self funding university
5
i am planning to self fund for university rather than use student finance. i was wondering how easy/possible it is for me to do this for some context, im currently in year 13 with no job/income, and as it stands i only have at most 2k from a trustfund - parents cannot afford to pay it upfront but they are willing to help wherever possible). i plan on taking a gap year to work, but i was speaking to someone who told me it would be impossible. just wondering if anybody has tried to self fund for university/can provide any insight on the matter
(also this is my first time asking a question on tsr so i dont know what to expect rn)
(also this is my first time asking a question on tsr so i dont know what to expect rn)
Original post
by dnci am planning to self fund for university rather than use student finance. i was wondering how easy/possible it is for me to do this for some context, im currently in year 13 with no job/income, and as it stands i only have at most 2k from a trustfund - parents cannot afford to pay it upfront but they are willing to help wherever possible). i plan on taking a gap year to work, but i was speaking to someone who told me it would be impossible. just wondering if anybody has tried to self fund for university/can provide any insight on the matter
(also this is my first time asking a question on tsr so i dont know what to expect rn)
(also this is my first time asking a question on tsr so i dont know what to expect rn)
Have you worked-out how much money you will need and, just as importantly, when you will need it? (There's little point knowing that you can earn £X per year if your uni will need a big chunk of that on day one to cover tuition fees and accommodation.)
Have you worked-out how much you could save (not earn) during your gap year, and how much you could earn whilst also doing a degree full-time? What sort of job were you thinking of?
(Also, welcome to TSR!
)Reply 2
11
Wow, that’s ambitious.
Work out a budget e.g. costs of rent and bills, food and household equipment, transport, social costs, equipment and books, photocopying.
Add to that the course fees (almost £9300 per year). Then you’ll have an idea!
My child pays around £13000 a year to live plus the tuition fees! That’s over £22k per year.
They work part-time, and sometimes have family contributions, but the rest comes from the student loan.
Talk to your parents, because the government generally expects parents to contribute if the household income is more than £25k per year.
Maintenance loans are not enough to live on for most people.
Work out a budget e.g. costs of rent and bills, food and household equipment, transport, social costs, equipment and books, photocopying.
Add to that the course fees (almost £9300 per year). Then you’ll have an idea!
My child pays around £13000 a year to live plus the tuition fees! That’s over £22k per year.
They work part-time, and sometimes have family contributions, but the rest comes from the student loan.
Talk to your parents, because the government generally expects parents to contribute if the household income is more than £25k per year.
Maintenance loans are not enough to live on for most people.
Reply 3
dnc
OP
5
How much money I will need - It's standard tuition fees so 9k a year -also i will be living at home so im not paying for accommodation (though i do realise that i need to also take into account transport costs, food, textbooks etc)
As for when I will need the money - To my knowledge, I can pay as part of a termly payment plan for my firm uni (LSE), which is oct 28, jan 28 and april 28 per academic year. as for KCL (my insurance), payments are due at Jan 31st per academic year (if the dates i provided have changed/straight up wrong, please let me know).
I have not worked out how much I can save during the gap year as of yet as I 1) havent figured out exactly what job i will be working at and 2) uncertain as to how much money i will have after tax/necessary expenses. however i plan on saving the vast majority of money i make in the year. My intention is to make around 15/18k minimum so that i can cover first year and at least some of 2nd year.
I also havent figured out how much i will earn when doing a degree, but i plan on working part time (and perhaps full time during holidays).
Like i mentioned before, I havent figured out what job I will get (currently just focusing on A-Levels), and i dont have anyone i know who can offer me a job (job recommendations would be appreciated - I live in London if that helps)
Really appreciate your response - also didnt really expect anyone to see my question for at least a week (if not at all) , so really appreciate the quick reply!
As for when I will need the money - To my knowledge, I can pay as part of a termly payment plan for my firm uni (LSE), which is oct 28, jan 28 and april 28 per academic year. as for KCL (my insurance), payments are due at Jan 31st per academic year (if the dates i provided have changed/straight up wrong, please let me know).
I have not worked out how much I can save during the gap year as of yet as I 1) havent figured out exactly what job i will be working at and 2) uncertain as to how much money i will have after tax/necessary expenses. however i plan on saving the vast majority of money i make in the year. My intention is to make around 15/18k minimum so that i can cover first year and at least some of 2nd year.
I also havent figured out how much i will earn when doing a degree, but i plan on working part time (and perhaps full time during holidays).
