24hoursfromtulsehill Posted August 20, 2012 Share Posted August 20, 2012 I'm trawling for information. The niece passed her A-levels and is off to university. No one knows how this happened. She's doing a three-year degree in Leeds. She'll get the full maintenance loan of £5,500, of which she'll spend about £4,800 on accommodation. This is scary enough, but I guess it's the way of the world. My question is this: how much of a bank overdraft do students leave university with? £15,000? £10,000? How much of a hole can she expect to be in come graduation? No one seems to want to talk about this on the internet, which itself is quite weird. Quote Link to comment Share on other sites More sharing options...
maddog Posted August 20, 2012 Share Posted August 20, 2012 Have the first cohort (since tuition fees rocketed) left yet? I'm sure it's not 3 years since - that might be why it's not on tinternet - nobody knows yet? Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted August 20, 2012 Author Share Posted August 20, 2012 Have the first cohort (since tuition fees rocketed) left yet? I'm sure it's not 3 years since - that might be why it's not on tinternet - nobody knows yet? A £3,000-a-year tuition fee debt is the same for these purposes as a £9,000 tuition fee debt - it's a debt with Student Finance. I was after an idea of the amount of bank overdraft people end up with arising purely from living expenses. Quote Link to comment Share on other sites More sharing options...
DmightyLatics Posted August 20, 2012 Share Posted August 20, 2012 A £3,000-a-year tuition fee debt is the same for these purposes as a £9,000 tuition fee debt - it's a debt with Student Finance. I was after an idea of the amount of bank overdraft people end up with arising purely from living expenses. She could look at getting a student bank account. I currently have one (I'm second year at Manchester) which gives me an interest free £500 overdraft. Has she applied for the maintenance grant to help her cover living expenses? This along with the maintenance loan is usually enough to get by. Also uni's have bursary's which are another couple of hundred quid that she won't have to pay back. The only overdraft she'll have with the bank is one that she's agreed on with the bank. At the minute I'm guessing by the time I leave uni I won't have a bank overdraft I'll just owe money to Student Finance. Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted August 20, 2012 Author Share Posted August 20, 2012 She could look at getting a student bank account. I currently have one (I'm second year at Manchester) which gives me an interest free £500 overdraft. Has she applied for the maintenance grant to help her cover living expenses? This along with the maintenance loan is usually enough to get by. Also uni's have bursary's which are another couple of hundred quid that she won't have to pay back. The only overdraft she'll have with the bank is one that she's agreed on with the bank. At the minute I'm guessing by the time I leave uni I won't have a bank overdraft I'll just owe money to Student Finance. Cheers pal. Does this mean a grant is in addition to a loan? My thinking was that the full maintenance amount of £5,500 would be made up of some grant and some loan. She's definitely entitled to a bursary too, which should help. Thanks again. Quote Link to comment Share on other sites More sharing options...
Stevie_J Posted August 20, 2012 Share Posted August 20, 2012 Coop bank do a student account with a 0% overdraft of £1,400 in 1st year; £1,700 in the 2nd; and £2,000 in the 3rd. I can't see any bank allowing a £10-15k overdraft for a student! Quote Link to comment Share on other sites More sharing options...
opinions4u Posted August 20, 2012 Share Posted August 20, 2012 (edited) Typical end of course overdrafts end up at around £3k. Alongside shed loads of other debt. The part time bar job has a double benefit: (1) An income. (2) No time to spend it recklessly. If she has minimal contents, it's possible that parents can cover essentials on their own contents insurance policy. Good luck to her! I got a place at Leeds but didn't go for a plethora of complex reasons that I won't bore you with. Edited August 20, 2012 by opinions4u Quote Link to comment Share on other sites More sharing options...
