Money

How does everyone manage their money? I'm starting September and need advice to you guys just get your loans from NHS and SFE or do you get additional loans elsewhere?

Reply 1

electrifeye

You need to apply to a student loan from SFE, get a tuition loan and a maintenance loan. Bear in mind that you're now past the deadline so you may not get your money until a few months into term. Past that, I've made a spreadsheet in excel based on the money I have and what my expenses will be so I can plan out my spending for the year, I'll put a copy in spoiler, feel free to try using it:

Spoiler

If you apply through SFE then you should get up to £9000 as your tuition fee (this goes straight to your uni), and around £3800 per year for your maintenance loan, though this can be increased by certain factors (i.e if you're in london or from a low income family)

King's College London

London

Reply 2

lucy.forsyth3

I have applied for my maintence loan which is £3,323 and I don't get tuition fees loan as my fees are paid for by NHS. I get £1000 from NHS as maintenance loan. That's all I get. My parents are expected to contribute £21,000 apparently from nowhere. My accommodation is £9000 so there's no way I'll be able to afford it. Thank you for the graph and spreadsheet though that may help me a lot.

Reply 3

electrifeye

Hmm, that accommodation sounds very expensive, at my uni the most expensive option is £6500. which uni are you going to? If it's really £9000 then I'm not sure there's any other options but asking your parents, but I'd maybe check for other options. All the unis I've looked at had budget options at around £3000

By the way the loan is per year, so a £3000 loan means you get £3000 every year.

Reply 4

lucy.forsyth3

I'll try and ring the university tomorrow maybe. I think there are cheaper options but they are gone already plus each accommodation is split into course so the one I'm at has all the nursing students! Yeah I know so I'll have £4,323 each year. Will that change as I'll be living in London by next year?

Reply 5

electrifeye

I'm not sure but I think you can get a higher loan for london living, but you are past the deadline now so you might be delayed in getting it. Failing that if you have any kind of family issues (e.g. split up parents) you can claim a higher loan if you can argue that it's affected your education (one of my friends has done that).

Just remember that whatever you get as a loan you have to pay it back eventually, so getting the highest amount possible does have its downsides.