Accommodation and loan confusion
I am about to finish my A-levels and I’m confused with my loan and my accommodation, if I move out I will only get £5000 however my accommodation is £4,200 or £4,050 cheapest and I really want to move out and my parents will not help me with anything. Is that enough to move out or should I stay at home? I am struggling because I don’t want to spend all my loan on accommodation.
Original post by Deverleigh
I am about to finish my A-levels and I’m confused with my loan and my accommodation, if I move out I will only get £5000 however my accommodation is £4,200 or £4,050 cheapest and I really want to move out and my parents will not help me with anything. Is that enough to move out or should I stay at home? I am struggling because I don’t want to spend all my loan on accommodation.
You will get the minimum loan if your annual household income is over around £65k. If you think household income is less than that, then ask your parents to support your application so that you can get a higher maintenance loan. If you are only entitled to the minimum because your household income is high, then your parents are expected to make up the difference.
You will struggle to manage on £5k if your accommodation costs over £4k unless you will be able to work part time to supplement your income. Bear in mind the impact it might have on your studies if you do have to work a lot. Coudl you ask your parents to pay you £30-40 a week for food as they will be saving at least that if you move out?
Original post by normaw
You will get the minimum loan if your annual household income is over around £65k. If you think household income is less than that, then ask your parents to support your application so that you can get a higher maintenance loan. If you are only entitled to the minimum because your household income is high, then your parents are expected to make up the difference.
You will struggle to manage on £5k if your accommodation costs over £4k unless you will be able to work part time to supplement your income. Bear in mind the impact it might have on your studies if you do have to work a lot. Coudl you ask your parents to pay you £30-40 a week for food as they will be saving at least that if you move out?
You will struggle to manage on £5k if your accommodation costs over £4k unless you will be able to work part time to supplement your income. Bear in mind the impact it might have on your studies if you do have to work a lot. Coudl you ask your parents to pay you £30-40 a week for food as they will be saving at least that if you move out?
They do not want me to move out at all so they said they won’t pay a penny and I’ve just checked accommodation and the only room which is left is 4100 and the one I actually wanted was a different accommodation at 4030
Original post by Deverleigh
They do not want me to move out at all so they said they won’t pay a penny and I’ve just checked accommodation and the only room which is left is 4100 and the one I actually wanted was a different accommodation at 4030
Consider deferring for a year so that you can get a job and save some money. It will take the pressure off when you are at uni and enable you to focus on your course rather than worrying about how you will manage financially.
Original post by normaw
Consider deferring for a year so that you can get a job and save some money. It will take the pressure off when you are at uni and enable you to focus on your course rather than worrying about how you will manage financially.
I have a job now but I don’t make enough to save anything, I’ve applied for over 100 jobs and none of them got back to me and the only reason I have this job is because my stepdad knew the owner so I wouldn’t want to rely on trying to be in job searches again. But I have now sorted it and I have booked private accommodation for £98 pw for 44 weeks and my mum said she could put 1000 in if I need it so I thankfully have been sorted haha.
Original post by normaw
Consider deferring for a year so that you can get a job and save some money. It will take the pressure off when you are at uni and enable you to focus on your course rather than worrying about how you will manage financially.
Thank you for the advice anyway
I’m a first year student at LSBU. I faced similar challenges when making the decision to move into halls.
The reality of the situation is: A student maintenance loan is not enough to live solely on.
Making a budget it really important. Consider the travel costs involved between uni and your accommodation, food, entertainment costs, clothes, barber trips. Detail everything for a really honest breakdown.
Try for part time jobs close to university.
Check if you qualify for any bursaries, university scholarships, or funding from grant making organisations. You may qualify for some support from them. Blackbullion is a useful starting point.
When deciding to rent privately, or stay in university halls it’s also useful to consider the other factors. If your living away from home for the first time university halls are normally regulated, operate professionally, and are experienced with student issues. Accommodation is usually set up with a space to study, reliable wi-fi, and security or wardens onsite.
Sharing private rentals or rooms from landlords or agencies may not be as flexible or tailored to supporting your studies. You’ll be expected to be independent and considerate of other tenants or residents. And your ability to study may be impacted.
—-
Now that you have a place secure it’s wise to start getting the stuff you need to move in with, bedding, lamp, alarm clocks, pictures, led light strips, push pins, laundry supplies, stationary, and any study materials you need to get. This will help reduce the amount you have to pay out in the Autumn. Stock up on “cupboard basics” like noodles, rice, beans, soup, cordials, bowls and Tupperware and kitchen equipment if you need it. Don’t splash on fancy items - a fancy bowl is a bowl, a spoon is a spoon.
Download Olio, Too Good To Go, Karma, and other money saving apps, follow the students union on socials. Look for discounts and know where the local supermarkets are.
My final tip: If your a student that needs to print notes and study materials off, most universities charge a fee for printing. This can be very expensive. Instead look out for HP printers with six months of free instant ink. These printers cost from about £45 plus. When you set it up you can get a free period of ink supplies being sent to you. HP Instant Ink is subscription service - I get about 700 pages a month free for six months, they send the ink out to you by post for free. When the free trial is over you can chose a package that suits your needs, and you cancel at any time. I’ve saved over £300 by this alone.
I hope these tips help you out.
The reality of the situation is: A student maintenance loan is not enough to live solely on.
Making a budget it really important. Consider the travel costs involved between uni and your accommodation, food, entertainment costs, clothes, barber trips. Detail everything for a really honest breakdown.
Try for part time jobs close to university.
Check if you qualify for any bursaries, university scholarships, or funding from grant making organisations. You may qualify for some support from them. Blackbullion is a useful starting point.
When deciding to rent privately, or stay in university halls it’s also useful to consider the other factors. If your living away from home for the first time university halls are normally regulated, operate professionally, and are experienced with student issues. Accommodation is usually set up with a space to study, reliable wi-fi, and security or wardens onsite.
Sharing private rentals or rooms from landlords or agencies may not be as flexible or tailored to supporting your studies. You’ll be expected to be independent and considerate of other tenants or residents. And your ability to study may be impacted.
—-
Now that you have a place secure it’s wise to start getting the stuff you need to move in with, bedding, lamp, alarm clocks, pictures, led light strips, push pins, laundry supplies, stationary, and any study materials you need to get. This will help reduce the amount you have to pay out in the Autumn. Stock up on “cupboard basics” like noodles, rice, beans, soup, cordials, bowls and Tupperware and kitchen equipment if you need it. Don’t splash on fancy items - a fancy bowl is a bowl, a spoon is a spoon.
Download Olio, Too Good To Go, Karma, and other money saving apps, follow the students union on socials. Look for discounts and know where the local supermarkets are.
My final tip: If your a student that needs to print notes and study materials off, most universities charge a fee for printing. This can be very expensive. Instead look out for HP printers with six months of free instant ink. These printers cost from about £45 plus. When you set it up you can get a free period of ink supplies being sent to you. HP Instant Ink is subscription service - I get about 700 pages a month free for six months, they send the ink out to you by post for free. When the free trial is over you can chose a package that suits your needs, and you cancel at any time. I’ve saved over £300 by this alone.
I hope these tips help you out.
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