Like i mentioned before, I havent figured out what job I will get (currently just focusing on A-Levels), and i dont have anyone i know who can offer me a job (job recommendations would be appreciated - I live in London if that helps)
Really appreciate your response - also didnt really expect anyone to see my question for at least a week (if not at all) , so really appreciate the quick reply!
Reply 4
I don't mean this to e cheeky, but... why are you wanting to self-fund? Why make your university experience that much harder/more stressful when student loans don't work in the same way as regular debt? They won't be demanded back all at once, for example, and they don't affect your credit rating.
Reply 5
dnc
OP
5
Original post
by EllieRoseMcKeeI don't mean this to e cheeky, but... why are you wanting to self-fund? Why make your university experience that much harder/more stressful when student loans don't work in the same way as regular debt? They won't be demanded back all at once, for example, and they don't affect your credit rating.
Due to religious/personal reasons, im unwilling to take the loan. I know a lot of people who resort to taking the loan, but i would prefer not to if there are alternatives (even if it means i have to work harder to pay for my fees)
Reply 6
Original post
by dnci am planning to self fund for university rather than use student finance. i was wondering how easy/possible it is for me to do this for some context, im currently in year 13 with no job/income, and as it stands i only have at most 2k from a trustfund - parents cannot afford to pay it upfront but they are willing to help wherever possible). i plan on taking a gap year to work, but i was speaking to someone who told me it would be impossible. just wondering if anybody has tried to self fund for university/can provide any insight on the matter
(also this is my first time asking a question on tsr so i dont know what to expect rn)
(also this is my first time asking a question on tsr so i dont know what to expect rn)
the loan gets written off after 40 years which sounds like a lot but it means that it won't get passed on to anyone like children etc. so realistically, even if you don't finish paying it it doesn't even matter
Reply 7
dnc
OP
5
Original post
by desperate-peculithe loan gets written off after 40 years which sounds like a lot but it means that it won't get passed on to anyone like children etc. so realistically, even if you don't finish paying it it doesn't even matter
With all due respect, I am aware of all the arguments in favour of taking out a loan to pay for my tuition fees. that being said, i am looking to self fund for university. if you could give any advice regarding the matter, i am open to answers
Reply 8
11
Original post
by dncWith all due respect, I am aware of all the arguments in favour of taking out a loan to pay for my tuition fees. that being said, i am looking to self fund for university. if you could give any advice regarding the matter, i am open to answers
Trying to work part-time to cover tuition fees will put you under a lot of pressure with respect to having sufficient time for studies.
You have probably thought about/done this but my suggestions:
•
Apply for all the relevant scholarships and bursaries you are eligible for because no interest is involved. Look at the university website or chat to advisors. One of my family was awarded a 5 year scholarship covering all fees a few years ago.
•
There are also external scholarships to apply for (look at Turn2us website, the education sections).
•
Consider deferring your place for a year and work full time to save up.
•
Discuss your circumstances with the university specialist finance team.
•
Could you get sponsorship from a company?
Final suggestion- have you considered a part-time degree option if there is one for your course?
Pros- Time for paid work alongside
Cons- takes longer
(edited 1 year ago)
Reply 9
Original post
by dnci am planning to self fund for university rather than use student finance. i was wondering how easy/possible it is for me to do this for some context, im currently in year 13 with no job/income, and as it stands i only have at most 2k from a trustfund - parents cannot afford to pay it upfront but they are willing to help wherever possible). i plan on taking a gap year to work, but i was speaking to someone who told me it would be impossible. just wondering if anybody has tried to self fund for university/can provide any insight on the matter
(also this is my first time asking a question on tsr so i dont know what to expect rn)
(also this is my first time asking a question on tsr so i dont know what to expect rn)
Hi there, was wondering if you had an update on what you decided to do? I'm on a gap year asw and am hoping to self-study/ pay it back within 10 years of graduation. I can get around 5k a year from scholarships and have just about enough for the first term 😭 - how are you getting on?
