Bournemouth University
Poole
student loan..
How does student loan work? I'm freaking out about having no money to live on!?
Hi
The student loan is assessed on your parents income unless you have been independent for the past three years. They also take into account of where you're studying and your hometown. So basically, Bournemouth has a high cost of living so expect to have a larger than expected loan. I found I got £400 more than what I should have normally got, which was a pleasant surprise. Also if your parents earn less than £25,000 then you can apply for a bursary, and if you achieve ABB+ (or equivalent) you automatically get a £1,500 scholarship (very handy).
The loan comes in three instalments. It can be useful but yet can be annoying. The biggest payment is in April, because SFE expect this to last until September.
The student loan is assessed on your parents income unless you have been independent for the past three years. They also take into account of where you're studying and your hometown. So basically, Bournemouth has a high cost of living so expect to have a larger than expected loan. I found I got £400 more than what I should have normally got, which was a pleasant surprise. Also if your parents earn less than £25,000 then you can apply for a bursary, and if you achieve ABB+ (or equivalent) you automatically get a £1,500 scholarship (very handy).
The loan comes in three instalments. It can be useful but yet can be annoying. The biggest payment is in April, because SFE expect this to last until September.
Bournemouth University
Poole
Hi there GpaigeG,
The Student Loan process isn't quite as complicated as it seems to be! It looks at what your household recently earned and calculates an amount to give you. One factor that is a bit harsh is that you receive less if your household earns more. Do not panic though! You will receive enough to live and study at uni!
Check out this site which gives a great description of the process; http://www.brightknowledge.org/knowledge-bank/money/student-finance/student-loans
Also check out GOV.uk; https://www.gov.uk/student-finance/overview
You will receive academic and maintenance loan which should cover the costs of living, however if it doesn't there are other options still. You can get bursaries and scholarships, Bournemouth in particular offers AAB students £1500! Various councils and charity commissions can offer you student bursaries and donations to aid your studies as well, for instance I received £150 from a parish council charity commission!
Another option would be to get a part-time job, unfortunately lots of students do need part-time jobs in order to live comfortably. Perhaps if you already have a job in a nationwide business you could be transferred or you can use job searches online to find various part-time jobs. Bournemouth Uni has its own site where part-time jobs are advertised, and you can find jobs related to your specific fields of interest!
I hope I have explained this well and if you have any other questions feel free to ask me
Chris
The Student Loan process isn't quite as complicated as it seems to be! It looks at what your household recently earned and calculates an amount to give you. One factor that is a bit harsh is that you receive less if your household earns more. Do not panic though! You will receive enough to live and study at uni!
Check out this site which gives a great description of the process; http://www.brightknowledge.org/knowledge-bank/money/student-finance/student-loans
Also check out GOV.uk; https://www.gov.uk/student-finance/overview
You will receive academic and maintenance loan which should cover the costs of living, however if it doesn't there are other options still. You can get bursaries and scholarships, Bournemouth in particular offers AAB students £1500! Various councils and charity commissions can offer you student bursaries and donations to aid your studies as well, for instance I received £150 from a parish council charity commission!
Another option would be to get a part-time job, unfortunately lots of students do need part-time jobs in order to live comfortably. Perhaps if you already have a job in a nationwide business you could be transferred or you can use job searches online to find various part-time jobs. Bournemouth Uni has its own site where part-time jobs are advertised, and you can find jobs related to your specific fields of interest!
I hope I have explained this well and if you have any other questions feel free to ask me
Chris
The other thing to think about is that during freshers week the University run lots of sessions about how you can get used to budgeting and making sure you have enough money to be able to enjoy your time at Uni - look out for them in the freshers calendar when it comes through!
One work option is to work for the Uni - like me! I have been an ambassador for my whole three years and have been able to earn a little bit of extra money along the way - which is always nice.
You won't be alone though so don't panic!
Mish
One work option is to work for the Uni - like me! I have been an ambassador for my whole three years and have been able to earn a little bit of extra money along the way - which is always nice.
You won't be alone though so don't panic!
