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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think I can live on my student loan during term time?

30 replies

QuestionableMouse · 19/02/2017 11:45

I'm starting uni in September and I'm still wavering over living in or staying at home. On balance, I'd really like to live in but the finances are scaring me a bit.

I'd get ~£8400 which is more than I get now in wages. Working on a rough figure of 11 months, that works out at around £760/month, plus I'll get around £3000 in scholarship grants.

Current outgoings are around £500/month. (I'd rather not post the details here for everyone to read.) I'll be paying £115 a week for the room (a studio flat really) but everything else will stay about the same (plus I have a chance to save money because my phone contact is due for renewal shortly.)

I would work during the holidays and some weekends. My current job are perfectly happy with me doing that.

Aibu to think it's doable?

OP posts:
TheWinterOfOurDiscountTents · 19/02/2017 11:48

Easily, I would have thought.

Chasingsquirrels · 19/02/2017 11:52

Do you have to pay for the flat for the year? £115 x 52 = £5,980.
Plus £500 x 12 = £6,000.
So the best part of £12k

You'll get £8,400 + £3,000 = £11,400 plus some earnings.

Does the £500 include food, clothes, travel, books etc?

Thecontentedcat · 19/02/2017 11:54

I had a bar job 2 evenings a week during term time and it was fine. So long as you are not doing something like physio, medicine or nursing you should be able to work term time as well I would think, lots of people do.

KP86 · 19/02/2017 11:54

Have you allowed for council tax, if it's payable? Any increase in contents insurance due to new address.

rjay123 · 19/02/2017 12:15

Council Tax is zero rated if in full time education.

What about gas,electricity,water,broadband,tv licence.

Original poster
QuestionableMouse · 19/02/2017 12:21

All bills are included (apart from food) so I don't have to pay for WiFi, power, heat or insurance. To be honest, I don't have that much to insure anyway.

I could get the same sort of studio for £90 a week but that building doesn't have parking. I could pay for parking at the first building and live in the second but I'm waiting for an answer about how much that would be.

OP posts:
ChristmasEvePJs · 19/02/2017 12:22

Food, books, social life, travel, clothing etc soon add up. Is there any way of reducing your £500 monthly outgoings?

Original poster
QuestionableMouse · 19/02/2017 12:22

The flat is paid for 44 weeks so I've multiplyed the payment by 4 to get my total monthly outgoings.

OP posts:
Original poster
QuestionableMouse · 19/02/2017 12:26

Not too worried about clothes... I don't really spend money on them now.

Books is an expense I hadn't thought about but I've no idea how much it would cost. I'm doing either an English or History degree so it would vary.

Everything for the car is included in the£500. It's financed and I can't get out of the contract so that's an expense I can't do anything about. However, it's super cheap to run and insure and I'll need it to get to work so I'm happy to pay for it.

OP posts:
Mermaidinthesea · 19/02/2017 12:30

Personally I'd live at home and reduce the amount of student loan I take out. It took me years to pay off my loan and it was a pain in the neck.

ifyoulikepinacolada · 19/02/2017 12:31

Watch out for textbooks. I spent a good £200 or so a semester and english and history are both quite book heavy!

If you're able to build savings during holidays that could help? Could you maybe do a couple of shifts a week during term times? If so I think it's doable!

Original poster
QuestionableMouse · 19/02/2017 12:33

It's a two hour drive to the uni so I'm not convinced living at home will save much.

I could work during term time, though I'd have to check with my manager because I'd have to transfer stores in term time and it would depend if they had a spot for me.

OP posts:
ImportSave · 19/02/2017 13:30

I think you need to bank on doing at least one shift a week during term time in addition to working during the holidays.

If you're on min wage and do an 8 hour shift, you're getting nearly £60 extra a week.

FeliciaJollygoodfellow · 19/02/2017 13:33

I'd do it and get a job if needed. Living at home will seriously impact your social life, and can you imagine a two hour commute for that day when you only have an hour seminar?

Original poster
QuestionableMouse · 19/02/2017 13:39

Thanks. I'm not really bothered about the social life side of things. I'm going to be 32 when I start so I'm not interested in drinking and parties!

OP posts:
ShoutOutToMyEx · 19/02/2017 13:40

From experience, you'll make it work because you have to. I think you'll be absolutely fine.

expatinscotland · 19/02/2017 13:45

I'd look at working besides holidays and weekends. If you can't transfer then get another job alongside your other one. Everyone on MN is very neg about uni students working, but tbh, having worked in a RG uni myself in a humanities department, work experience was vital once those students graduated.

lougle · 19/02/2017 13:45

I think you either need to live in or look at train costs and see if you could turn that in to four hours of protected study time per day. That could work out quite well.

Original poster
QuestionableMouse · 19/02/2017 13:58

I get horribly travel sick on trains so I'd have to find a way around that. I have 15+ years of work experience so again, for the most part I'm not too worried about that either. Of course if I could find a job that would give me work experience in the relevant area, I'd grab it with both hands.

OP posts:
ifyoulikepinacolada · 19/02/2017 14:06

Oh god if uni's a two hour drive away then move out!

ImportSave · 19/02/2017 14:12

I'd really consider the cheaper building and then finding parking on top of that. I can't see parking coming to more than the £100 ish a month you'd save.

NetflixandBill · 19/02/2017 14:24

I would avoid buying books wherever possible. Most are available in the library and universities are increasingly using texts that are available as ebooks via their own subscription. Unless its going to be a book you'll use all the time, just use shared copiee

Thecontentedcat · 19/02/2017 15:18

If you are doing English or history then I would definitely work in term time. I know someone who did ft work alongside their humanities degree at an rg uni, the employer was flexible about the hours so they fitted lectures in and then did uni work at evenings and weekends. I appreciate jobs like these are hard to come by but it is possible.

Original poster
QuestionableMouse · 19/02/2017 17:28

The thing is, at my current store I could work round uni. I'm doing it now with college and it's working fine.

I'm just not sure if I want to work in term time, at least for the first year.

OP posts:
LouBlue1507 · 19/02/2017 17:49

Stay at home, take all the finance you can and save as much of it as you can! Handy for a house deposit in the future! Student debt is not like 'regular' debt!