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# Is this a realistic loan and budget?

1. Hi there

I am hoping to go to University in London in September 2013

Maintenance grant: £3,354 (Max grant as household income is less than £25,000)
Living cost loan: £7,675 (You live away from home and study in London)

so income per year will be £11,029

Budget:
Accommodation: £140 x 52 = 7,280
Food: £30 x 52 = 1,560
Local Travel(mostly gonna cycle) £365
Travel Home 4 times a year £120
Clothing £120
Social activities: £20 x 52 = 1,040
Books, Stationary, supplies: £50 x 12 = 600
Mobile Phone: £10 x 12 = 120
Toiletries £40

Total expenditure: £11,245

Is this a realistic idea??

Many thanks
2. I think you might be under valuing certain things such as toiletries and your mobile phone, I'd say your estimate for travel is pretty high when you say you're going to cycle often but saying that it is London, I'd suggest something's like an Oyster card (https://oyster.tfl.gov.uk/oyster/entry.do) help's get discounted travel in London. Hope this helps.
3. (Original post by jackie11)
Hi there

I am hoping to go to University in London in September 2013

Maintenance grant: £3,354 (Max grant as household income is less than £25,000)
Living cost loan: £7,675 (You live away from home and study in London)

so income per year will be £11,029

Budget:
Accommodation: £140 x 52 = 7,280
Food: £30 x 52 = 1,560
Local Travel(mostly gonna cycle) £365
Travel Home 4 times a year £120
Clothing £120
Social activities: £20 x 52 = 1,040
Books, Stationary, supplies: £50 x 12 = 600
Mobile Phone: £10 x 12 = 120
Toiletries £40

Total expenditure: £11,245

Is this a realistic idea??

Many thanks
That certainly sounds about right, However you should remember that while you are at uni the year will last about 39 weeks and not 52, so you may want to re calculate if you are not planning to stay at university over summer.
4. (Original post by Basit2010)
That certainly sounds about right, However you should remember that while you are at uni the year will last about 39 weeks and not 52, so you may want to re calculate if you are not planning to stay at university over summer.
Ok thank you, but I wish to start renting a place in London at the beginning of the summer after the first year.
5. You state "Accommodation: £140 x 52 = 7,280" and that you want to start renting a place have you taken into account a deposit for that accommodation?
6. can i just say for every £1 you get from the grant 50p comes off from the loan.
I found this out recently.
7. Toiletries might be more, and mobile phone.

But, 50 a week for books and supplies?
8. I didn't spend anywhere near that much on books or stationery but I don't live in London so can't say. Most uni libraries will have the main textbooks, mine did so I didn't bother buying them... Maybe set aside a bit for unexpected occurrences (laptop breakages, needing deposits etc.) if you can?
9. (Original post by flown_muse)
Toiletries might be more, and mobile phone.

But, 50 a week for books and supplies?
It's £50x12 so that means £50 per month!

This was posted from The Student Room's iPhone/iPad App
10. (Original post by flown_muse)
Toiletries might be more, and mobile phone.

But, 50 a week for books and supplies?
ok, thats 50 x 12, so £50 a month for books and supplies
11. (Original post by Dave0j)
You state "Accommodation: £140 x 52 = 7,280" and that you want to start renting a place have you taken into account a deposit for that accommodation?
nope, ok thats like maybe £500 at the most??

(Original post by Misskatie7)
can i just say for every £1 you get from the grant 50p comes off from the loan.
I found this out recently.
Really???

(Original post by Rhonut)
I didn't spend anywhere near that much on books or stationery but I don't live in London so can't say. Most uni libraries will have the main textbooks, mine did so I didn't bother buying them... Maybe set aside a bit for unexpected occurrences (laptop breakages, needing deposits etc.) if you can?
ok kool, I will be taking a desktop and a laptop and im pretty good at fixing computers (its kinda a hobbie of mine lol) IM A GEEK!! HAHA

ok just need to set aside a bit for a deposit.

I am kinda thinking that some students go to University straight from college without saving any money up first, or am I wrong??

What would you say was an ideal amount of money to save up before starting University when you have no rich relatives to rely on??

Many thanks
12. Yes, I'd say the loan/ income is about right (you could even go with less). Except, I don't think you've got your spending on each category quite right.
13. (Original post by McMedic)
It's £50x12 so that means £50 per month!
(Original post by jackie11)
ok, thats 50 x 12, so £50 a month for books and supplies
Oops!

Is that not still a bit much though?

What course are you doing? For my first year I spent 50 on books and about 30 on stationery for the whole year...
14. (Original post by jackie11)
Hi there

I am hoping to go to University in London in September 2013

Maintenance grant: £3,354 (Max grant as household income is less than £25,000)

Many thanks
As you are under £25,000 household income you may be eligible for a bursary from your uni. Depending which one you go to it may be given as cash bursary, part cash, part 'discount' or all discount. The discount can be from things like accommodation or fees. If there is a choice then get it as cash, fee discounts are are pretty pointless, you need the cash now.
15. (Original post by flown_muse)
Oops!

Is that not still a bit much though?

What course are you doing? For my first year I spent 50 on books and about 30 on stationery for the whole year...
well I was just being safe I suppose lol

Mathematics
16. (Original post by GStevens)
As you are under £25,000 household income you may be eligible for a bursary from your uni. Depending which one you go to it may be given as cash bursary, part cash, part 'discount' or all discount. The discount can be from things like accommodation or fees. If there is a choice then get it as cash, fee discounts are are pretty pointless, you need the cash now.
ok thank you, yeah i dont plan to start paying anything towards course fees until after graduation
17. (Original post by jackie11)

Really???

yeah, i found this out when i was doing my research for budgeting, as i was going to go to a London uni too, until i decided to take a gap year to save up some money lol

ok this is what it says on a link:

'The amount of Maintenance Grant you receive will affect the amount of Maintenance Loan you can borrow. We will reduce the amount of Maintenance Loan you can receive by £0.50 for every £1 of Maintenance Grant you are entitled to.'

http://www.direct.gov.uk/prod_consum.../dg_195934.pdf

sorry for the bad news, just thought i should let you know, as i would have been in serious money problems, if i didn't read this and made sure my budget is still okay.
18. I dont think it's quite so high as 50p. for me I get the full grant and then about just over £6000 in loans.
19. (Original post by Misskatie7)
...

'The amount of Maintenance Grant you receive will affect the amount of Maintenance Loan you can borrow. We will reduce the amount of Maintenance Loan you can receive by £0.50 for every £1 of Maintenance Grant you are entitled to.'

http://www.direct.gov.uk/prod_consum.../dg_195934.pdf

sorry for the bad news, just thought i should let you know, as i would have been in serious money problems, if i didn't read this and made sure my budget is still okay.
ok thank you for the heads up
20. (Original post by jackie11)
well I was just being safe I suppose lol

Mathematics
Yeah, I started off doing Maths, and I've not bought a single Maths textbook. I have paid for a Law textbook, 18.20 secondhand, and one Computing book, roughly 30.

Just so you have some spare money

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