Petition for student funding to be paid monthly

[RobHawk]

A petition was released today by the National Association of Student Money Advisers to change student funding payments to monthly rather termly.

 

Please sign the petition at http://epetitions.direct.gov.uk/petitions/55629

 

For more info read my blog at wp.me/p3YSNk-1P 

 

If you want to get behind the campaign further please spread this to family and friends etc. If using twitter please use #paystudentsmonthly

 

Thought it may be something of interest whilst also plugging the fact its something im involved with.

[The Year Of The Fox]

Well, here's something new, I actually agree with a student and something they're petitioning against

 

It seems a very dated method of financing. I certainly wouldn't enjoy getting my annual salary in 3 lump sums Bloody hell, one heavy weekend and I would've blown it!

 

Signed.

[RobHawk]

Well, here's something new, I actually agree with a student and something they're petitioning against

 

It seems a very dated method of financing. I certainly wouldn't enjoy getting my annual salary in 3 lump sums Bloody hell, one heavy weekend and I would've blown it!

 

Signed.

 

Cheers mate! Not a student myself though! But i am theTreasurer and Welsh coordinator of the charity that set up the petition!     

[MooseBreath]

Isn't the idea that they use it for upfront costs like accommodation, learning materials etc?

[The Year Of The Fox]

Isn't the idea that they use it for upfront costs like accommodation, learning materials etc?

Perfectly plausible if so. Certainly the only way to pay for things with big expense

[RobHawk]

Isn't the idea that they use it for upfront costs like accommodation, learning materials etc?

 

Good question moosey! Most accommodation providers, Uni and private, request termly rent payments as its easier to get the money up front before it gets spent. This could easily be changed if it was paid monthly.

 

In regards to equipment, the NHS currently pay their funding monthly and pay an extra £100 in the first installment for this reason! A similar approach could easily be adopted!

[Fox92]

I don't hate getting my student loan termly, and although monthly does seem a good idea, I can see some people just getting into more trouble. 

[Xen]

What are the benefits of this? The only one I can think of is that it stops students from going all-out and spending it all in one go, but the vast majority of other students I know were sensible enough to realise it had to last them a few months. And for those who didn't, it's a lesson they learnt and won't/didn't make the same mistake twice.

 

It's needed for upfront costs and most University Halls charge accommodation fees in lump sums, so it's fine as it is. 

[RobHawk]

What are the benefits of this? The only one I can think of is that it stops students from going all-out and spending it all in one go, but the vast majority of other students I know were sensible enough to realise it had to last them a few months. And for those who didn't, it's a lesson they learnt and won't/didn't make the same mistake twice.

 

It's needed for upfront costs and most University Halls charge accommodation fees in lump sums, so it's fine as it is. 

 Read my blog linked in the OP! there are a number of benefits!

 

Also uni halls charge termly in line with student loans payments. NHS funded students get monthly payments and pay for uni accommodation monthly!

[Guest MattP]

This would have been ideal.

 

Not mentioning any names but spunking 3k in the bookies within a week of getting it was never a great thing to help your educational motivation.

[Leicester Rule!]

Just a bit of discipline required. Keep it termly.

[pSinatra]

Signed.

 

It's got to be a good thing & ties in with how they are likely to be paid for the rest of their working life.

 

I was lucky when I was a student & I was still receiving a grant when I started, which was replaced by the student loan when I graduated - 20 years ago.  There was no such thing as course fees, but I still left university with a lot of debt.

 

At the beginning of each term I would go out & buy myself something nice (my first playstation!!) & would be a mess for a good month.  Then spend the rest of my time living on soup, but still going out & adding to the overdraft.  Enjoy university, but it is about studying.  Looking back, being funded each month would have been a lot healthier & more beneficial to my studies.

[RobHawk]

Just a bit of discipline required. Keep it termly.

 Respect your view but out of interest whats your reasoning for wanting it termly?

 

I only ask because this is due to go national very soon so if i can get some feedback first that would be great!

[Xen]

 Read my blog linked in the OP! there are a number of benefits!

