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    I'm a student that can potentially receive the full maintenance loan at £8,200 per year and an additional grant from my university of £2,500 per year.

    I want to know, seeing as the loan is the cheapest loan I'll ever get, how much I would roughly have after a year of uni. What costs do I have to account for other than accommodation, food, and clothes?

    I reckon it's way cheaper for me to keep the rest of my loan money in a savings account than it is to pay it back (more beneficial for me than to cut the loan as I wouldn't end up saving enough to justify all that cash). For example, could use the money for a mortgage or a car, instead of paying it back, as it's essentially the cheapest loan there is.
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    Once you start uni you'll realise that your loan is gone in no time lol
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    (Original post by TrojanH)
    I'm a student that can potentially receive the full maintenance loan at £8,200 per year and an additional grant from my university of £2,500 per year.

    I want to know, seeing as the loan is the cheapest loan I'll ever get, how much I would roughly have after a year of uni. What costs do I have to account for other than accommodation, food, and clothes?

    I reckon it's way cheaper for me to keep the rest of my loan money in a savings account than it is to pay it back (more beneficial for me than to cut the loan as I wouldn't end up saving enough to justify all that cash). For example, could use the money for a mortgage or a car, instead of paying it back, as it's essentially the cheapest loan there is.
    Depends on where the university is, the rent could easily take up between 3.5-5k of it. Other costs would be travel home and books and going out and a deposit or advance rent for 2nd year accommodation too.
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    (Original post by claireestelle)
    Depends on where the university is, the rent could easily take up between 3.5-5k of it. Other costs would be travel home and books and going out and a deposit or advance rent for 2nd year accommodation too.
    Universities in Newcastle and their living costs seem fairly low in comparison to most of the UK. Travel home is £10 return ticket on the train. I wouldn't know how much to account for books but I understand that they're fairly expensive. I could also borrow from the library, I suppose. The only parties I'll be going to are LAN parties.
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    (Original post by TheTechN1304)
    Once you start uni you'll realise that your loan is gone in no time lol
    No way! Uni won't cost more than 10k per year now will it? I'm surprised. What sort of costs are you looking at for your studies?
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    (Original post by TrojanH)
    Universities in Newcastle and their living costs seem fairly low in comparison to most of the UK. Travel home is £10 return ticket on the train. I wouldn't know how much to account for books but I understand that they're fairly expensive. I could also borrow from the library, I suppose. The only parties I'll be going to are LAN parties.
    If you are reasonably sensible with food and alcohol spends then you could probably save the grant and just use the majority of the loan. You wont necessarily have to buy books, it depends what your library collection is like but generally you can get them second hand for cheaper anyway.
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    (Original post by claireestelle)
    If you are reasonably sensible with food and alcohol spends then you could probably save the grant and just use the majority of the loan. You wont necessarily have to buy books, it depends what your library collection is like but generally you can get them second hand for cheaper anyway.
    Great great. Would you happen to know any good websites with like a list of expenses that you would have as a uni student? I just want a general list.
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    (Original post by TrojanH)
    Great great. Would you happen to know any good websites with like a list of expenses that you would have as a uni student? I just want a general list.
    There's a useful one here:
    http://www.thecompleteuniversityguid...ney/budgeting/

    You can download a blank one and fill in your own numbers when you know them. I'd only do one thing differently and that's ignore the Tuition Fee Loan. You never see it - it goes straight to your uni. No point complicating matters further.
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    (Original post by TrojanH)
    No way! Uni won't cost more than 10k per year now will it? I'm surprised. What sort of costs are you looking at for your studies?
    Part of it depends on you and whether you go out every night. But I wouldn't expect it to be that high. You would also have to consider the fact that you'd need money for a deposit for your second year too.
 
 
 
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