Student Finance Maintenance Loan More Than Expected

So I just received a letter in the post from Student Finance England to tell me that my application has been approved and to sign the attached declaration, but my maintenance loan seems to be much more than I was expecting, have they recently changed the criteria for awarding loans?
The total they want to pay me is £10,815 and I will be studying away from home in London. My parents earn approximately £50,000 pre-tax.
This seems to be the maximum amount that Student Finance will ever give out and using the Student Finance Calculator, my estimated total comes out at about £7,700 as I do not receive any other benefits and am not a carer for anyone. A massive difference haha.

Don't get me wrong, I am more than happy with this huge loan that will definitely make life easier living in London, but any thoughts on this?
I know that Imperial College (the university I'm going to) are offering larger bursaries this year but that would't be included in the amount that Student Finance have said they'll pay me, would it?

Reply 1

LiquidGold

19

Do you live with both your parents? Because it is only done on household income.
Also did you parents earn significantly less in 2014-2015 than they do now? Because it isn't based on current income but the income for that specific tax year.

If you can't work out the reason and you're sure it's wrong then definitely contact student finance about it. They will most likely realise at some point that you have been given the wrong amount and they will make you pay it back.

(edited 7 years ago)

Reply 2

galacticfan

OP

3

Original post by LiquidGold

Do you live with both your parents? Because it is only done on household income.
Also did you parents earn significantly less in 2014-2015 than they do now? Because it isn't based on current income but the income for that specific tax year.

If you can't work out the reason and you're sure it's wrong then definitely contact student finance about it. They will most likely realise at some point that you have been given the wrong amount and they will make you pay it back.

I do live with both of my parents at the moment but I will be living by myself once I start studying. My parents were probably earning slightly more last year if anything, they still need to send of a change of circumstance form to say that they're now earning less.
I will definitely have to give them a call tomorrow and see what they say.