Mish
Original post by KBradders
They also take into account of where you're studying and your hometown. So basically, Bournemouth has a high cost of living so expect to have a larger than expected loan.
Unfortunately the only location where you would get an increased loan to cover the cost of living, is London. Outside London, all other university courses work from the same Student Finance calculation and no account is taken of your actual living costs.
You will not get a higher amount of loan just because you're studying in Bournemouth.
Your home town has absolutely no bearing on the amount of money you get, but your country of residence will. If you are from Wales, Scotland or Northern Ireland, you may be awarded different amounts of Student Finance than English students.
Original post by Klix88
Unfortunately the only location where you would get an increased loan to cover the cost of living, is London. Outside London, all other university courses work from the same Student Finance calculation and no account is taken of your actual living costs.
You will not get a higher amount of loan just because you're studying in Bournemouth.
Your home town has absolutely no bearing on the amount of money you get, but your country of residence will. If you are from Wales, Scotland or Northern Ireland, you may be awarded different amounts of Student Finance than English students.
You will not get a higher amount of loan just because you're studying in Bournemouth.
Your home town has absolutely no bearing on the amount of money you get, but your country of residence will. If you are from Wales, Scotland or Northern Ireland, you may be awarded different amounts of Student Finance than English students.
That is the maximum loan available.
I and a few others have found we have had bigger loans than other people with the same parental income but are studying in the north of England where generally the cost of living is cheaper. Not a bigger grant. If you are entitled to maximum then you see no change.
Original post by KBradders
That is the maximum loan available.
I and a few others have found we have had bigger loans than other people with the same parental income but are studying in the north of England where generally the cost of living is cheaper. Not a bigger grant. If you are entitled to maximum then you see no change.
I and a few others have found we have had bigger loans than other people with the same parental income but are studying in the north of England where generally the cost of living is cheaper. Not a bigger grant. If you are entitled to maximum then you see no change.
Sorry, it's nothing to do with your location unless you're in London. London is the only area where SF gives you more money. There must be another reason for the difference you see.
This is the calculator:
https://www.gov.uk/student-finance-calculator
Original post by Klix88
Sorry, it's nothing to do with your location unless you're in London. London is the only area where SF gives you more money. There must be another reason for the difference you see.
This is the calculator:
https://www.gov.uk/student-finance-calculator
This is the calculator:
https://www.gov.uk/student-finance-calculator
I have used this calculator. It says I should get £400 less than what I got. Same grant, but bigger loan. I refer back to the booklet provided by student finance; it says it is calculated on where you live, where you study and income. http://www.sfengland.slc.co.uk/media/651034/sfe_guide_financial_support_ft_1415_d.pdf
I come from a deprived area in the north of England, studying in Bournemouth. Makes sense that they have calculated the difference in the cost of living in the north/south divide. Also worth noting that it says "up to" for the loans. Just a bigger threshold for London and living away from family. I really cannot see any other reason for a bigger loan, unless SFE have made mistakes.
Original post by GpaigeG
How does student loan work? I'm freaking out about having no money to live on!?
Hi Gpaige,
As a second year archaeology student I know where you are coming from.
You will get three deposits throughout the term which will be for you to live on. The government pays the uni fees (£9000) directly, so don't worry over that.
Chris gave a fantastic run down, if you haven't seen it yet.
The only thing I want to add is something my dentist showed to me. You can get, as a student, an HC1 form- which will help with any health costs (perscriptions, glasses and eye tests). It is really worth checking out as if you have a low income, as most students do,you might be applicable. It is worked out on your household income, so no promises, but it can save you money if like me you need glasses.
Talk to your doctor (or possibly your dentist) and they should be able to give you a form (you can also print one off from online- just make sure you have the right one).
Hope that helps, if you have any other questions feel free to ask ;D
Amy
Is that £1,500 scholarship available to EU students?
Original post by NoeliadobleG
Is that £1,500 scholarship available to EU students?
Hi!
Yes, there's an Academic Excellence Scholarship for EU students too. You don't need to fill out an application form and will automatically be awarded the scholarship if you meet the requirements, which you can find out about on our website.
I hope that helps! Will we be seeing you in September?
Katie
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