Reply 10
dnc
OP
5
Original post
by SodaMontgomeryHi there, was wondering if you had an update on what you decided to do? I'm on a gap year asw and am hoping to self-study/ pay it back within 10 years of graduation. I can get around 5k a year from scholarships and have just about enough for the first term 😭 - how are you getting on?
overall, taking a gap year was just what i needed and i got no regrets taking it despite ppl around me telling me not to. even if i had no intention of self-funding uni, the gap year still made sense cos i didn’t even know for sure if i wanted to go to uni + if i went straight into it, i know i would’ve burned out immediately.
again, thanks for asking! u said you’re planning to pay back your tuition fees soon and are on a gap year as well — is that the main reason u chose to take a gap year too? what else u been up to? would love to know, might give me some more ideas on what else i could be doing between now and uni lool
Reply 11
Original post
by dnci forgot i made this thread 😂😂😂 but thanks for asking. to answer your question, yeah i decided to take a gap year and still got the same intentions as stated on this thread. it's going quite well, i’ve saved up around 10k and it’s june, planning to work for the next three months or so. also been applying to various bursaries so i’m hoping to hear back from them. if i get them, that’s up to 8k a year in funding i can receive, and i’m fairly confident i’ll get all of them. one is the LSE bursary where i’m basically guaranteed it (all u gotta do is tell them your household income and they assess it off that), the other two being very niche bursaries that’ll prob have a really small applicant pool cos of how specific they are + barely anyone knows abt them. i plan on using that money to pay it off / buy whatever i need. if for some reason i don’t get those bursaries, at least i got the money i saved (planning to pay in instalments so i can budget it properly).
overall, taking a gap year was just what i needed and i got no regrets taking it despite ppl around me telling me not to. even if i had no intention of self-funding uni, the gap year still made sense cos i didn’t even know for sure if i wanted to go to uni + if i went straight into it, i know i would’ve burned out immediately.
again, thanks for asking! u said you’re planning to pay back your tuition fees soon and are on a gap year as well — is that the main reason u chose to take a gap year too? what else u been up to? would love to know, might give me some more ideas on what else i could be doing between now and uni lool
overall, taking a gap year was just what i needed and i got no regrets taking it despite ppl around me telling me not to. even if i had no intention of self-funding uni, the gap year still made sense cos i didn’t even know for sure if i wanted to go to uni + if i went straight into it, i know i would’ve burned out immediately.
again, thanks for asking! u said you’re planning to pay back your tuition fees soon and are on a gap year as well — is that the main reason u chose to take a gap year too? what else u been up to? would love to know, might give me some more ideas on what else i could be doing between now and uni lool
That impressive, what line of work do you go into? Im in the exact same position as you!
Reply 12
Original post
by dnci forgot i made this thread 😂😂😂 but thanks for asking. to answer your question, yeah i decided to take a gap year and still got the same intentions as stated on this thread. it's going quite well, i’ve saved up around 10k and it’s june, planning to work for the next three months or so. also been applying to various bursaries so i’m hoping to hear back from them. if i get them, that’s up to 8k a year in funding i can receive, and i’m fairly confident i’ll get all of them. one is the LSE bursary where i’m basically guaranteed it (all u gotta do is tell them your household income and they assess it off that), the other two being very niche bursaries that’ll prob have a really small applicant pool cos of how specific they are + barely anyone knows abt them. i plan on using that money to pay it off / buy whatever i need. if for some reason i don’t get those bursaries, at least i got the money i saved (planning to pay in instalments so i can budget it properly).
overall, taking a gap year was just what i needed and i got no regrets taking it despite ppl around me telling me not to. even if i had no intention of self-funding uni, the gap year still made sense cos i didn’t even know for sure if i wanted to go to uni + if i went straight into it, i know i would’ve burned out immediately.
again, thanks for asking! u said you’re planning to pay back your tuition fees soon and are on a gap year as well — is that the main reason u chose to take a gap year too? what else u been up to? would love to know, might give me some more ideas on what else i could be doing between now and uni lool
overall, taking a gap year was just what i needed and i got no regrets taking it despite ppl around me telling me not to. even if i had no intention of self-funding uni, the gap year still made sense cos i didn’t even know for sure if i wanted to go to uni + if i went straight into it, i know i would’ve burned out immediately.
again, thanks for asking! u said you’re planning to pay back your tuition fees soon and are on a gap year as well — is that the main reason u chose to take a gap year too? what else u been up to? would love to know, might give me some more ideas on what else i could be doing between now and uni lool
So sorry only saw this now - TSR is so buggy sometimes lol.
I’m so happy for you, congrats for saving all of that plus getting the experience, it’s really a win-win in this economy.
To be honest I’ve been about the same in my gap year - I’ve been working but only part time and spending more time on hobbies etc.
I’m slightly higher in my savings for uni tho - my scholarship fell through which is a bummer but I’ve got just around six seven grand so I think I’ll pay off the first term and get a better paying job so I can work towards the second and third term comfortably. I was curious about the changes in sfe for the year after so I might not need to worry about self funding the next two years after all. Idk much about it tho I suppose we’ll find out lol.
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