Maintenance loan - how does it work?

Hi guys,
I am thinking of applying to university and start in 2017. I have noticed how some universities have really expensive accommodation and to be honest, I do not think that I can afford to pay it throughout the entire year. This is where I have discovered that there is this thing called maintenance loan!! However, is there a certain amount you get given? Or can you borrow the loan to cover your full accommodation costs? So to your own preference?

Reply 1

ElspethC

Original post by prostheticzeta

You get your maintenance loan through Student Finance - it depends on what bit of the UK you're in as to which one you use (Student Finance England etc). It's based off household income - the more your parents (or you if you live alone) earn, the less money you're loaned. You're not expected to be able to live off your loan - if your parents earn more, they're expected to contribute towards your living costs. My loan doesn't even cover the cheapest catered accommodation option, so my parents are having to give me a couple of thousand a year just so I can survive, never mind paying for luxuries.

The maximum loan is £8,200, if your household is low-income. You pay it back at the same rate as your student loan - a certain percentage of everything you earn over £21,000, wiped after a certain length of time.

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