What does student finance cover?

Have a good read of this

https://www.gov.uk/student-finance

Reply 2

Charlzi

11

I get the full amount plus 4k bursary for low income and my accomodation is 2k a year (im in shared for the extra money) so for me I have a lot of spare money. Its about making sure you budget from the start and put any extra in a savings to avoid temptations.

Reply 3

Tiger Rag

22

You get a tuition fee, maintenance loan and grant if your household income is below a certain level.

The tuition fee goes to the uni, which you don't see. The loan adn grant are yours to spend how you need to - books, travel, accommodation, etc.

Reply 4

OP

Original post by OU Student

You get a tuition fee, maintenance loan and grant if your household income is below a certain level.

The tuition fee goes to the uni, which you don't see. The loan adn grant are yours to spend how you need to - books, travel, accommodation, etc.

Ok so the Loan and grant , I will need quite a lot when going to uni so im not sure if that would cover everything (Food , General living , Accommodation etc , Books etc)

I heard that they offer 5k a year for your accommodation and 5k for living expenses as well the tuition fees?

But then I also hear about people saying its not enough and unless im missing a lot of expenses , 5k a year to live on is more than enough (So assuming it wont be that much?)

Reply 5

Tiger Rag

22

Original post by JLG16

I heard that they offer 5k a year for your accommodation and 5k for living expenses as well the tuition fees?

Not quite. Your loan is for your living costs including your accommodation. You do get a loan for tuition fees, which you won't see.

Reply 6

OP

Ok so read the link provided above and from what I understand this is what the loans are :

Tuition Fee Loan - This pays the full amount of your course as long as you meet all the requirements

Maintenance Loan - So this is a max of 5,740 , Assuming this would be for Accomadation?

Maintenance Grant - This is around 5k aswell and will be for living expenses?

So that's what I thought it was , But looks like - If you get 3k maintenance grant you get 2k maintenance loan , But when I was looking at uni accomadation the costs were around 5k , Meaning I would have like a max of £740 to live on for the whole year (Assuming I get the whole loan?)

Reply 7

Oh dear!
For every £1 of grant you LOSE 50p off loan for starters.
You only get full grants if family income is below £25K

(edited 9 years ago)

Reply 8

Klix88

17

Original post by JLG16

Ok so read the link provided above and from what I understand this is what the loans are :

Tuition Fee Loan - This pays the full amount of your course as long as you meet all the requirements

Maintenance Loan - So this is a max of 5,740 , Assuming this would be for Accomadation?

Maintenance Grant - This is around 5k aswell and will be for living expenses?

So that's what I thought it was , But looks like - If you get 3k maintenance grant you get 2k maintenance loan , But when I was looking at uni accomadation the costs were around 5k , Meaning I would have like a max of £740 to live on for the whole year (Assuming I get the whole loan?)

Many people find that they don't hav enough money to cover all of their accommodation costs, other bills and have some left over for recreation. A lot of students need a part-time job to help support themselves.

Student Finance isn't intended to cover all of your uni costs, but only to contribute towards them.

Maintenance Loans/Grants are largely based on your household income (apart from a minimum Loan which everyone gets) and take no account of your outgoings.

Reply 9

OP

So if you have no one to help you throughout uni you wont have enough to get throughout uni unless you get a job (Which I may not find?)

Reply 10

Klix88

17

Original post by JLG16

So if you have no one to help you throughout uni you wont have enough to get throughout uni unless you get a job (Which I may not find?)

That's possibly the case, yes. In that situation you may need to work and build savings for a few years and go to uni later.

Many unis will have non-repayable scholarships or bursaries for low income households, but you'd have to research individual unis to find the ones for which you're eligible as there are no central criteria for awarding these. You may get another few hundred to a thousand pounds each year from that source.

Reply 11

OP

Original post by Klix88

That's possibly the case, yes. In that situation you may need to work and build savings for a few years and go to uni later.

Many unis will have non-repayable scholarships or bursaries for low income households, but you'd have to research individual unis to find the ones for which you're eligible as there are no central criteria for awarding these. You may get another few hundred to a thousand pounds each year from that source.

That sucks , By the time I work for a few years to build up cash I wouldent want to go to uni so I guess Ill just look at finance when it comes closer to the time , If I cant afford to go next sep then I don't I will be going.

Reply 12

Original post by JLG16

So if you have no one to help you throughout uni you wont have enough to get throughout uni unless you get a job (Which I may not find?)

Correct

Reply 13

gt459

7

Although depending on the uni and your circumstances, you may be eligible for additional support.

Examples include:
Tuition fee waiver, bursaries, accommodation scholarships - Do your research.

Reply 14

OP

Just found a student finance calculator and according to that i get this amount

Maintenance Loan - Paid directly to you - 3862
Tuition Fee Loan - Paid directly to your college/university - 9000
Higher Education Maintenance Grant - Paid directly to you - 3387

so the amount i get for course is £9k which goes to the uni , I get two payments

The maintenance loan and grant which comes to just over £7k so if i found accommodation for 5K i have 2k for the whole year , I hope im not missing anything as that seems pretty decent to live on , I think it comes out to around £40 to live on a week.Thats without if i get a job (Would like to , But not relying on it incase it doesent happen) but thats more than enough , Am i missing anything?

Reply 15

As long as the calculator linked loans and grants then fine because from your loan allocation 50 pence is deducted for every £1 of grant received.
Has the calculator factored this in?

Reply 16

OP

I think so as im pretty sure im eligible for the biggest loan / maintenance or if not very close to it as only parent works and the household income is quite low , Therefore its like

5.7k max loan
3387 Grant divided by 2 is pretty much 1695 (Lets say 1.7k) and taking a way 1.7k from the max loan is 4K and it says I am allowed 3862 so its pretty close so I would imagine it does take that into account , I found it on the gov.co.uk site , Can anyone confirm weather it does take this into account?

Reply 17

Tiger Rag

22

There may also be bursaries / cholarships for you too.

Reply 18

gt459

7

Original post by JLG16

I think so as im pretty sure im eligible for the biggest loan / maintenance or if not very close to it as only parent works and the household income is quite low , Therefore its like

5.7k max loan
3387 Grant divided by 2 is pretty much 1695 (Lets say 1.7k) and taking a way 1.7k from the max loan is 4K and it says I am allowed 3862 so its pretty close so I would imagine it does take that into account , I found it on the gov.co.uk site , Can anyone confirm weather it does take this into account?

The most the loan/maintenance grant goes to is £7333 - If I remember correctly. Most of which will be the grant not the loan. They deduct the grant from the loan (in effect) so you don't pay back as much.

Reply 19