Poor folks, bursaries and finance Watch

The_Lonely_Goatherd
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#21
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#21
(Original post by Eric Arthur)
Firstly, I don't mean that poor folk part of the title to sound derogatory, I am one of them.

Is there anyone on here who received all or most of the Oxford bursary and all or most of the grants from student finance who could give me an idea of how their finance panned out in first year? It seems like you get quite a generous amount but I'm still a little worried that I won't have enough to properly enjoy myself or will be surrounded by folk with vastly more disposable income than myself and will end up being left out.

Did you have any savings before going? After necessities are bought out of any money I have now I'll have a little left over.

Thanks in advance for any help.
I was on the max bursary. I was also wondering whether it would cover absolutely everything and as such, took out the maintenace loan as well as the grant. As it turned out, low-ish spending costs and reasonable battels (with added music exhibitioner money in second year) meant that I was able to save my bursary money from first and second year. (Good thing too: meant I had money to buy a nice music-friendly laptop, had money to tide me over the summer so I could be ill in peace without having to worry about jobs, etc.)

Rent changes at Woosta in the third year and things became much more expensive and you were paying Sept-June in rent, plus outstanding battels from Trinity term of second year and weird other **** that I was too ill to figure out. No way I could have financially managed that year without having the maintenance grant, loan and bursary :nah:
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Eric Arthur
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#22
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(Original post by The_Lonely_Goatherd)
I was on the max bursary. I was also wondering whether it would cover absolutely everything and as such, took out the maintenace loan as well as the grant. As it turned out, low-ish spending costs and reasonable battels (with added music exhibitioner money in second year) meant that I was able to save my bursary money from first and second year. (Good thing too: meant I had money to buy a nice music-friendly laptop, had money to tide me over the summer so I could be ill in peace without having to worry about jobs, etc.)

Rent changes at Woosta in the third year and things became much more expensive and you were paying Sept-June in rent, plus outstanding battels from Trinity term of second year and weird other **** that I was too ill to figure out. No way I could have financially managed that year without having the maintenance grant, loan and bursary :nah:
People even consider not taking the loan out? I hadn't included it in the first post because I just took it as a given.

Good to hear that you got by comfortably enough though! Sorry to hear about your illness too. I hope you're all recovered and well now.
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refref
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#23
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#23
(Original post by Ilyusha)
I'm not "poor" - my parents will give me enough money so that I have enough to cover Oxford's estimate of average living costs - but I share similar worries. Won't there be lots of super rich people there? Perhaps even more than average at Balliol? I'm tempted to go for the low accommodation band to reduce the likelihood. Perhaps I'm being silly though, and most students will be keen on 2 for 1 pizza express deals etc.
we will NOT be eating pizza express!

we have sainsburys, we will make our own awesome pizzas!
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The_Lonely_Goatherd
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#24
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(Original post by Eric Arthur)
People even consider not taking the loan out? I hadn't included it in the first post because I just took it as a given.
I believe somewhere Oxford does say that if you're eligible for the full maintenance grant and the full bursary, that you don't need to take out the loan. I'd say that's probs a fair enough assessment but the subject you do and accommodation costs of your particular college will shape how much this statement is true for you as an individual. I had a friend doing English in the same year as me. I don't think she quite got the full bursary and she did struggle at times (She was doing English and so obviously had to buy loads of books)
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Mook
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#25
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(Original post by Athena)
My friends who were getting the almost-full Oxford Opportunity Bursary and government grant had a lot, lot more spare cash than most of the other students - most middle class parents won't throw that much spending money at their kids.
Totally agree with that. My friend gets the full Oxford bursary and the full student loan and had more disposable income than virtually anyone else I knew. In fact, at the end of the year he had about £2000 left that he didn't know what to do with.

If anybody does struggle then, from what I've seen, it tends to be people from lower middle-class backgrounds whose parents earn above the bursary qualification boundary but aren't prepared to throw money at their kids in the way that the full bursary does. Most of my friends (from home at other universities and at Oxford) from those kind of backgrounds often go well into their overdrafts and spend holidays earning money to pay it off.
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The_Lonely_Goatherd
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#26
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Basically there's loads of money floating around the place and you're unlikely to ever get into serious problems
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aurora175
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#27
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#27
(Original post by Mook)
Totally agree with that. My friend gets the full Oxford bursary and the full student loan and had more disposable income than virtually anyone else I knew. In fact, at the end of the year he had about £2000 left that he didn't know what to do with.

If anybody does struggle then, from what I've seen, it tends to be people from lower middle-class backgrounds whose parents earn above the bursary qualification boundary but aren't prepared to throw money at their kids in the way that the full bursary does. Most of my friends (from home at other universities and at Oxford) from those kind of backgrounds often go well into their overdrafts and spend holidays earning money to pay it off.
Totally agreed. What gets to me is the fact that some of the people who can get the maintenance grant and bursaries don't take out the loan just because they don't need to.. this seems really unfair as they will have done the same university course as people who don't quite qualify for the grants or bursaries so surely have the same job opportunities and therefore the same means by which to pay back the loan.

