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Current Time:
04:47:22 GMT on 11 March 2010
How to Enrol: Money to Study
Financial Help
Student Loans
Most students at Barking and Dagenham College are not eligible for a government student loan because they are for students in higher education and most of our courses are of further education. Some students are eligible, though, such as the HND Modelmaking students. HE students need to apply to their Local LEA to be assessed for tuition fees and loan entitlement.
For further information on financial assistance to support your learning please visit The Adult Learning Website or contact 0800 100 900.
Bank Overdraft
A number of the major banks offer interest free overdrafts, either automatically or upon request, of up to around £400. Some banks are only offering interest free overdrafts for the first year of study. Check out which one your bank offers. If you go over the overdraft limit with or without authorization, you will undoubtedly be charged interest for doing so and banks usually add on a number of points over the basic bank rate as a punitive measure in these circumstances. It might be an idea to regard your bank overdraft as a financial cushion against difficulties you will encounter during the academic year, rather than an automatic right to an extra £400 of credit in the first term you are here. Overdrafts are useful and are sometimes necessary, but don't use them unless you have to.
Budgeting Money and Debt
It is easy to get into debt and hard to get out of it. See the Student Services Citizen's Advice Bureau for money advice.
Maximize your Income
This might involve getting a part-time job or holiday work. The Vocational Guidance Officer or the Careers Office in the foyer will help. You may apply to the Learner Support Fund or Access Fund. You may apply to trusts. You may have to sell assets.
Essential Outgoings
You need to work out your essential outgoings. Student Services can give an Income / Expenditure Calculation sheet, if that would help. You list should include the following:
Accommodation, food, heating, travelling, community charge, clothes, books, equipment and leisure.
When you have totalled it up, compare it with your income and see how it looks. You may have to cut back on clothes and presents until you are sure you can afford them.
You will need books and equipment for your course but it is probably worth checking with students who have already done the course which books and equipment are the most important to have. Put a notice up and try to get them second-hand (you can add a notice on the Student Intranet). Travel costs can be really worrying. Put a card up or a message on the Student Intranet to see if you can get or give a lift to someone and share costs.
Try to stick to a budget.
Priority Debts
Priority debts involve paying your rent rather than paying a telephone bill - what's the point of having a phone connected if you have no home to live in? The College Adviser can advise on particular ways of approaching such problems as can the Citizen's Advice Bureau.
Secondary Debts
These will include such things as credit card debt and the like. It is sometimes possible if you send a creditor a detailed breakdown of your income and expenditure that they may agree to freeze the interest on your credit card until a future date and reduce payments. Do seek help with this from the College Adviser or the Citizen's advice Bureau.
Ignoring Debt
The ostrich approach or disappearing.
It is tempting to put off dealing with what seems like problems with no solutions, or to put off unpleasant decisions, but please come and talk over financial problems and do not pack up and disappear without giving the College Counsellor a chance to help.
