I don't understand this student finance information

I have been told different things by different people so I thought I would ask on here.

I am a UK student. My parents income is something like £70,000.

Do I get student finance?
What loans/grants etc if any do I get?

Also, I have a different question - I heard that once you finish your degree, if you leave the UK you do not have to pay back the money you owed. This is the case even if you are getting paid over £21,000 or whatever it is! Is this true?

Reply 1

somethingbeautiful

http://www.studentfinance.direct.gov.uk/portal/page?_pageid=153,4680136&_dad=portal&_schema=PORTAL

2nd question: No.

Reply 2

Shani

You will get a tuition fee loan to cover your tuition fees and on a household income of £70,000 you will get the minimum maintenance loan (65% of the maximum, £5500 which is £3575) per year.

Regardless of where in the world you live you still have to repay any loans you received. When you apply for finance you agree to the terms and conditions, and part of this is that you keep SF updated with your earnings and address.

Of course, there will be some countries you could live and "hide" from SF, but should you return to the UK you may very well be charged with fraud.

Reply 3

glf2110

http://www.studentfinance.direct.gov.uk/portal/page?_pageid=153,4680136&_dad=portal&_schema=PORTAL
This should give you a better indication. You'll be entitled to some Maint Loan and the full Tuition Fee Loan.

Reply 4

Hopsin rapper

Just used the website glf2110 suggested and this is the info I got:

Does this look correct?

(edited 12 years ago)

Reply 5

marcusfox

Yes, you do need to repay loans if you are abroad. The repayment threshold depends on the country you work in.

Realistically speaking though, if you are outside the EU, there is no way they can track your earnings unless you tell them, so effectively this means you don't have to repay.

Reply 6

glf2110

Original post by Hopsin rapper

Just used the website glf2110 suggested and this is the info I got:

Does this look correct?

Depending upon which year of study you're on. If you're a Fresher then you should be entitled up to £9k TFL. If you're NHS funded, then you won't get a TFL. The ML looks right though.

Reply 7

street.lovin'

You are the same as me.

My parent income are just about the same and am a UK student. I got £3500-ish of maintenance loans and full tuition fees.

No gants. :frown:

Reply 8

shouldbeshot

Original post by marcusfox

Realistically speaking though, if you are outside the EU, there is no way they can track your earnings unless you tell them, so effectively this means you don't have to repay.

Depends where you work, there are reciprocal agreements with a lot of countries, which means if you default on your loan they CAN pursue you through your host countrys legal system.

Happened to someone I know, took a good few years but was taken to court for the full amount in NZ.

Reply 9

laura94

You'll get the standard maintenance loan and full tuition loan.

Yes you could technically avoid paying it back by moving to certain countries abroad, but you'd never be able to return to the UK.

Reply 10

marcusfox

Original post by shouldbeshot

He was stupid for defaulting then.

If you are earning over the repayment threshold, then all you need to do is work for a short while in a bar or something else paying under the threshold and have the wages paid into a separate account. Then send them your payslips and bank statements from that.

They will never know how much you are really earning because they won't have routine access to the tax system of that country.

Reply 11

Hopsin rapper

So do I get student finance or not then?

Reply 12

member327593

you do, just not as much

Reply 13

funsongfactory

Where are you from OP? If you live in the EU you'll get the tuition fee loan and the maintenance loan. If you live outside the EU you might well have to pay full international fees and get no loans at all.

Reply 14

Hopsin rapper

Original post by funsongfactory

I already said that I am from the UK

Reply 15

Shani

Original post by funsongfactory

Although not relevant to the OP, you're actually wrong. If you're an EU student you get a tuition fee loan only, and no maintenance help.

OP: You will get £3575 a year maintenance loan.

Reply 16

funsongfactory

Original post by Hopsin rapper

I already said that I am from the UK

Then why all the chat about going abroad?

Reply 17

malcolmallison

Because they are a snivelling fraudster who wants to cheat me and all other tax payers.

Reply 18

Hopsin rapper

Original post by funsongfactory

Then why all the chat about going abroad?

I had 2 questions. My FIRST question was asking what sort of loans, mortgages etc I get. I mentioned that I was a UK student because I think foreign students have a different financial system if they are applying to a UK uni.

My other question was about AFTER leaving Uni, I as wondering if I could move to another country and not have to pay back the money. From the answers gathered I have realised this is the case, but it is illegal, therefore I am not going to do it.