Another thing which kind of annoys me is that I know several people who choose to still take the grant despite being loaded and their parents simply being lucky enough to be able to retire early :no:

I think the system is flawed in assessing grants/loans by your parents' income - although my parents' income is just above the bracket, it's hardly like they can afford to hand me all the money I need to pay for everything - on paper it looks ok but they're still paying off a mortgage/supporting grandparents etc. But luckily I can just about get by with a full time job in the holidays. Rant over
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The_Lonely_Goatherd
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#28
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(Original post by aurora175)
Totally agreed. What gets to me is the fact that some of the people who can get the maintenance grant and bursaries don't take out the loan just because they don't need to.. this seems really unfair as they will have done the same university course as people who don't quite qualify for the grants or bursaries so surely have the same job opportunities and therefore the same means by which to pay back the loan.
Some working class people really get put off by the extra debt though and thus won't apply. My family's always been very big on education so I've never been too concerned about the debt (I'm very much a 'let's worry about this when we have to' kinda girl), but loads of other working class people - and even lower-middle class people who, as people have been pointing out, are actually the ones who tend to suffer most when it comes to income assessment stuff - got seriously put off by the idea of tuition fees and won't consider uni at all :no:
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Arcane Barn Elk
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#29
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#29
My son is at Oxford, we're an ordinary working family (I'm a teacher, husband's in IT at a University). I was worried that he would surrounded by super wealthy students and would feel disadvantaged. As it is, he's about average in terms of income and expenditure and most of his friends are in similar positions; even the ones with wealthy families have a similar or lower income as they seem to be less generous than we are at times!
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Arcane Barn Elk
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#30
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As for student loans, the amount paid back as a monthly expenditure is relatively small, and it often appears beforehand worse than it actually is. The point is that without a degree lots of professions are out of the questin, and lifetime income is much reduced. Sometimes you have to take a 'risk', but even then you're not going to pay anything back until annual salary reaches 15K. I know people with a 'debt' of over 150K (as a mortgage) who never give it a second thought even though they'd never survive if they lost their job! Student loan payment is suspended and eventually written off afaik.
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Eric Arthur
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#31
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#31
I've just worked out how much I'll get then taken all the costs they suggest on there off it for the year. I'll have about £2K left over. I haven't yet accounted for travel to Oxford but it should be fairly cheap anyway. I might hire a private jet!

Despite being working class myself I've never really understood the anxiety over the debt. The repayments are structured in a way that it's never going to strangle you.
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The_Lonely_Goatherd
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#32
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(Original post by Eric Arthur)
I've just worked out how much I'll get then taken all the costs they suggest on there off it for the year. I'll have about £2K left over. I haven't yet accounted for travel to Oxford but it should be fairly cheap anyway. I might hire a private jet!

Despite being working class myself I've never really understood the anxiety over the debt. The repayments are structured in a way that it's never going to strangle you.
The Oxford Opportunity Bursary can be **** generous like that. That's why people like us do end up tending to have more money than people who are actually better off than us.

I've never got the anxiety over debt either. I may feel differently when I have to start paying it off but in any case, you can't put a price on that kinda education and experience if you have a good time :nah:
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The_0001
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#33
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(Original post by kylesawhney)
mhmmm, (see sig :p:) why?
It just says Econ :o:, I donno I just like stalking people who get into a top uni for econ haha :ninja:
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Ksaw92
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#34
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(Original post by The_0001)
It just says Econ :o:, I donno I just like stalking people who get into a top uni for econ haha :ninja:
haha fair, well Oxford only offer E&M and i couldn't be bothered to write that out as well cause I applied for straight economics at the other unis :p:

where are you hoping to go?
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The_0001
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#35
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(Original post by kylesawhney)
haha fair, well Oxford only offer E&M and i couldn't be bothered to write that out as well cause I applied for straight economics at the other unis :p:

where are you hoping to go?
Haha it's cool. Yeah well I do think Economics should be studied along with something else, you might get abit bored studying one thing, even if you do love the subject.

Might I ask why you didn't go for econ at Cambridge?

Oh I'm not too sure yet, if I get aaaa in AS then probs apply for PPE :o:
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muffmuff
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#36
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#36
If you get a full bursary from oxford then your life will be beautiful.
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Incarnadine91
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#37
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I really hope I'll get some sort of bursary... I only got about a grand in maintenance grant when I thought I'd have a bit more than that. Does that mean I'm over the threshold? Or does the fact I'm getting a grant at all mean I'm elegible for a bursary, do you think? And if my family situation changes for the worse (which it's likely it will) will they reassess my claim next year?

Sorry for all the questions :o:
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Incarnadine91
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#38
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Oh, hell. I just checked that link you gave and the estimated costs are about 2k OVER what I'm receiving grant/loan wise. If I don't get a bursary I'm screwed! My parents could never dish out that much!
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shewasdeleted
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#39
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I'm entitled to the full Oxford bursary and government grant, I've also taken out the maintenance loan just to be on the safe side. I've made my calculations, and I will actually have far more disposable income than my boyfriend, who is currently at university and comes from a middle-class family. Like people have been saying in this thread, it really is the middle classes that get screwed, because they're entitled to no financial assistance but their families also tend to not be willing to give them anywhere near as much money as poorer people receive on grants etc.
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The_Lonely_Goatherd
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#40
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(Original post by Incarnadine91)
Oh, hell. I just checked that link you gave and the estimated costs are about 2k OVER what I'm receiving grant/loan wise. If I don't get a bursary I'm screwed! My parents could never dish out that much!
If your parents' income is less thant £50K, you are entitled to some kinda bursary. Depending on parental income, this could vary from £600-10K over a three-year course :yes:
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