The Student Room Group

How does the maintenance loan work?

My maintenance loan is just over £5000 but i am confused to if that is £5000 over 3 years or £5000 over one year? this is probably a stupid question so sorry guys!

so if its £5000 over 3 years would that mean i would get paid £1666.66 in 3 installments.

i am so confused.
Original post by Vickyc16xx
My maintenance loan is just over £5000 but i am confused to if that is £5000 over 3 years or £5000 over one year? this is probably a stupid question so sorry guys!

so if its £5000 over 3 years would that mean i would get paid £1666.66 in 3 installments.

i am so confused.

It is for one year.
It will be for one year, each year you have re-apply to student finance to ensure you're getting your matiainance loan and tuition fee loan. You get it in termly instalments, usually before the start of each term.
Reply 3
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Vickyc16xx
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Original post by Platopus
It is for one year.


thank you :smile:
Reply 4
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Vickyc16xx
OP
Original post by Lkathryn08
It will be for one year, each year you have re-apply to student finance to ensure you're getting your matiainance loan and tuition fee loan. You get it in termly instalments, usually before the start of each term.


thank you :smile:
Reply 5
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Klix88
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Original post by Vickyc16xx
My maintenance loan is just over £5000 but i am confused to if that is £5000 over 3 years or £5000 over one year? this is probably a stupid question so sorry guys!

so if its £5000 over 3 years would that mean i would get paid £1666.66 in 3 installments.

i am so confused.


As above, it's £5000 a year - although you reapply every year and if your parents' wages go up or down by a significant anount during your degree, that amount can change from year to year.

It won't be split into three exactly equal installments. Your third term installment is slightly larger than the previous two, as it is intended to help support you over the summer.

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