 

Also uni halls charge termly in line with student loans payments. NHS funded students get monthly payments and pay for uni accommodation monthly!

 

Ah okay, fair enough. Skimmed over and didn't see the second link xD

 

Still not convinced it needs changing though. The money-management argument doesn't really convince me - but maybe that's 'cos I've always been careful with my money anyway.. Not sure why it makes much difference being paid every 3/1months either. It's not like you're being paid at the end of each period - you still have to budget for a length of time with certain spending each week. Not too difficult - and when you first move into halls you don't even have bills to pay anyway.

[RobHawk]

Ah okay, fair enough. Skimmed over and didn't see the second link xD

 

Still not convinced it needs changing though. The money-management argument doesn't really convince me - but maybe that's 'cos I've always been careful with my money anyway.. Not sure why it makes much difference being paid every 3/1months either. It's not like you're being paid at the end of each period - you still have to budget for a length of time with certain spending each week. Not too difficult - and when you first move into halls you don't even have bills to pay anyway.

Fair enough mate! I wish more of our students were like you!

[Rincewind]

signed. I have similar concerns about UC but that's another issue.

[Haydos]

Why though? Is this just people saying they don't have the self restraint to budget?

It's like when people moan at the bank because they've gone overdrawn. Look after your money better and stop blaming other people.

[lavrentis]

I'm a student and I am against this.

 

****s sake students are the biggest group of *****. Always moan about how hard their lives are and stress etc

 

get free money and have the balls to moan about how they get it. If they don't know how to spend it, its noone elses fault. Seen it first hand some people need to grow the **** up

[Trumpet]

I'm also a student, going in to my second year. I don't see why they don't just manage their money better? I get x amount a year and divide it by 12, which amazingly gives me a monthly payment to myself.

 

So many students that blow their money know they can fall back on their parents. If they couldn't fall back on their parents, you can bet your bottom dollar they'd budget better.

[lavrentis]

I doubt this will work anyway. I  think letting agencies prefer it the current way, getting their rent in 3 installments. Less risk.

[AKCJ]

When I was a student there I needed to pay rent every term.

 

I'd get paid on the 1st and rent would be due the next day. I assume its similar for most others.

[ousefox]

I'm a student and I am against this.

 

****s sake students are the biggest group of *****. Always moan about how hard their lives are and stress etc

 

get free money and have the balls to moan about how they get it. If they don't know how to spend it, its noone elses fault. Seen it first hand some people need to grow the **** up

 A loan with 6.6% interest last year is free money?

[Mike the Metal Ed]

I'm a student and I am against this.

 

****s sake students are the biggest group of *****. Always moan about how hard their lives are and stress etc

 

get free money and have the balls to moan about how they get it. If they don't know how to spend it, its noone elses fault. Seen it first hand some people need to grow the **** up

 

"Free" money to be repaid at RPI +3%.

[ADK]

Surely it's better to get hold of the money asap. If you really can't budget then just ask your parents to hold some of it for you.

[RobHawk]

Ok just some back ground on this,

I am not a student. I am a student money adviser. I see all the students that don't manage their money well. Thris can often include single parents, vulnerable students with conditions such as autism, students who don't get support from their folks but are assessed for minimum support - the list goes on.

If I told you millions of pounds of tax payers money goes toward student hardship funds it may make this seem a little more real. Every other group in society gets paid monthly, why shouldn't students? This is not students moaning, this is the advisors who see what really happens saying this would make sense! Budgeting would be easier, running out of money a month before your next instalment would not happen! Students would be less likely to blow £3000 in the betting shop when their funding comes through (mattp)!

This is about a system that is inline with the rest of the world, makes sense and ensures they can learn the relevant skills before they get to the workplace. I honestly don't know how this can be viewed so negatively! Your situation may be great and you are able to manage your money but not everybody is in the situation to be able to do that. I'm not suggesting we give them more, just pay it in a way that makes sense! If anything it will save money because hardship fund payments are likely to be reduced.