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Deferring Uni - Is it the right choice financially?

I'm currently applying for a masters next year, but because of the pandemic situation, job loss and just all-round financial instability, I've had to seriously consider applying for deferral for a year to work full time at my current job.

I currently work and receive about £350 a month (without overtime) which is just enough to pay my phone bill, food shopping, transport and maybe £50 a month savings, if I'm lucky. I don't receive any substantial support from family, unless its the odd £20 here and there, and my student loan I currently have only just covers my rent, leaving me with nothing else to save or fall back on.

I'm planning on moving back to Manchester, as I will be living with 3 others, making rent prices a lot more affordable for us all. Problem is, I've received an offer from Durham, and it's currently my best choice so far. I'm still awaiting decisions from Manchester and Oxford, but ultimately, I'd really like to be at Durham. For this, I'd also have to commute - a long journey, I am aware, but paying for trains every week will be a heck of a lot cheaper than actually moving.

As much as Manchester uni would be a great option (and save a lot on transport) I just don't feel as excited when I think about it. I worked really hard and continue to do so, and I don't want to feel like I could've gotten into any uni with half the effort I made - essentially, I want to be somewhere I feel will challenge me the most, and none other than Durham or Oxford would really allow for this.

In terms of Oxford, I am aware that the chances of a successful decision are slim, and so I'm not really thinking too much about this option. IF, I were to have an offer, I would ultimately have to move back home as it's the closest to the university that I would be (around 40 minutes way), it would also save me a lot of money on rent and bills, but my home life isn't the greatest and I genuinely don't think I could deal with living there, and away from my long-term partner, for a year. I have also looked into bursaries and scholarships, but again as they're extremely competitive, I don't want to plan on the assumption that I will be successful in receiving one. Regardless of where I go, I am also looking into taking out a Graduate overdraft account - despite not earning much, I regularly build my credit through credit-builders and monitor my credit score, so I know it's actually pretty good considering my circumstances.

To cut a long-story short, I'm stuck and need advice. I have two options: Suck it out, be broke, and go to my dream university, or move back to Manchester regardless, work full time for a year, and just hope that my deferral is successful (and that I will have saved enough for the following year studying).

Cheers

(edited 3 years ago)