Worried I can't afford to live next year!

I've got a place at university in London next year, and it's the only option for me, I won't meet the standards for any of my other offers and London is my first choice anyway. I've also managed to get a place in halls, however, the rent is £175 per week, whereas my student loan only equates to about £100 per week. So straight away, before I even factor in things like food and travel costs, I have a massive deficit.
I have very little money in savings and my parents can't afford to support me very much financially. So, what options are there for me? My household income is only just above the threshold for any grants, but are there any other means I can get some sort of finance to allow me to live next year? It's really stressing me out. Thanks

Reply 1

username1024541

10

You might want to ask your university if there's any financial assistance they can offer you (although I'd assume that might only be short term?) - I'd email them and ask what they'd recommend. Other than that, get a part time job? University jobs usually pay good as far as I'm aware.

Reply 2

Mother_Russia

14

Have you factored in that you'll be receiving the London loan, which is larger than the standard loan?

The accommodation rent is really quite high?! At UCL in London, the rent ranges from £80 a week to the highest at £180. Did you not state an upper limit for your rent/choose accommodation accordingly? Perhaps you could talk to the accommodation office about switching (think about a shared room which reduces costs significantly?)

Talk to the university. As they've offered you a place, (and I've assumed you've accepted) they obviously want you to study there and they may help you financially. I know UCL offer bursaries and grants to those who may struggle financially.

Part-time jobs. It's easy to get a part-time job in London. There are loads of recruitment agencies around, such as waitressing which can be extremely flexible. ie. you phone them up on a Monday, and ask if they've got any work available for that week. Universities (and the unions) also pay extremely well, and of course are really flexible around your studies.

Good Luck! And let me know if you have any more queries. I hate to think that someone can't study in London because of the cost. Because it is obviously the best place to study! :wink:

Reply 3

samthomsa

OP

Original post by Mother_Russia

Have you factored in that you'll be receiving the London loan, which is larger than the standard loan?

The accommodation rent is really quite high?! At UCL in London, the rent ranges from £80 a week to the highest at £180. Did you not state an upper limit for your rent/choose accommodation accordingly? Perhaps you could talk to the accommodation office about switching (think about a shared room which reduces costs significantly?)

Talk to the university. As they've offered you a place, (and I've assumed you've accepted) they obviously want you to study there and they may help you financially. I know UCL offer bursaries and grants to those who may struggle financially.

Part-time jobs. It's easy to get a part-time job in London. There are loads of recruitment agencies around, such as waitressing which can be extremely flexible. ie. you phone them up on a Monday, and ask if they've got any work available for that week. Universities (and the unions) also pay extremely well, and of course are really flexible around your studies.

Good Luck! And let me know if you have any more queries. I hate to think that someone can't study in London because of the cost. Because it is obviously the best place to study! :wink:

Unfortunately, there was only 1 option for accommodation which is the £175 per week. I'd love something cheaper but it's just not available. And yes I have factored in the fact that I get more student loan entitlement. I'm entitled to about £5500 per year where my accommodation is nearly £9000 per year. So where will this extra money come from?

Reply 4

Mother_Russia

14

Original post by samthomsa

Unfortunately, there was only 1 option for accommodation which is the £175 per week. I'd love something cheaper but it's just not available. And yes I have factored in the fact that I get more student loan entitlement. I'm entitled to about £5500 per year where my accommodation is nearly £9000 per year. So where will this extra money come from?

What university is this?! It sounds ridiculous. You may have to look into private accommodation if this is the case. I'm sure other undergraduates will be doing the same, as this is unbelievable!

And is it £175 for the whole 52 weeks? As this would be £9100. But most university accommodation is for around 40 weeks (excluding the summer) or even only 30 weeks. 30 weeks will only be £5250.

But as I said, extra money can come from bursaries/grant the university may offer you. It can come from part-time jobs. And it can also come from the interest free overdraft you can get from a bank; look at the best overdrafts offered by banks for undergraduate students.