Back
to top
Gaining a Degree whilst paying for a mortgage?
Watch this threadPage 1 of 1
Go to first unread
Skip to page:
This discussion is closed.
Pilotparker
Badges:
0
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#1
Hi,
I am thinking of a career change and want to study for an architecture degree (K100). The problem is, I would be classed as a mature student and I have a mortgage/bills/car etc to pay for. Is it possible to study full time and still be able to afford to live? (Ie maintence grant + weekend jobs or whatever to cover mortgage) Or will it have to be a part time degree so I would still work to pay bills? Id rather do it full time as it's quicker and feel that would be the better option.I'd like to know if anyone else has had this problem and how they went about solving it.
Thanks!
I am thinking of a career change and want to study for an architecture degree (K100). The problem is, I would be classed as a mature student and I have a mortgage/bills/car etc to pay for. Is it possible to study full time and still be able to afford to live? (Ie maintence grant + weekend jobs or whatever to cover mortgage) Or will it have to be a part time degree so I would still work to pay bills? Id rather do it full time as it's quicker and feel that would be the better option.I'd like to know if anyone else has had this problem and how they went about solving it.
Thanks!
0
Klix88
Badges:
17
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#2
Report
#2
Student Finance is designed to be a "contribution" towards your costs whilst you study and rarely covers all of them. I had to wait until I'd paid off my mortgage before I could afford uni full-time.
This is the calculator, where you can get an estimate of your expected SF contribution:
https://www.gov.uk/student-finance-calculator
This is the calculator, where you can get an estimate of your expected SF contribution:
https://www.gov.uk/student-finance-calculator
0
Cutie Xx
Badges:
1
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#3
Report
#3
Hi,
I'm just in a similar situation... Have applied to go to uni this september but I'v decided to rent my flat out and move back in with the parents
I just think it'll take the pressure off... I think i maybe could afford to keep the flat and go to uni but I just think it'll be wayyy too stressful.
Could you maybe take in a lodger for extra money? Mines is just a one-bedroom so I couldn't, unfortunately.
Remember you'll be exempt from council tax too, not much but at least it's something
Good luck!
I'm just in a similar situation... Have applied to go to uni this september but I'v decided to rent my flat out and move back in with the parents
I just think it'll take the pressure off... I think i maybe could afford to keep the flat and go to uni but I just think it'll be wayyy too stressful.
Could you maybe take in a lodger for extra money? Mines is just a one-bedroom so I couldn't, unfortunately.
Remember you'll be exempt from council tax too, not much but at least it's something
Good luck!
0
Pilotparker
Badges:
0
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#4
Thanks for the replies, that calculated looks useful thanks! And I live with my partner who's on low income, so not sure she'll be as accepting about a lodger but not a bad idea at all!
I wouldn't expect finance to fill all my bills, and if work where I could to help. It seems like it can get very complicated very quick financially.
Posted from TSR Mobile
I wouldn't expect finance to fill all my bills, and if work where I could to help. It seems like it can get very complicated very quick financially.
Posted from TSR Mobile
0
Schadenfreude65
Badges:
14
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#5
Report
#5
(Original post by Cutie Xx)
Hi,
I'm just in a similar situation... Have applied to go to uni this september but I'v decided to rent my flat out and move back in with the parents
I just think it'll take the pressure off... I think i maybe could afford to keep the flat and go to uni but I just think it'll be wayyy too stressful.
Could you maybe take in a lodger for extra money? Mines is just a one-bedroom so I couldn't, unfortunately.
Remember you'll be exempt from council tax too, not much but at least it's something
Good luck!
Hi,
I'm just in a similar situation... Have applied to go to uni this september but I'v decided to rent my flat out and move back in with the parents
I just think it'll take the pressure off... I think i maybe could afford to keep the flat and go to uni but I just think it'll be wayyy too stressful.
Could you maybe take in a lodger for extra money? Mines is just a one-bedroom so I couldn't, unfortunately.
Remember you'll be exempt from council tax too, not much but at least it's something
Good luck!
I have a mortgage, but it's pretty small, so I manage fine on student finance, plus scholarships & bursaries. When you are choosing universities, don't forget to see what they may offer in that way. I'm getting an extra £6500 from my university, and I would be struggling without it, to be honest.
0
Juno
Badges:
20
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#6
Report
#6
Some people do study full time whilst having a family, mortgage and other commitments. So therefore it is possible in general - but it might not be possible for your circumstances.
It might help for you to use a budget planner (money saving expert has a good one) to see exactly how much you spend on bills and essentials. See how much you can save by being more frugal. Although you will be classed as exempt from council tax, any adults you live with will still have to pay.
Posted from TSR Mobile
It might help for you to use a budget planner (money saving expert has a good one) to see exactly how much you spend on bills and essentials. See how much you can save by being more frugal. Although you will be classed as exempt from council tax, any adults you live with will still have to pay.
Posted from TSR Mobile
0
Cutie Xx
Badges:
1
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#7
Report
#7
(Original post by Schadenfreude65)
Have you checked whether getting an income from renting out your property will affect the amount of student loan/grant you can get? It might not be a cost-effective option.
I have a mortgage, but it's pretty small, so I manage fine on student finance, plus scholarships & bursaries. When you are choosing universities, don't forget to see what they may offer in that way. I'm getting an extra £6500 from my university, and I would be struggling without it, to be honest.
Have you checked whether getting an income from renting out your property will affect the amount of student loan/grant you can get? It might not be a cost-effective option.
I have a mortgage, but it's pretty small, so I manage fine on student finance, plus scholarships & bursaries. When you are choosing universities, don't forget to see what they may offer in that way. I'm getting an extra £6500 from my university, and I would be struggling without it, to be honest.
Thanks x
0
bmccrae2
Badges:
0
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#8
Report
#8
I am a full time student mature student just completed my foundation now doing year 1. When I checked you could claim help with your mortgage interest only but you go on to JSA. The snag is if you want to continue full time education and because you paid taxes you are entitled to it JSA can tell you at any time you have to look for work and i think it's the same for Universal Credit. If you are willing to work and juggle uni I think it can be done when they tell you to work Note if you want that first or 2:1 degree forget it. You need to study full time because degrees can be intensive.
1
Doones
Badges:
21
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#9
Report
#9
(Original post by bmccrae2)
I am a full time student mature student just completed my foundation now doing year 1. When I checked you could claim help with your mortgage interest only but you go on to JSA. The snag is if you want to continue full time education and because you paid taxes you are entitled to it JSA can tell you at any time you have to look for work and i think it's the same for Universal Credit. If you are willing to work and juggle uni I think it can be done when they tell you to work Note if you want that first or 2:1 degree forget it. You need to study full time because degrees can be intensive.
I am a full time student mature student just completed my foundation now doing year 1. When I checked you could claim help with your mortgage interest only but you go on to JSA. The snag is if you want to continue full time education and because you paid taxes you are entitled to it JSA can tell you at any time you have to look for work and i think it's the same for Universal Credit. If you are willing to work and juggle uni I think it can be done when they tell you to work Note if you want that first or 2:1 degree forget it. You need to study full time because degrees can be intensive.
I'm closing the thread.
2
X
Page 1 of 1
Go to first unread
Skip to page:
new posts
