The Student Room Group

University as a first year

I need some advice.
I have two options and would like to know your opinion.
Option A: Move out for uni this year, i’m getting 9k maintenance loan however it will be paid on October 18th and i have no savings to get me through September (my parents won’t help me).
Option B: Take a gap year and save up and then go to university, my parents are planning to move to the city i'm going to uni in by July 2023 (a decision i based my university on, they’re not moving bc of me) and live at home.
However i am doing a foundation year due to a change in career and plan to apply for another degree after it so i’m not sure if a gap year is the right decision but i’m super worried about money.

Your help is appreciated <3
Reply 1
Have you considered getting a student overdraft? Its different from a normal one as theres a 0% interest and you dont need to pay it until after the degree is finished. Plus you can pay it back with your maintenance loan as soon as you get the money. Do look some up for the best deals I have a student overdraft with HSBC and have a limit of 1000- I know some student accounts with other banks have 1.5k - it might be something you want as you just need temporary money for September.
Original post by Anonymous
I need some advice.
I have two options and would like to know your opinion.
Option A: Move out for uni this year, i’m getting 9k maintenance loan however it will be paid on October 18th and i have no savings to get me through September (my parents won’t help me).
Option B: Take a gap year and save up and then go to university, my parents are planning to move to the city i'm going to uni in by July 2023 (a decision i based my university on, they’re not moving bc of me) and live at home.
However i am doing a foundation year due to a change in career and plan to apply for another degree after it so i’m not sure if a gap year is the right decision but i’m super worried about money.

Your help is appreciated <3

Hi there,

How exciting that you are going to university soon!

Have you checked on what support your chosen university can offer you? At Teesside Uni, we have a delayed funding loan that can help students that are experiencing a delay in receiving funding from SFE. It may be worth searching your chosen uni's website or reaching out to them and seeing if they offer something similar.

An interest-free overdraft may also be a good option for you so you don't have to defer for a year like Anon #2 suggested, however, these do need paying back and if you aren't strict with yourself financially you could end up reliant on it even after you graduate - something to be mindful of :smile:

Good luck,
T

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