Ackey Posted August 20, 2012 Share Posted August 20, 2012 She getting a job? That'll help! Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted August 20, 2012 Author Share Posted August 20, 2012 Leeds Met or Leeds? Leeds. No one knows how. Cheers for all that info and advice - much appreciated. I've read so much BS on this in the last few days it's unbelievable. (BS of the we'll-tell-you-everything-apart-from-what-you-need-to-know type.) For instance, I made the £10,000 assumption on the basis that hall fees are almost the total of the grant/loan amount. What are you meant to pay for food with? Clothing? Paper, pens, books? The plan is this: she takes the maximum overdraft for the first year, given the extortionate hall fees, which are among the cheapest available at Leeds. She works in the holidays to pay off said overdraft, hopefully starting years 2 and 3 on zero or thereabouts. £5,000 is the maximum tolerable overdraft after three years. It's more tolerable if it's interest free for a further year after graduation. She's tight as a gnat's chuff so she should be able to manage. They don't make it easy though do they? Plus the £27,000 loan for tuition. Plus whatever you loan for your maintenance, which is a maximum of £16,500. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted August 20, 2012 Share Posted August 20, 2012 It's more tolerable if it's interest free for a further year after graduation. She should shop around for bank accounts. Not just "who'll give me the biggest overdraft?". But what happens at the end of the course. Is an extra year interest free better than a graduate account that gives you three years of low interest post-graduation? Depends on when you intend to be out of overdraft I suppose. Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted August 20, 2012 Author Share Posted August 20, 2012 She should shop around for bank accounts. Not just "who'll give me the biggest overdraft?". But what happens at the end of the course. Is an extra year interest free better than a graduate account that gives you three years of low interest post-graduation? Depends on when you intend to be out of overdraft I suppose. Absolutely. One thing she'll have to learn is how to shop around for financial products. Banks tend to look after students and graduates on the assumption that they are mortgage customers of the future. This assumption is shaky, but they seem to be sticking to it. Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted August 20, 2012 Author Share Posted August 20, 2012 ...thanks again Hallam. It'll be interesting to see how the lecturers and tutors and what-not respond to this challenge. Their view is that they get paid not that much, and work primarily on their own research. For many, teaching is an aside. The students coughing up £9,000 might not see things that way. For many students, it will be their first time paying for education, and their expectations will be high. It's a case of people paying through the nose for a service from people who don't really see themselves as providing a service. Should be interesting. I imagine (or fantasise) a massive student revolt, burning senate houses and halls of residence, and lynched lecturers. Quote Link to comment Share on other sites More sharing options...
Stevie_J Posted August 20, 2012 Share Posted August 20, 2012 ...thanks again Hallam. It'll be interesting to see how the lecturers and tutors and what-not respond to this challenge. Their view is that they get paid not that much, and work primarily on their own research. For many, teaching is an aside. The students coughing up £9,000 might not see things that way. For many students, it will be their first time paying for education, and their expectations will be high. It's a case of people paying through the nose for a service from people who don't really see themselves as providing a service. Should be interesting. I imagine (or fantasise) a massive student revolt, burning senate houses and halls of residence, and lynched lecturers. Based on my experience, I can't really agree with the bit in bold. However, you make a good point that the fees involved really change the student/institution dynamic, with students expecting something decent in return for their significant investment. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted August 20, 2012 Share Posted August 20, 2012 To be honest I never even looked at it just had a halifax account with savings and didnt ever plan using an overdraft so just took out an easy option re account didnt know about the £3000. Some of friends up to £4000 within 6 months. One girl whos parents are mega rich it must be said was up to £12,000 without a question. However I dont know a fellow student who looked beyond finishing Uni and certainly wouldnt entertain low % rates as not in experience at 18 and to a starter a bloody long way off. The need is is in the here and now. Its only when you hit the final year you even think about it. Halifax clobber you for £3 a day (or they will soon) if you have a chunky overdraft. If you don't, they'll give you a fiver a month for paying a wage in. A positive attitude to repaying (or never having) an overdraft can save a hell of a lot post-graduation. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted August 20, 2012 Share Posted August 20, 2012 ...thanks again Hallam. It'll be interesting to see how the lecturers and tutors and what-not respond to this challenge. Their view is that they get paid not that much, and work primarily on their own research. For many, teaching is an aside. The students coughing up £9,000 might not see things that way. For many students, it will be their first time paying for education, and their expectations will be high. It's a case of people paying through the nose for a service from people who don't really see themselves as providing a service. Should be interesting. I imagine (or fantasise) a massive student revolt, burning senate houses and halls of residence, and lynched lecturers. If your a student at a research intensive University, you will benefit from the reputation that such a University has i.e. the cutting edge research helps to shape your education and it looks better on your CV. Quote Link to comment Share on other sites More sharing options...
