Maintenance Loan doesn't cover accommodation

I applied for student finance and the most i could get is around £6800 and I'm applying for a London uni so the cheapest accommodation is £10k. What do I do??

Reply 1

University of Strathclyde Student Ambassador

Official Rep

Original post

by Anonymous

I applied for student finance and the most i could get is around £6800 and I'm applying for a London uni so the cheapest accommodation is £10k. What do I do??

Hi Anon,
Definitely a stressful situation, but you're not alone in this -a lot of students face the same challenge, especially with accommodation prices being so high.
I’d really recommend checking if your uni has a financial support or funding team (most unis do!). You can usually find this info on their website under student finance or support sections. It’s a good idea to get in touch with them directly and you can then explain your situation, and they can guide you on next steps. (:

They might be able to offer:
-Advice on part-time work opportunities
-Help with budgeting
-highlight if your eligible for any other external funding support

Don’t be afraid to ask any questions - those type of services are there to help and won’t judge at all!
Wishing you all the best – you’ve got options (:

Emily
Year 2, Chemistry
Official University Of Strathclyde Rep

Reply 2

McGinger

London and many other places in the south are hideously expensive, and not a great choice for cash-strapped students. When you say 'applied' - do you mean you only picked London Unis, or that this is where your Firm choice is?

Reply 3

Universities Forum Helper, Clearing and Applications Advisor

Original post

by Anonymous

I applied for student finance and the most i could get is around £6800 and I'm applying for a London uni so the cheapest accommodation is £10k. What do I do??

Your loan is below the maximum because SFE has assessed your household income and found that your family has a higher income than most students. In that situation the expectation is that your family will make up the difference to cover your costs.
If they can’t afford it and you don’t have any other sources of income then you should look at shifting your application to a cheaper place to live and/or deferring entry for a year.

Reply 4

Anonymous #1

Original post

by McGinger

thats my firm choice

Reply 5

McGinger

Original post

by Anonymous

thats my firm choice

You still have time to switch this to another offer in a cheaper location (with the consent of the Unis involved) - or to defer any eventual place for a year to enable you to get a job and save some cash. And, many students do have a part-time job alongside their degree to top up their ££.

Reply 6

mnot

Original post

by Anonymous

I applied for student finance and the most i could get is around £6800 and I'm applying for a London uni so the cheapest accommodation is £10k. What do I do??

Welcome to adulthood.

You will have to find ways to balance your income & outgoings. You have chosen to base yourself in London, so you will need more than other areas of the country. Typically family often support students as well as working over summers & part time during university semesters to cover your other life costs.

Reply 7

University of Bath

Official Rep

Hi there,

This is a very frustrating situation but as has been said, many other students are also facing this (I did too when I was at uni), especially if your family earns above a certain threshold. In these circumstances your family is usually expected to lend you the money to make up the difference. Some people are able to borrow this from their parents with the agreement to pay them back when they start working. There are however also ways you can help to cover the difference yourself:

•

Does your uni have a financial support team who can offer you some options?

•

Are you eligible for any bursary or scholarships? Here at Bath we have the Accommodation bursary as well as several scholarships which include a reduction to accommodation fees in first year.

•

Have you thought about working part time whilst at uni? I worked as a student ambassador whilst at uni, and not only was the work a lot of fun and a lovely way to get some experience and meet people, the money was good too and helped me pay for my weekly shops and put some towards the rent.

If you would like to live in London then this is definitely possible, it just means that you'll need to take extra care with budgeting and finding ways to make up some of the extra cost. What do your loved ones think? Do they have any suggestions or ways of supporting you?

I hope some of this helps, best of luck 🙂

University of Bath