Student finance too big?
Discussion and questions about student financial support arrangements - from government loans and grants to university bursaries. Please use the main Money & Finance forum for more general financial topics.
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Student finance too big?I just got my letter through the post notifying me on how much I'm eligible for in both grants and student loan and it's 9 grand for the course costs and £9.165 for the grants and maintenance loan. Is this far too much and should I ring concerning to have less? I just don't understand how they expect me to pay it all back (18 grand just after the first year in debt).
Should I keep with the 9 grand in loans and grants or tell them to make it smaller? Will I become overdraft with this amount of debt? (I plan to travel after university around the world so I can't get overdraft). -
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Re: Student finance too big?Im not sure if its a mistake or not but its not really debt because of the repayment scheme, so dont worry about being in debt, save up all the money you can for your traveling year and the repayment scheme means that it is quite likely that you wont ever pay anything like the full amount back
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This is right, repayments shouldn't be a big worry as their size depends on your income not on the amount you owe. You are less likely to have to use an overdraft if you have more loan and grant.(Original post by 05sykesd)
Im not sure if its a mistake or not but its not really debt because of the repayment scheme, so dont worry about being in debt, save up all the money you can for your traveling year and the repayment scheme means that it is quite likely that you wont ever pay anything like the full amount back
However, if it seems you have more than other people it may be worth ringing them to check you've not accidentally been given more because if you have then they can ask you to repay any excess straight away.
Xxx
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Re: Student finance too big?Nope, I've spoken to them loads of times about what I've been eligible for and it's to do with a range of factors (my mum's income, her being single and divorced, no contact with my dad and her not going to uni) so this sum is correct. This also includes the full grant from the university, I also get accommodation at half price and another grand put in I think which I don't have to pay back.(Original post by kpwxx)
This is right, repayments shouldn't be a big worry as their size depends on your income not on the amount you owe. You are less likely to have to use an overdraft if you have more loan and grant.
However, if it seems you have more than other people it may be worth ringing them to check you've not accidentally been given more because if you have then they can ask you to repay any excess straight away.
Xxx
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So should I keep it and put some money aside for travelling after university? -
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Re: Student finance too big?If the £9000 ish is a loan + grant from student finance + grant from university then i cant see a problem, if you consider all of those then many people getting full support will be getting £9000+ i will also get full support and so im putting some aside for after uni because i cant see myself spending so much money every year
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Re: Student finance too big?Fair point. I never thought of that.(Original post by 05sykesd)
If the £9000 ish is a loan + grant from student finance + grant from university then i cant see a problem, if you consider all of those then many people getting full support will be getting £9000+ i will also get full support and so im putting some aside for after uni because i cant see myself spending so much money every year -
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I agree with 05sykesd, I personally would put some aside for after uni, for a deposit on a house or money in case of hard times or something, if you don't need it all at uni. I'd do this at the start, work yourself out a budget and put the excess in to a savings account to avoid temptation... It's very easy to say 'I'll just use a bit of the money, it won't hurt' and get carried away. But of course this is just what I'd do, you can do whatever suits your situation really(Original post by SugarPuddle)
Nope, I've spoken to them loads of times about what I've been eligible for and it's to do with a range of factors (my mum's income, her being single and divorced, no contact with my dad and her not going to uni) so this sum is correct. This also includes the full grant from the university, I also get accommodation at half price and another grand put in I think which I don't have to pay back.
So should I keep it and put some money aside for travelling after university?
.
Xxx
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Also bear in mind you don't pay back GRANTS only the loans.... So tuition fee loan and maintenance loan. If you have had a maintenance grant and a grant from the uni these wont be repayable anyway. So as others advise take the lot, use as much as you NEED and put the rest away :-)
This was posted from The Student Room's Android App on my GT-I9100
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