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Confused by student finance - help

So from the government we're given £9000 yearly to pay for tuition fees which they pay directly to the university. So this £9000 doesn't cover accommodation?

So the maintenance loan I get is £3821.00, is this supposed to help me pay for the accommodation? In total my accommodation price ranges to £5000 annually, so the £1200 extra is something I pay for myself? How do I afford that, do I get a part time job and pay for it and have parents help me? Or get a student overdraft?

Also is it recommended to pay for the accommodation cost monthly or termly?

Reply 1

Josh_MG

The level of money you receive for you maintenance loan is dependent on factors such as cost of living in the university area. This cannot be changed.

However, you also receive a maintenance grant to help with living costs. Students from a lower income family will receive more money than those from better off families.

If the loan & grant does not cover your living costs, you will either need to ask for financial support from your family or get a job. Students can also get 0% interest overdrafts which can help.

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Reply 2

Klix88

Original post by asiansloth

So from the government we're given £9000 yearly to pay for tuition fees which they pay directly to the university. So this £9000 doesn't cover accommodation?

That's right. You never see that £9000.

So the maintenance loan I get is £3821.00

This is the minimum non-income assessed Maintenance Loan. Unless your parents have a high combined household income, you will get extra on top of this after Student Finance has completed your assessment. Get an estimate of your entitlement here:
https://www.gov.uk/student-finance-calculator

is this supposed to help me pay for the accommodation?

Yes. The Maintenance Loan is intended to be a contribution towards your living costs whilst at uni. It does not guarantee to cover them all - and for many people it doesn't.

In total my accommodation price ranges to £5000 annually, so the £1200 extra is something I pay for myself? How do I afford that, do I get a part time job and pay for it and have parents help me? Or get a student overdraft?

You may get more than the minimum you quote above. However your parents are expected to continue supporting you through university to some extent. If they cannot, then many student have to find jobs. The student overdraft is also intended to cover this type of shortfall. You will also need money for food, groceries, travel, study expenses, social activity etc.

Every uni will have a range of accommodation. You can shop around at many and only apply for those you think you can afford. Depending on the area, sometimes a room in a private rented house can be cheaper than Halls.

Also is it recommended to pay for the accommodation cost monthly or termly?

It depends on the accommodation contract. Uni-owned accommodation such as Halls will normally align their payment intervals with Student Finance installments. That info should be available from their website.

Reply 3

Klix88

Original post by Josh_MG

The level of money you receive for you maintenance loan is dependent on factors such as cost of living in the university area. This cannot be changed.

You get a higher Maintenance Loan if you go to a London uni, but that's as far as it goes. Apart from that, the SF calculation is based on household income and takes no account of the cost of living in your uni area or your outgings.

However, you also receive a maintenance grant to help with living costs.

The Maintenance Grant has been scrapped for new starters from August 2016. It has been replaced with a higher Maintenance Loan.

Some universities give non-repayable bursaries to students from low income households, but this will differ between universities. It's worth looking at your target uni websites if this might be a critical factor. You can also sometimes find non-repayable scholarships given by unis for things like excellent A Level results, high sport or musical achievement etc.