Well, I am feeling alot better now. I have been to Tenerife with Shane and now need some inspiration...
Well, I am feeling alot better now. I have been to Tenerife with Shane and now need some inspiration to write again. Any suggestions?
Member since:11.07.2000
Reviews:372
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Being a student in the UK is another word for being skint. I mean having no money!
I have two years worth of loans owing, at at present and I am not paying them back as I am on a low income. I have hurt my back so am unable to persue my choosen career in the field of dance.
Tuition fees are totally separate from the Local Education Authority. Forms can bee obtained from the Local Education Authority and posted early but no money can be obtained until the course commences. It also allows the government agencies to calculate how many fees are required, as they are means tested, based on parents’/partner’s income. Once a college place has been accepted, there is no guaranteed that any student can obtain a loan at the beginning of any academic year, from the Student Loans Company.
This can lead to problems when paying for tuition fees, accommodation books and just the general day to day living expenses, like eating, clothing, heating etc. (It is important to remember that University fees must be paid before Christmas to avoid a 10% penalty).
The student loan is paid in three instalments. The first will be a cheque sent to university for collection, and can be picked up during Fresher’s Week. The following two instalments can then be paid into a bank account or in cheque form. The choice is yours! If the loan is applied for later in the academic year, two payments or even all three at once, depending upon the application to the Student Loans Company.
Since the abolishment of grants, for new University Students in August 1998, the loan entitlement has risen by around £1000. The student loan is only around £2,300, but this can vary according to location. The latest that the students loan for, within the academic year is the spring term of University degree. (Remember to check when the closing date is with the University Finance Officer, as all courses vary).
Post completing of the University course, the Student Loans Company, expects the money to be repaid, unless the Graduate is earning under £15000 or on benefits. Evidence must be provided. Once this has been received payment is waver for another year. The interest increases by 3% a year, as agreed when the loan is initially taken out, but this is very cheap compared to bank or finance loans.
One tip, if the loan is not required, take advantage of it anyway. Put it in an account for three years, which pays high interest. Then when it is due to be repaid, usually the following April, once the course is completed, money has been made.
A word of warning to potential students, University Study is not cheap. I only went for two years and in that time I run up £20000 worth of debt. Try to be frugal, save where possible. Shop wisely and visit charity shops as often textbooks can be brought at a fraction of the cost. Buy tinned and dried food over the summer, along with toiletries. Best of all; enjoy your University years. They are great fun!
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Good op, and good advice. I have to work full time in all the vacations so I can have a decent lifestyle in term time and not run up tonnes of debt on my credit cards as well as to the govt. I'm knackered!! So I'd rather be a student than a proper working person anyday! Ruth.
Eddie45 13.07.2001 11:47
Good to know there plenty of other poor students out there! Great op, very informative and relevant. I guess all this debt is worth it in the end, eh?!
jai_shah 08.07.2001 19:13
Its a shame that this current system fo loans and fees is open to abuse so that people that need money are deprived of it. I relatively lucky because my parents are helping me with my costs so I'm not relying solely on my loan. It's a shame taht others are not as fortunate.
Advantages: interest free money only rises with inflation, hardship top up if desperate Disadvantages: LEA assess amount so may not get much eg if living at home in comparison to living away
Advantages: Missing the deadline is not the end of the world Disadvantages: Missing the deadline can cause problems later and delay you receiving your student loan.
Advantages: Instant money, Availability to lend every year. Disadvantages: The fact that there is interest on it, A fear of getting a loan because of this.
eaglesas 22.09.2001 ·
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Jul 7th, 2001
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