For context I will get a £4500 a year maintenance loan which will barley cover rent. Moving away would give me independence and a better social life however I’d graduate with no savings, more debt and in a worse position financially. I have a decent uni close by that I could commute to but it would be hard to make friends with not living at uni. I want to set myself up financially but also want to enjoy my youth, any advice would be greatly appreciated
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Personally with the current fees I would avoid uni unless you’re going for something that needs a degree like medicine. Instead move to a big studenty city and get a job temping or an apprenticeship. The current fees don’t make sense unless you’re sure you’re going to use your degree.
Fees are fine, you don’t pay till you earn ‘X’ it’s not just the money both my girls grew up into all round adults because they left home and went, and passed uni, do it as long as the subject is your passion
Student debt isn’t like real debt. They won’t come and take your car or house because you can’t pay it, it effectively just become a tax and a certain part of your income is taken every month.
I’d strongly consider moving out, for all the reasons you mention. Yes your loan will be a bit bigger, but you’ll also learn an awful lot of life and social stuff you just won’t get at home, and I’d imagine have much more fun.
The best way to set yourself up financially is to do well in your studies and choose a degree with strong future earning potential. An extra 9k of “debt” really isn’t that bad if it sets you up for a career where you could realistically be earning 10x that in a decade.
Couldn’t agree more, get a degree in a worthwhile subject you enjoy, it will pay off ten fold over your working life
You will still be able to make friends with people on your courses, and in clubs and societies you join, as long as your commuting arrangements let you stay at uni into the evening. You’ll just miss out on the ‘hall kitchen’ experience, although that might not have been so great anyway.
Serious question, what about getting a job? Me and all my friends worked all through uni because we didn’t get any financing apart from tuition fees.
Had a similar experience, I think the majority of uni students do struggle financially, but I really had no spare money to do anything fun my friends were doing and it really affected my uni experience and I got quite depressed over it.
But I wouldn’t worry too much about the debt and savings situation!
My angle on this would be that you should either go and do the full experience (which means paid work either full time in the holidays or part time all year), or sign up with the Open University and do your degree more slowly around a full time job and living at home. Commuting from home is the worst of both worlds.
Either way, get a job and do not rely on the loan. It’s not supposed to cover all your costs, just to bridge the gap between what your costs are and what you can sensibly earn whilst studying.
Best of luck whatever you decide.
I recommend staying home. There are a few reasons why
1) you have peace of mind when it comes to food and shelter
2) you likely wont have to pay rent
3) you have your parents’ support
3.1) your parents can wake you up if you ever sleep late
3.2) your parents can help you if you ever fall ill
3.3) your parents can help you if you need anything
4) adapting to a new place isn’t easy so staying home will remove that stress
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ultimately it is up to you to make the final decision whether to move out or not. I suggest you discuss this with your parents and friends and an advisor as they will be able to give you a better idea