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notes from a small island

curiouswombat in whirlybirds

Money, Money Money...

I wonder if the current credit squeeze on both sides of the Atlantic will make finances for our students harder?

Petzi sent me this link to do with student finance in the USA.

One British bank (HSBC) has already stopped giving interest-free over-drafts to students - I don't know about any of the others.

I have heard a rumour, unsubstaniated but from an ex-teacher, that our own I-o-M government might be going to means-test its payment of student fees in future.

::waits hopefully for daughter to get job in future to keep me in a manner to which I would like to be accustomed, after all this pay-out for her education...!::


F is entitled to about £4,750, I think. Not actually enough to pay her rent for the year. Beyond that there's an overdraft - she's with HSBC! Then there's the £3,000 top-up, which is now higher than that as it's allowed to go up at the rate of inflation. So her government-underwritten loans add up to around £8,000 a year, crudely-speaking. We pay her rent and she more or less manages to live on the loan and what she earns waitressing once or twice a week. Her total debt when she leaves university will thus be in the vicinty of £24,000, not counting overdraft or any money we can find to help out. It makes me very cross.
I thought it must be about that much - that's something like our maximum grant and the amount that we have to promise to make their living expenses up to to get their fees paid.

We have £5,400 covenanted to her every year ( basically the max we are allowed) and she actually gets more like £7,500 a year from us in total, plus whatever she earns herself, and last year she also got a tax credit of about £400 - to her great joy! As her fees are paid, so far she is on course for not owing anything at the end of her BA, unless she gets an overdraft during the second half of it. Which, she recognises, makes her a very unusual student.

January 2013



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