Student fees/ Finance Questions- Help!
Hi, I was wondering if anyone can help me about this?
I'm applying for uni entry in 2012, and the course fees of the uni I really want to go to are £8500.
Is it possible to pay tuition fees by bank transfer or up front? I am from a low-income household and am currently recieving EMA, but I am lucky that I have a grandparent who covers my schooling costs. I also really don't want to get into debt for most of my life with a student loan.
I think I am eligible for a Maintenance Grant, which would cover my living costs, but is it possible to get one of these without taking out a Maintenance Loan?
I would be really grateful if anyone could give me some answers to these questions
I'm applying for uni entry in 2012, and the course fees of the uni I really want to go to are £8500.
Is it possible to pay tuition fees by bank transfer or up front? I am from a low-income household and am currently recieving EMA, but I am lucky that I have a grandparent who covers my schooling costs. I also really don't want to get into debt for most of my life with a student loan.
I think I am eligible for a Maintenance Grant, which would cover my living costs, but is it possible to get one of these without taking out a Maintenance Loan?
I would be really grateful if anyone could give me some answers to these questions
Firstly, I would advise you to take out the student loan.
If I had £25500 (£8500 x 3 years), I would rather much spend that on something else or save it in a high interest bank account.
Student loans are the cheapest sort of loan you'll ever receive. Don't think of it as debt, but more like an investment. The amount you repay when earning over the threshold will be quite low. Your better off saving the £25K for the future.
You are not eligible for the Maintenance Grant if you do not take out the Maintenance Loan.
If I had £25500 (£8500 x 3 years), I would rather much spend that on something else or save it in a high interest bank account.
Student loans are the cheapest sort of loan you'll ever receive. Don't think of it as debt, but more like an investment. The amount you repay when earning over the threshold will be quite low. Your better off saving the £25K for the future.
You are not eligible for the Maintenance Grant if you do not take out the Maintenance Loan.
Original post by iPhone
Firstly, I would advise you to take out the student loan.
If I had £25500 (£8500 x 3 years), I would rather much spend that on something else or save it in a high interest bank account.
Student loans are the cheapest sort of loan you'll ever receive. Don't think of it as debt, but more like an investment. The amount you repay when earning over the threshold will be quite low. Your better off saving the £25K for the future.
You are not eligible for the Maintenance Grant if you do not take out the Maintenance Loan.
If I had £25500 (£8500 x 3 years), I would rather much spend that on something else or save it in a high interest bank account.
Student loans are the cheapest sort of loan you'll ever receive. Don't think of it as debt, but more like an investment. The amount you repay when earning over the threshold will be quite low. Your better off saving the £25K for the future.
You are not eligible for the Maintenance Grant if you do not take out the Maintenance Loan.
Thanks a lot for your advice and I really value it
The reason why I'm uncertain about the tuition fees loan is that I'm thinking of the future when I'll hopefully be looking at getting a mortgage on a property, and many banks/mortgage companies won't give you a mortgage if you are carrying a large amount of debt of any sort (and I suppose they would include £25500 in this). However I think I would definitely get a maintenance loan now, as the average living costs for a student around around 10k per year and there's no way I can afford anything like that! The money for tuition fees has been put in a special fund especially for my education in the terms of my grandparent's will, so I hope to use it for that. Thanks again Original post by Debbie_xx
Thanks a lot for your advice and I really value it The reason why I'm uncertain about the tuition fees loan is that I'm thinking of the future when I'll hopefully be looking at getting a mortgage on a property, and many banks/mortgage companies won't give you a mortgage if you are carrying a large amount of debt of any sort (and I suppose they would include £25500 in this). However I think I would definitely get a maintenance loan now, as the average living costs for a student around around 10k per year and there's no way I can afford anything like that! The money for tuition fees has been put in a special fund especially for my education in the terms of my grandparent's will, so I hope to use it for that. Thanks again
The reason why I'm uncertain about the tuition fees loan is that I'm thinking of the future when I'll hopefully be looking at getting a mortgage on a property, and many banks/mortgage companies won't give you a mortgage if you are carrying a large amount of debt of any sort (and I suppose they would include £25500 in this). However I think I would definitely get a maintenance loan now, as the average living costs for a student around around 10k per year and there's no way I can afford anything like that! The money for tuition fees has been put in a special fund especially for my education in the terms of my grandparent's will, so I hope to use it for that. Thanks again No problem
Sorry, but that's not true. Having a student loan does not affect your chances of getting a mortgage (all they'll know is you've had a loan). As long as the other factors which they judge are all good, you don't need to worry. Regarding the special fund, surely you can change your mind about what you want to spend the money on?I would personally advise not to pay your tuition fees from your special fund as it will be money down the drain.
Original post by iPhone
Firstly, I would advise you to take out the student loan.
If I had £25500 (£8500 x 3 years), I would rather much spend that on something else or save it in a high interest bank account.
Student loans are the cheapest sort of loan you'll ever receive. Don't think of it as debt, but more like an investment. The amount you repay when earning over the threshold will be quite low. Your better off saving the £25K for the future.
You are not eligible for the Maintenance Grant if you do not take out the Maintenance Loan.
If I had £25500 (£8500 x 3 years), I would rather much spend that on something else or save it in a high interest bank account.
Student loans are the cheapest sort of loan you'll ever receive. Don't think of it as debt, but more like an investment. The amount you repay when earning over the threshold will be quite low. Your better off saving the £25K for the future.
You are not eligible for the Maintenance Grant if you do not take out the Maintenance Loan.
Incorrect, you can get the grant without the loan, but obviously the vast majority of people who are eligible for the full grant (ie have an income under £25k) need the loan to live on too so take both. But you can just take the grant but not the loan.
Under the current system I would also advise to take the loan - tuition fees and maintenance, and put the money from your grandparents in a high interest account. You could then use that money as a house deposit, or just pay off your loan at the end of the 3 years using that money and pocket the interest. However, I believe interest on next year's loans will be significantly higher, so it may not be worth it. I don't know enough about the new system to comment.
Original post by Debbie_xx
Thanks a lot for your advice and I really value it The reason why I'm uncertain about the tuition fees loan is that I'm thinking of the future when I'll hopefully be looking at getting a mortgage on a property, and many banks/mortgage companies won't give you a mortgage if you are carrying a large amount of debt of any sort (and I suppose they would include £25500 in this). However I think I would definitely get a maintenance loan now, as the average living costs for a student around around 10k per year and there's no way I can afford anything like that! The money for tuition fees has been put in a special fund especially for my education in the terms of my grandparent's will, so I hope to use it for that. Thanks again
The reason why I'm uncertain about the tuition fees loan is that I'm thinking of the future when I'll hopefully be looking at getting a mortgage on a property, and many banks/mortgage companies won't give you a mortgage if you are carrying a large amount of debt of any sort (and I suppose they would include £25500 in this). However I think I would definitely get a maintenance loan now, as the average living costs for a student around around 10k per year and there's no way I can afford anything like that! The money for tuition fees has been put in a special fund especially for my education in the terms of my grandparent's will, so I hope to use it for that. Thanks again As above, banks do not consider student debt when giving you a mortgage. It's not real debt at all, if you never earn £21k you will never pay a penny back, and no one will ever chase you for it. In 30 years it will be written off.
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