How are you paying for your student accommodation if you loan doesn't cover it? Watch

AD41629
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London specifically, but any advice is appreciated
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SplendidHoney
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Im in london and am basically just using the overdraft on my student bank account
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LeapingLucy
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My parents covered the shortfall - most people at my (London) halls whose loan didn't cover the full cost did the same.

How much are your halls in London costing? Have you chosen the cheapest one? At my uni, halls can cost as little as £4000 if you're willing to share a room.
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AD41629
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(Original post by SplendidHoney)
Im in london and am basically just using the overdraft on my student bank account
Can I ask how much your overdraft is and what is your rent pw?
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AD41629
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(Original post by LeapingLucy)
My parents covered the shortfall - most people at my (London) halls whose loan didn't cover the full cost did the same.

How much are your halls in London costing? Have you chosen the cheapest one? At my uni, halls can cost as little as £4000 if you're willing to share a room.
My parents wouldn't cover more than £500. I can't live/share in halls with anyone because I have social anxiety and I've looked at the least expensive studio flats which are around sixteen-grand which amazes me.
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MochiMirangue
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(Original post by AD41629)
London specifically, but any advice is appreciated
I don't get much maintenance loan at all, so my parents pay for my accommodation and I live off my maintenance loan with no further help from them. Most people I'm around also have the same set up (I'm not in London however) I understand that London halls are more expensive, but you do get a bit more maintenance loan there to compensate. If your parents are unable to help you out, then an option is to get a part time job. Most people at uni have them or are looking for one, and if you only do 10 hours a week or so you will have enough time for everything at uni with no problems
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LeapingLucy
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(Original post by AD41629)
My parents wouldn't cover more than £500. I can't live/share in halls with anyone because I have social anxiety and I've looked at the least expensive studio flats which are around sixteen-grand which amazes me.
With all due respect, if your parents aren't able to give you more than £500, then you haven't got a chance in hell of affording individual accommodation in London on a maintenance loan.

You need to be realistic. Halls are your only option. They're really not that bad. You can stay in your room the whole time if you want to...
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MochiMirangue
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(Original post by AD41629)
My parents wouldn't cover more than £500. I can't live/share in halls with anyone because I have social anxiety and I've looked at the least expensive studio flats which are around sixteen-grand which amazes me.
Honestly living in halls, you don't have to interact with others at all if you don't want to! I have a flat mate who I have seen a total of about 2 times and that's perfectly normal, most flats have people like that Normal uni halls (shared) are wayyyy cheaper than studios, so if finance is really a bit issue that may be your only option.

Oh! Have a look at bursaries aswell to see if you qualify for any of them
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LeapingLucy
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The vast majority of young people who *work* in London, and are earning a decent income in the range of £20-30,000 can't afford to live alone and have to do flat-shares.

How on earth would you be able to afford to live alone on a maintenance loan plus 500 quid?
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AD41629
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(Original post by MochiMirangue)
Honestly living in halls, you don't have to interact with others at all if you don't want to! I have a flat mate who I have seen a total of about 2 times and that's perfectly normal, most flats have people like that Normal uni halls (shared) are wayyyy cheaper than studios, so if finance is really a bit issue that may be your only option.

Oh! Have a look at bursaries aswell to see if you qualify for any of them
Thanks I guess that's my only option. Kinda sucks really I find it really hard to be around people. Maybe in my second year I would've saved up enough
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AD41629
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(Original post by LeapingLucy)
The vast majority of young people who *work* in London, and are earning a decent income in the range of £20-30,000 can't afford to live alone and have to do flat-shares.

How on earth would you be able to afford to live alone on a maintenance loan plus 500 quid?
yep I get it, I was just kinda confused. So what amount would you roughly expect my parents to pay?
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LeapingLucy
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(Original post by AD41629)
yep I get it, I was just kinda confused. So what amount would you roughly expect my parents to pay?
It depends - which income bracket are you in and what loan will you be entitled to? And which university is it?
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LeapingLucy
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At my university, most halls cost around £6000 for a non-ensuite room which you had to move out of at Christmas and Easter. For people in the top income bracket who got the smallest loan, like myself, we got about £5600 so our parents had to pay about £400-500 extra to cover our accommodation.

I then needed more money for living costs like food and transport, so my parents gave me an extra £2000 for the year.

If you're not in the highest income bracket, and get a higher loan, you may not need your parents to pay for anything.
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Simbasoul
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(Original post by AD41629)
Thanks I guess that's my only option. Kinda sucks really I find it really hard to be around people. Maybe in my second year I would've saved up enough
Why don't you consider a university outside of London? You get a lot more bang for your buck then - although I do think that living in halls might be the answer - you can shut yourself away if you want but actually, living in close vicinity to other people might help you address your social anxiety - assuming of course that you do want to address it.
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jameswhughes
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(Original post by AD41629)
My parents wouldn't cover more than £500. I can't live/share in halls with anyone because I have social anxiety and I've looked at the least expensive studio flats which are around sixteen-grand which amazes me.
You get a decent amount of privacy in halls, if you have medical conditions you can sometimes be allowed to stay there for all three years if that would help.

Having your own place is unrealistic on a student budget (£500 would be a week of rent in some parts of London), and most new halls are en-suite too so you'll only have to share a kitchen.
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SimonSD
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It depends which offer I accept, two of my options I can get cheap accommodation, the other two not. My parents have said they want to make sure I've got enough for accommodation, basic food and any necessary transport, so I'm hoping they'll top up whatever I need for those. I'll also need to get a job to cover course essentials/socialising.
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londonmyst
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I have to work three jobs to finance my postgrad studies and living costs.
As an undergrad I lived off the student loan, credit and part time work during the holidays.
Racked up thousands in high interest accruing debts and spent my third year living on less than £20 a week.
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