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I don't know if i'll be able to afford university.

My main concern at the moment is the deposit for my accommodation, as well as the reading list I've been assigned for my creative writing course. Before you ask, my parents are happy to provide a limited amount of money, that'll be used to buy essentials - kitchen appliances, that kind of stuff. I do not want to ask them for more.

I've recently come into the possession of a mastercard, and truthfully I don't understand it's full purpose. Would I be able to purchase my books with this? if so, would I have to pay them back? if so, when? is it worth the risk?

Reply 1

Blue_Cow

Original post by Fliaway

Did you look into a student bank account? They tend to have generous overdrafts which should mitigate the need to use your credit card, which probably has a horrendous APR.

Reply 2

Fliaway

Original post by Blue_Cow

Did you look into a student bank account? They tend to have generous overdrafts which should mitigate the need to use your credit card, which probably has a horrendous APR.

I did, thank you. I wanted to know my options if, for whatever reason it declines my offer.

Reply 3

Blue_Cow

Original post by Fliaway

I did, thank you. I wanted to know my options if, for whatever reason it declines my offer.

Never heard of a student account being declined before - unless you have a CIFAS marker on your credit history or something.

Reply 4

Doones

Original post by Fliaway

This is a bit worrying... why have you applied for a mastercard if you don't know how it works? Basically you will be charged interest on the balance outstanding at the end of each month, and yes you have to pay it all back, ideally sooner rather than later (really ideally within the month to avoid any interest).

Libraries are there for books - you rarely need to go out and actually buy undergraduate reading list books.

Are you getting a maintenance loan?

Original post by Fliaway

I did, thank you. I wanted to know my options if, for whatever reason it declines my offer.

You are very unlikely to be declined for a student bank account, assuming you are a UK citizen.

(edited 5 years ago)

Reply 5

Fliaway

Original post by Doonesbury

This is a bit worrying... why have you applied for a mastercard if you don't know how it works? Basically you will be charged interest on the balance outstanding at the end of each month, and yes you have to pay it all pack, ideally sooner rather than later (really ideally within the month to avoid any interest).

Libraries are there for books - you rarely need to go out and actually buy undergraduate reading list books.

Are you getting a maintenance loan?

You are very unlikely to be declined for a student bank account, assuming you are a UK citizen.

You're right. I should've looked more into it or, ideally, talked to someone about. It was suggested to me by Natwest, after i applied for my student bank account so I thought it was in partnership with that - if that makes sense. I'm sorry. I am a rather nervous idoit, that's trying to organise themselves for the 'real world' and not doing a great job at it. i don't have anyone to talk to about these kind of things. sorry for the trouble.

Reply 6

Doones

Original post by Fliaway

No you're doing fine :yy:

and finding a place to ask these questions is why we have TSR :smile:

If you have a student account then you should also have a free overdraft limit. You can use that for your rent deposit until your maintenance comes through.

Only use your credit card to buy things IF you are going to pay it off in full at the end of the month. Your overdraft is almost certainly a cheaper source of credit than your Mastercard.

And go check out your library for those books :wink:

PS. I'm going to move this thread to a more appropriate forum.

Reply 7

Fliaway

Original post by Doonesbury

No you're doing fine :yy:

and finding a place to ask these questions is why we have TSR :smile:

PS. I'm going to move this thread to a more appropriate forum.

Ah! Thank you. Yes, I will do. Don't worry. Thank you ever so much, you've been a great help.

Reply 8

ilovefruit

Original post by Fliaway

If you're really really worried about money at uni the best thing to do is defer for a year and earn some money in that year. Uni will always be there and it's an amazing experience that should be enjoyed and not spent worrying about money. If on the other hand you don't want to do that, student bank accounts and overdrafts save nearly everyone. Also maybe looking for a part time job at uni, just a few hours so you have some mine coming in every month. Don't buy any books until the course has started. Normally the library will have more than enough and some are even available online as e books for free

Reply 9

Noodlzzz

Look into scholarships which are uni specific - I got help with living costs at UCL as coming from low income household. This was on top of loan and grants

Also, part-time jobs during term time or summer jobs can be an option

Other things being cheap is not buying books but using the library (or second hand books)

Reply 10

SarcAndSpark

Just a thought, but you probably don't need to buy that much for your kitchen etc, assuming you'll be in halls.

The kitchen will be shared and I guarantee someone else will bring a kettle and a toaster. All other appliances will be provided.

After that, you just need some basic utensils- to start yourself off, two plates, some cutlery, two glasses, a bottle opener, a mug (nick your fave from home), a saucepan, a baking tray and a frying pan should do you for most of the year. All of this can be bought pretty cheaply- so you might have more left over than you think from the money your parents have given you :h:

If you're not fussy, you could even ask around your relatives to see if anyone is happy to gift you some old kitchen stuff.

I also agree don't buy textbooks off amazon- you may well be able to manage with the library, but even if you can't, there will be lots of people selling their old textbooks, look for adverts around campus and on facebook. Often you can pick up barely used books for half price or less!