Can I afford rent this expensive?

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username2437471
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Report Thread starter 5 years ago
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Hi,

I'll be starting uni in September and applications for accommodation at my firm choice uni open in April. I'll admit, despite being quite a mature person I'm not very adult-minded when it comes to budgeting, managing money and understanding fees/living costs/rent - like a lot of students.

I'm looking through the choices for accommodation and since I want an en-suite and to be located close to my uni building, there's really only one option that ticks all of my boxes. However, the rent is £143 a week - £6006 for a year.

I know I'll be entitled to the highest amount of maintenance loan due to my mum's income, but this doesn't cover anywhere near the cost of my rent. How will I be able to afford it?
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claireestelle
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(Original post by jessielea)
Hi,

I'll be starting uni in September and applications for accommodation at my firm choice uni open in April. I'll admit, despite being quite a mature person I'm not very adult-minded when it comes to budgeting, managing money and understanding fees/living costs/rent - like a lot of students.

I'm looking through the choices for accommodation and since I want an en-suite and to be located close to my uni building, there's really only one option that ticks all of my boxes. However, the rent is £143 a week - £6006 for a year.

I know I'll be entitled to the highest amount of maintenance loan due to my mum's income, but this doesn't cover anywhere near the cost of my rent. How will I be able to afford it?
The highest maintainance loan is 8k so your rent would be covered but you d likely to be short for living costs so either you could look for a part time job or don't get an en suite. If you go for a house share second year onwards you d have to get used to sharing a bathroom there anyway.
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jelly1000
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(Original post by jessielea)
Hi,

I'll be starting uni in September and applications for accommodation at my firm choice uni open in April. I'll admit, despite being quite a mature person I'm not very adult-minded when it comes to budgeting, managing money and understanding fees/living costs/rent - like a lot of students.

I'm looking through the choices for accommodation and since I want an en-suite and to be located close to my uni building, there's really only one option that ticks all of my boxes. However, the rent is £143 a week - £6006 for a year.

I know I'll be entitled to the highest amount of maintenance loan due to my mum's income, but this doesn't cover anywhere near the cost of my rent. How will I be able to afford it?
Two things to note here, assuming you are from England and studying outside London
1) The maximum loan from student finance england is actually £8,200-( I put in a household income of £20,000 to get that figure) so that would comfortably cover the rent and give you enough to live off for the year providing you don't blow £50 every night out or something
2) If it turns out you are getting a loan of less than £6000 then I suggest you either get a part time job and start saving now or be less picky with your choices.

The student finance calculator is here btw if you want to double check
https://www.gov.uk/student-finance-calculator/y
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username2437471
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Oh my god, I had read the website wrong. Hahaha, disregard this!!
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