Student Loans
 

I'm about to start my first year at college/Uni

I have enough to keep me going this year but people say you get less in your final year. Surely, the final year is the most important? It's the final year of study and you need to concentrate not work to keep going?

Anyone any ideas? I'm in England!

Sarah

Surely it's the first year that's most important.

You'll likely overspend on shopping, supplies and the nightlife will be hard to resist.

Plus the overwhelming probability you won't like university and either change course or just give up and get a job anyway.

As far as i am aware you do not get less loan in your final year.Having extra money is always handy, random expenses happen... well dthey do for me ><

i did a course when the nhs fund the tuition fees, so got a loan but this was about a grand less than most cos of that reason.

and yes in the last yr i got a reduced loan, by about £500. i makes no difference what yr its in, by the 3rd yr you are usually so used to being broke that you dont really care, you still spend the pennies you've had on alcohol and clothes :)

but seriously dont worry about it hunni pie, concentrate on your course and having fun xx

urgh i hope i dont lose out on that amount,even now with loans it doesnt cover my rent for the 10 months i am at uni :|

^ yeh mine didnt either :(

you get less loan money in the final year cus you are expected to get a job as soon as you finish; usually may or june.
in theory the loans of the previous years are meant to cover you for the summer also.

many moons ago, when we still had grants rather than loans, if you didn't work in the summer you could sign on and get unemployment benefit.

~yanna~

that helps thanks :)

I'm doing a degree in Counselling so I think I need to wait a year after I finish to be acredited to can't really get a job where I am fully qualifyed. I'm not sure I made any sense there but basically I'm 18 now and when I finish I'll be 21 in order to do the diploma meaning I can practice as a Counsellor properly I need to be 22 so I'll most likely have to wait a year however, I may be able to get a job as an assistant counsellor for a year or something.

I live with my bf and basically I need enough money to live and be slightly comfortable.

I'm going to save in the first 2 years about £200 per month just incase.

Sarah xx

That is fine if you have cheap accomodation, means you do have money to spend on yourself but my rent is £380 a month which leaves no money at all with the loan, and means i am £500 fshort and doesnt include summer renting.if only it left me money to spend in the summer :|

sorry i am having one of thsoe days about my loans, hoping the issue has been sorted out with mine :|

I've graduated last year and unless they've changed the rules you do not get less money in your final year. You get the same amount throughout. Also if you have a student bank account then you get an interest free overdraft of about £1000 in your first year whereupon you can apply to have it increased in your 2nd year and again in your final year. You then have a year after you've finished being a student before you need to have paid it back.
However with all the changes they've been making recently don't take my word for definite with regard to the loan amount. If you are really worried it should tell you on their website how much you will get each year. Oh and if money does get alarmingly tight then most universities have a sort of hard-up fund that you can apply to and they will usually help you out.
Hope that helps!
xx

my loan for my final year is about the same as the previous two years.

yeh think it might depend on the course you are doing etc,

if you can save then you should be ok :)

I'll save some but I'm not sure it'll be enough. In my first yr I'll be working 2 days a week, 2 days uni and a few hrs voluntary work but I'll have to see how it goes as I want to make sure I have enugh time to study

I'm off to uni this year too, am really concerned about finances because my course is 5 years.

Do you think it's possible to get by without a loan for a year?

It depends, I'm living with someone else so paying bills but if you live at home then perhaps. there are dvd's available from the govt. website *google is your friend*

Honestly, I don't know your situation... but student loans were one of the worst things I think i've done (though i've yet to come up with a solution). I graduated in December of 2005, and my payments have done nothing but increase. I've tried every option, and am not left with my current situation- despite a well-paying job i can't afford to pay rent due to my student loan payments. If not for the kindness of a friend's family, i'd be either defaulting on my loans or homeless...... all that to say: debt is horrendous and should be avoided at all costs. Not to be gloom-and-doom, but i do wish that's what someone would've warned me years ago.....
Good luck!!