either a large amount in savings for when I need it, or the option not to borrow money at much higher interest rates if I need to pay for something like a car or a deposit.
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    (Original post by und)
    This is true, but I mean at the end of my course, is it better to have £10-20k in savings that keep up with the interest (eg peer lending) or a student loan that's smaller by that amount. Looking at various calculations I could end up paying back a lot more, but the benefit would be either a large amount in savings for when I need it, or the option not to borrow money at much higher interest rates if I need to pay for something like a car or a deposit.
    I genuinely don't know - I would say it's better to have that lump sum.
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    (Original post by RibenaRockstar)
    I genuinely don't know - I would say it's better to have that lump sum.
    Thanks, I wouldn't really expect anyone to be able to say, but my instinct is that it would be better to have it as well, especially given the uncertainty of whether I'll actually end up paying it back or not. If I go into my first choice, which is academia, there's no chance I'm going to pay the whole thing back so not taking the loan would be refusing free money I guess.
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    (Original post by und)
    Thanks, I wouldn't really expect anyone to be able to say, but my instinct is that it would be better to have it as well, especially given the uncertainty of whether I'll actually end up paying it back or not. If I go into my first choice, which is academia, there's no chance I'm going to pay the whole thing back so not taking the loan would be refusing free money I guess.
    My thinking was to take the whole loan and be completely safe after uni - enough savings for a flat deposit, or to support a postgrad degree, buy a car if need be...
    Or, spend some of it on holidays etc. between terms and not be disadvantaged compared to friends who may be rather wealthy :rolleyes:
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    (Original post by vaguity)
    haha I have two bank accounts too - I'm planning to transfer all the money I am not allowed to spend from my main one into my other one for uni, so I only have the money intended for that year in my main one so I don't see all my money in my account and think "hmm, i have a lot of money, taking this out won't hurt" (although I doubt I'd do that anyway). Plus, I don't have expensive tastes so stuff like sainsburys basics/aldi food is good for me, to keep food costs down.

    Hey! Now that you speak about bank accounts. Can u help me with this: I am EU student and don't have a bank account. What kind of account / bank do u recommend? Thanks a lot
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    (Original post by ainiis)
    Hey! Now that you speak about bank accounts. Can u help me with this: I am EU student and don't have a bank account. What kind of account / bank do u recommend? Thanks a lot
    Any company will be fine, but you're best off looking for a student account and one that gives a relatively large overdraft limit and 0% interest on the amount that you borrow for the bank.
    This means that, should you need more money than you have, you're able to go into your overdraft and won't be stuck paying back more than you borrowed from them
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    (Original post by BioIz)
    Ah same, I think being too young to go out drinking works out in my favour... I know people who go out two or three times a week... That's not a cheap habit to maintain!
    Ahh yeah that sounds good in a way. And yes, I even know someone who spent £50 on a single night out, (including taxis) while the rest of us spent under £20!
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    I think people are being somewhat quick to recommend that people shouldn't pay up front. If you start on a salary of £30,000 which increases to £125,000 in thirty years (this is certainly not unreasonable, and many people will earn far more), and you borrowed a total of £40,000, then what you will have paid back in thirty years when the debt is wiped is equal to paying it up front (adjusted for inflation of course). If you earn more than this, then not paying up front will actually work against you.
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    (Original post by sundogs)
    Each to their own but London living doesn't have to be that expensive.
    I don't know how much your phone bill is but I still don't know how you'd be spending another £55 pounds a week on top of these things.
    Societies are normally annual costs so that's pennies a week not pounds.
    If you're paying Gym Membership weekly you're likely to get charged a lot more - why not go for a monthly or even an annual cost?

    I understand the transport cost but do you have a student oyster? or if you have a young person railcard put this onto your oyster and then you can get a discount of around a third on weekly/monthly passes which are always cheaper than daily ones.

    If you have the means to live on this lifestyle than by all accounts ignore me but don't tar the whole of London living with the same brush. I have held down part time job(s) during my studies and still don't spend that much. It's definitely do-able.
    Gym membership is paid monthly, I just converted it into weekly, because we were talking about weekly costs. The society requires venue hire etc so cost is there.

    I have a monthly oyster pass, on my student card (£80 a month, unlimited travel)

    I'm just saying that is £70 minimum a week for me, not including if I was to go out socially ( I couldn't do a decent night out much cheaper than £20 in London).

    I have a part time job aswell as working 40 hour weeks in the holidays, but that doesn't reduce how much I spend, it just means I am able to cover it.

    I appreciate it is possible to live cheaper, by cutting down on food (some of the girls I lived with first year would spend around £6/7 on food a week, but it is hard to get a balanced diet cheaply) gym, sport etc, but I don't believe Uni should be about living as cheaply as possible, and sacrificing things which I see pretty fundamental to physical and mental well being.

    I just think if I had gone up north, I could be living the same lifestyle for half the price, and I just wish I had realised that before I chose London.
 
 
 
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