self funding university

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)

Reply 1

DataVenia

Volunteer Team, Clearing and Applications Advisor

21

Original post by dnc

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)

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! :smile:

)

Reply 2

Antique1

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.

Reply 3

dnc

OP

4

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!

Reply 4

EllieRoseMcKee

5

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

4

Original post by EllieRoseMcKee

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.

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

desperate-peculi

6

Original post by dnc

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)

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

4

Original post by desperate-peculi

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

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

Antique1

11

Original post by dnc

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

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)

self funding university

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