rudemedic Posted August 21, 2012 Share Posted August 21, 2012 Its the balance like anything else its just a bit frustrating when lecturers make it obvious they want to be elsewhere. Jims spot on and will certainly be true in areas where unis have big reputations like Manchester with Architecture courses. Medicine like Imperial College. Massive advantage on job front. Imperial College's reputation for medicine is over-inflated nonsense and rumour has it, is about to go pop. They don't do well in jobs either. Engineering at Imperial has a well-deserved excellent reputation, however. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted August 21, 2012 Share Posted August 21, 2012 I wouldn’t see the tuition fee issue as a student Vs lecturer thing. The idea that Universities are making money out of the fee increase is wrong. The main reason why there is an increase in the fees is to counteract the drop in government grant. Most Universities don’t like the increase but many don’t wish to price at a lower level than the £9k for fear it may devalue the perceived value of the degree. However, I believe that in many cases, students from poorer backgrounds will not have to pay the headline £9k fees in full or at all, though I believe its dealt with on a case by case background and each Uni has a different plan. I do agree about the dum lecturers though. Manchester, which has a big reputation, also has poor levels of student satisfaction. At institution level its putting a lot of effort into improving standards, but you would be surprised by some of the stories that you hear re. dumbass lecturers. Though if you do want a free iPad, become a medical student!!! Quote Link to comment Share on other sites More sharing options...
rudemedic Posted August 21, 2012 Share Posted August 21, 2012 I wouldn’t see the tuition fee issue as a student Vs lecturer thing. The idea that Universities are making money out of the fee increase is wrong. The main reason why there is an increase in the fees is to counteract the drop in government grant. Most Universities don’t like the increase but many don’t wish to price at a lower level than the £9k for fear it may devalue the perceived value of the degree. However, I believe that in many cases, students from poorer backgrounds will not have to pay the headline £9k fees in full or at all, though I believe its dealt with on a case by case background and each Uni has a different plan. I do agree about the dum lecturers though. Manchester, which has a big reputation, also has poor levels of student satisfaction. At institution level its putting a lot of effort into improving standards, but you would be surprised by some of the stories that you hear re. dumbass lecturers. Though if you do want a free iPad, become a medical student!!! The free I-Pad thing for medical students at Manchester is stopping I think. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted August 21, 2012 Share Posted August 21, 2012 Imperial College's reputation for medicine is over-inflated nonsense and rumour has it, is about to go pop. They don't do well in jobs either. Engineering at Imperial has a well-deserved excellent reputation, however. Still high in the tables though for medicine. I think you might mean the Imperial College NHS Trust being in a bad way financially, the Uni I believe is doing fine. Quote Link to comment Share on other sites More sharing options...
rudemedic Posted August 21, 2012 Share Posted August 21, 2012 Still high in the tables though for medicine. I think you might mean the Imperial College NHS Trust being in a bad way financially, the Uni I believe is doing fine. No I meant what I said. Don't believe what you read in tables- they don't cover everything. Quote Link to comment Share on other sites More sharing options...
Stevie_J Posted August 21, 2012 Share Posted August 21, 2012 No I meant what I said. Don't believe what you read in tables- they don't cover everything. Did you study there? Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted August 21, 2012 Share Posted August 21, 2012 No I meant what I said. Don't believe what you read in tables- they don't cover everything. The Uni? Last year they made a decent surplus so unless something really has gone to pot????? Ipad's - Nope, have been deemed quite the success and are carrying on with it. Quote Link to comment Share on other sites More sharing options...
rudemedic Posted August 21, 2012 Share Posted August 21, 2012 Did you study there? No, but I've seen proper research that shows in the first post-graduate exams Imperial graduates are in the bottom third for pass rate. Quote Link to comment Share on other sites More sharing options...
Stevie_J Posted August 21, 2012 Share Posted August 21, 2012 No, but I've seen proper research that shows in the first post-graduate exams Imperial graduates are in the bottom third for pass rate. Didn't think so. Quote Link to comment Share on other sites More sharing options...
leeslover Posted August 21, 2012 Share Posted August 21, 2012 Universities always have been there to do research for. Now for good or ill they are becoming more about teaching (old debate about over-expansion) but I hope it doesn't mean some internationally renowned bloke having to put his scalpel or books down to have to go stand in front of a load of bored 1st years for half their week. It's not like they all make the best lecturers anyway, I would as soon be taught basic economics by a PHD student as by a 50 year old who hasn't genuinely thought about that :censored: for decades. As Tulsehill's niece, the are plenty of opportunities to make money in Leeds via torture, extortion, murder, arson etc. Quote Link to comment Share on other sites More sharing options...
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