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Additional Funding?

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  • Additional Funding?

    Before I took on my cadetship I completed a degree and therefore I'm not eligible for a student loan. I was wondering if any others have taken on any additional funding to help them along with their cadetship? I was looking in to a personal career and development loan but I'm unsure whether a cadetship would qualify for the award. Any experiences of others would be brilliant.

  • #2
    You'll survive without, it depends on who you get sponsored by as to whether you'll survive comfortably or scrape by. But you will survive. It's very tight to begin with as you have to pay halls fees up front, generally before you get any money from your sponsor, (unless your sponsor covers your halls fees separately) And phase 1 will be spent recovering from that hit. When you go to sea though, you have very little to spend out on, so play it sensible and save! Some companies pay less when you're at sea, but most of them don't AFAIK. What it comes down to is if you are used to living without thinking about money and spending it on fancy things like lots of nights out, computers, cars and "stuff" then, yes you are going to have to adjust your lifestyle. If you've never had two farthings to rub together or just live as if you have deep pockets and short arms, then it's not going to be a shock. At the end of the day, it's three years of student living and then you get the apy off. Personally I'm reeling in delight at the amount of money I now have in my bank account after my first contract and am attempting to blow some of it on a party, while furtively squirreling away a few grand at the same time!


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    • #3
      It really isnt needed unles you have some fixed overheads that you have to keep paying aswell, i.e. car loan, the first month is the hardest, as has been said, if you can try to save some cash up over the summer, and look at a cerdit card, i used one to pay my halls fee at the start of the month and then paid the card off at the end of the month when i had been paid, means that to start you really only need the 'spending' money (lunches books beer).

      That said be careful of building up debt althugh the sea phase will help and every other term is easier.
      you can take it with a pinch of salt, but i prefer it with a nip of whisky