Going into College - Finance Help

J_E

Hey, I'm a 6th year student hoping to get into a 4 year undergraduate course in Limerick. I've never had to plan out finances before and the thought of student loans worries me. I've been into AIB and inquired about it, and they basically told me that I should tell them what I need, but the problem is, I'm not really sure how to plan out 4 years. Chances are I won't have as much time for a job from the second year onwards so I'll be relying on loan money and a little help from parents to get me through, and I'm worried the grant money won't come through for half the year so I'll have to substitute loan money for that. What are average living costs for a student? I thought of getting a 20k loan for the four years and drawing it down in bits, then try to pay it back over the Summer, but now I'm worried 20k is overkill. I'm just confused about all of this really :S

Another question: If I apply for a grant and they accept me, but the money doesn't come through for a long time, am I still entitled to free fees?

RoyalMarine

right, IF you get accepted for the grant, then they will issue you with a letter saying that you have been awarded it, and you bring this to the college, and they wont charge you fee's. the VEC office pay the fee's directly to the college, so you dont have to.

are you living away from home?

rent usually comes to about 70 a week for students (some places are cheaper, some more expensive, but its about the standard i think)
bills come to about 15-20 a week, this includes broadband, esb, heating, phone etc etc.
food. a lot of people argue this can be done cheap, but some say its not healthy to skimp on decent food.
I budget 40 a week for food.

so all in all, my total expenses for the week are €130 a week.
this does not cover social activities, car, travel home on bus etc.

J_E

I will be living away from home. I'm going to be on-campus for the first year, so I'll have to pay about 3200 up front, which I will probably pay through my loan. I'm probably panicking a bit too much, but I'm just scared I'll either end up with no money left or I'll take out too much and end up not being able to repay it when I start working after college.

- bo -

I've been going on the lowest budget I possibly can for the past 3 years, one more year to go. I'm in Athlone IT.

About accommodation, if you're worried about costs then I'd try out a house-share for the first year and see how that works out. I was lucky enough to have made 2 mates from a previous PLC course so I was sorted for housemates. Since first year we've paid an average of around €55 each per week, say €2200 per year. That's around a grand saved on accommodation. Try online and stuff to find yourself housemates, and when you're done with first year I'm sure you'll have met friends who would share a place the year after, that's the way it worked with lots of people in my course.

Electricity would usually come to about €20 per month each when split between 3 of us. Heating varies obviously since you'd use different amount throughout the year depending on weather, but costs can be kept down by using it sparingly and not going overboard. Corrib Oil and maybe some others do 10 or 15% studet discounts.

Food, I can get by on €30 per week. I buy different packs of meat in Tesco with different veg and a bag of potatoes, the odd cheap pizza. Plan for the week ahead what meal you'll have each evening. I buy a few rolls or a baguette or a sliced pan and make salad rolls for lunch.

o2 do student mobile broadband which is a nifty little thing, I took out a contract a few months ago. €10 direct debit per month for 10gb which is plenty, sorts me out for doing research and stuff at home.

Rent €220 + Electricity €20 + Food €120 + Internet €10 = €370 a month which would do me for those 4 basics anyways, add on your heating and then little things like bins and that, economising my friend...

Masala

As a matter of interest....how difficult is it for Students to get a Bank Loan in their own rite to be paid back when they start earning???