[NStocks]

I will be getting the maintenance grant of £2,906 when I send off the declaration.


The Loan is written as follows :

Basic Loan ( non income assessed) £2763.00
Plus loan subject to income assessment £1075.00
Less Loan substituted for grant £1453.00
Less assessed contribution for living costs £0.00
Maximum loan available £2385.00
Loan requested £0.00
Loan to be paid £0.00

Does this mean that I get get a maximum loan of £2385.00, which is what I will need to pay back ?

If I take out this loan only, do I ONLY pay when I earn £15,000 or more a year. Say if I don't earn that amount until 5 years time, will I have the interest of 5 years to pay on top of the £2385.00? Can I voluntarily pay some of the money off ?

I will probably earn £60/week when they cut my hours down, I have car insurance to pay for, clothes, a trip to europe with the Uni plus traveling costs... I think it will be hard to live off approx... £60 a week. Should I just try and get buy on my wage, or even take out a natwest student account for it's over daft ? Do I really need to get a loan if I will just get by, to eliminate the debt I will be getting myself into ( though it's normal for student )

Thanks for any advice.

[Crazy_Moo129]

Originally Posted by NStocks

I will be getting the maintenance grant of £2,906 when I send off the declaration.


The Loan is written as follows :

Basic Loan ( non income assessed) £2763.00
Plus loan subject to income assessment £1075.00
Less Loan substituted for grant £1453.00
Less assessed contribution for living costs £0.00
Maximum loan available £2385.00
Loan requested £0.00
Loan to be paid £0.00

Does this mean that I get get a maximum loan of £2385.00, which is what I will need to pay back ?

If I take out this loan only, do I ONLY pay when I earn £15,000 or more a year. Say if I don't earn that amount until 5 years time, will I have the interest of 5 years to pay on top of the £2385.00? Can I voluntarily pay some of the money off ?

I will probably earn £60/week when they cut my hours down, I have car insurance to pay for, clothes, a trip to europe with the Uni plus traveling costs... I think it will be hard to live off approx... £60 a week. Should I just try and get buy on my wage, or even take out a natwest student account for it's over daft ? Do I really need to get a loan if I will just get by, to eliminate the debt I will be getting myself into ( though it's normal for student )

Thanks for any advice.

You wont get any loan, because you didn't ask for it. the "Loan to be paid - £0" says that.

I'm in the same position as you, and i have taken out the maximum loan available to me, that will go into a high interest ISA - you don't need to spend it!

The interest is on your total loan - this year it's 0% next year, it might be 1% so you pay 1% on this years AND next years total (it's still not alot)

As for paying it back. You can pay back as much as you like voluntarily. You'll pay 9% of your income when you earn over £15,000

Eg, if you earn £20,000 you'll pay 9% of £5000

[NStocks]

Originally Posted by Crazy_Moo129

You wont get any loan, because you didn't ask for it. the "Loan to be paid - £0" says that.

I'm in the same position as you, and i have taken out the maximum loan available to me, that will go into a high interest ISA - you don't need to spend it!

The interest is on your total loan - this year it's 0% next year, it might be 1% so you pay 1% on this years AND next years total (it's still not alot)

As for paying it back. You can pay back as much as you like voluntarily. You'll pay 9% of your income when you earn over £15,000

Eg, if you earn £20,000 you'll pay 9% of £5000

Well that sound a little ' better' I have a second form that enables me to request the loan... Should I just get £2k and that way I won't be for struggling in anyway. Do I apply for the loan each year and does this affect my bursary or anything else ?

EDIT: Does this mean anything http://www.slc.co.uk/statistics/prev...est_rates.html. Do I pay interest based on that at all too ?

[Crazy_Moo129]

Originally Posted by NStocks

Well that sound a little ' better' I have a second form that enables me to request the loan... Should I just get £2k and that way I won't be for struggling in anyway. Do I apply for the loan each year and does this affect my bursary or anything else ?

The Bursary is paid directly from the university. if you're receiving the full Grant, the uni will have to give you at least £319 ... although it's probably alot more. You have to renew the loan and grant details, but it's much easier than the first year! (and alot quicker)

I found this website very helpful... http://www.moneysavingexpert.com/health/student-loans

Debt isn't bad... bad debt is bad...

You don't have to spend the loan, but you'll never get this good a loan again, so i'd reccommend the whole lot, stick the rest in a high interest ISA and you'll be making money.

I'm nowhere near spending my entire loan i have about £1500 of my loan left over each year, and as my course is 4 years, by the time i get to year 4, i'll have £4500 and wont need another loan in the 4th year

Ofcourse it's completely up to you

[Crazy_Moo129]

Originally Posted by NStocks

EDIT: Does this mean anything http://www.slc.co.uk/statistics/prev...est_rates.html. Do I pay interest based on that at all too ?

Not really, have a look at this one instead http://www.studentloanrepayment.co.u..._schema=PORTAL

This year, the interst is 0%, for sake of argument, lets say you have a £5000 loan. They'll be NO interest this year so you'll still only have £5000 debt.

Next year, the interest rate might increase to 1%. That's 1% of the TOTAL (2 years of £5000) so the total interest you'll pay in 2 whole years, is only £100

[NStocks]

Thanks you both for your help. I've decided to get the full amount. I've alway been good with money and I know such a opportunity won't come again so I may as well protect myself and have a good ' time' rather then worrying about my finance all the time.

Thank You

( Do you know when the loans are payed to us ? )

[Crazy_Moo129]

Normally the first day of each term. roughly a third each time. good luck!

[NStocks]

Would it be a good idea to have it payed to the same account as my Maintenance grant, then transfer say 90% of it to a existing ISA or similar...

[Crazy_Moo129]

I don't think it really matters, it's probably best to keep it separate though, otherwise you probably will end up spending it

[hypocriticaljap]

Mythbuster no.1
You probably won't start paying off your loan on a salary of £15K. You won't even be serving the interest until you're earning a few £K more than that.

[NStocks]

My COurse ( Architecture) is in 3 parts. The first part is 3 years, with a gap year for real-life experience. The second part is 2 years and the last part is 1 year. Will I start to pay after the 3rd year, or when I actually get the Degree ( 7 years )

Thanks