Maintenance loan not enough!

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The value quoted off the website is what you'll get if you submit evidence of a low parental income, you may also get grants, if you submit no evidence or your parents have a combined income of more than £70000 (i think?) you will get a smaller loan, which is as you stated £3564. No ones loan covers their accommodation, let alone all the other stuff, fraid your nothing special, everyone else manages.

Reply 21

Sakura-Chan

Original post by ben788

My parents are in money troubles and I have 6 siblings, it's only over 50,000 because they have several jobs.

Oh okay. I think if you apply for a means tested loan, then you have to declare the number of dependants your parents have e.g. all your siblings, which may bump up what you'd get a little bit.

Also, where on earth have you applied that charges £5000 for accommodation? :eek3:

Even people who have an en-suite room at my uni pay less than that!

Reply 22

dothestrand

Budget well, get a job. Like every other student in the world.

Reply 23

hypocriticaljap

Original post by urbanshoemyth

Hi everyone, I'm a little confused. OP said the max was £3564 (and I tried the finance calculator thing and it said this too), but on the website it says £4950? Does anyone know why this is? Thanks :smile:

He's been means tested and his parents earn too much and if his loan is around £3500 they are earning nearer £60K than £50K.

(edited 13 years ago)

Reply 24

Panda cares

Do the calculator thing and it's £3564 if you study outside London, £4988 if you study inside London.

Reply 25

Hamesh

Uni food is extortionate btw. At first I was a bit apprehensive at buying food, but the b*stards have slowly made me think it's 'normal' to buy a 500ml coke bottle at £1.50.

More expensive than Waitrose for pete's sake.

(edited 13 years ago)

Reply 26

Lumi Nous

It is a shame that we can't get a big enough loan for uni to cover costs (Durham accomodation at University college is over £4000... eek...that's not one I can get out of by just spending less!).

I'm spending my entire gap year working partly so that I can fill the gap between what I can borrow and what I need to spend... which is not such a bad thing and thank goodness I was able to get a decent job.

It's also a shame that the govt seems to assume our parents will pay. Mine won't but earn too much for me to qualify for support.

Thank God I'm not applying next year though... now that would be a HELL of a lot of debt.

Reply 27

urbanshoemyth

Original post by hypocriticaljap

He's been means tested and his parents earn too much and if his loan is around £3500 they are earning nearer £60K than £50K.

Oh right, I didn't realise the loan could be lowered because of that. I just thought it got lowered if you received a grant as well?

Reply 28

heidigirl

You've got until next September to save up, and starting off with even a small amount in the bank will help. Apart from that, getting an overdraft and a part time job/job in the holidays is about all you can do.

You should discuss with your parents whether they can help you out a small amount though; explain that the system works on the presumption that they will help you out and the fact that they won't doesn't make a blind bit of difference. They're the reason that you get so little; that might not be fair on you or them, but they can hardly want you to starve. Perhaps discuss with them that you won't after all be living at home and incurring costs there, they could maybe contribute to covering your food costs (even if it was say only £20 a week?)

It's not true no one's basic loan covers their rent though; it very much depends on where you study, and the living costs of your choice of uni is something you should take into consideration at least a little bit before you apply.

My loan covers my rent, and gives me £530 left over for the year-so about £170 a term-(and yes, it is the minimum £3564) which isn't a lot, but has been helpful. The cost was part of the reason why I went for Cardiff over a few other choices; I knew before hand it was going to have to be an important factor.

Reply 29

hypocriticaljap

Original post by urbanshoemyth

Oh right, I didn't realise the loan could be lowered because of that. I just thought it got lowered if you received a grant as well?

It isn't.
You get a bigger loan than the minimum if your parents earn between £50 - £60K. Under £50K you gert grants. Over £60K you get the minimum loan only.

Reply 30

grth

Original post by JosieMcfeene

Nobodies loan covers their rent. Welcome to ze real world!

Mine does. And gives me loads spare. and I don't live in a box.

OP....i guess you'll just have to be creative? don't spend so much on stuff you don't need, be frugal with food shopping. All of that common sense stuff I guess is the only advice we can give you.

Reply 31

urbanshoemyth

Original post by hypocriticaljap

It isn't.
You get a bigger loan than the minimum if your parents earn between £50 - £60K. Under £50K you gert grants. Over £60K you get the minimum loan only.

Oh, I didn't realise you could get a bigger loan, do you have a link?

Reply 32

hypocriticaljap

Original post by urbanshoemyth

Oh, I didn't realise you could get a bigger loan, do you have a link?

2nd chart on here
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Applyingforthefirsttime/DG_174046

Reply 33

urbanshoemyth

Original post by hypocriticaljap

2nd chart on here
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Applyingforthefirsttime/DG_174046

Thanks!

Reply 34

lareneg

Original post by Sakura-Chan

Even people who have an en-suite room at my uni pay less than that!

Try looking at accommodation for London universities.

Reply 35

Cold_sky

What accommodation costs 5 grand a year?! Im studying abroad for a year, in expensive accommodation and that adds up to £2250 for half a year (Im in different accommodation the second half). Id suggest choosing slightly less ridiculously priced accommodation in uni, or live off campus.

Reply 36

Lu-x

The title of this thread is the story of my life.

Reply 37

lareneg

Original post by Cold_sky

London. And IMO, you miss out on alot if you live off campus as a fresher.

Reply 38

Cold_sky

Original post by lareneg

London. And IMO, you miss out on alot if you live off campus as a fresher.

Yeah youd miss out on a lot. But if it comes to that or living off fresh air to pay rent and bills..

Reply 39

kpwxx

Original post by urbanshoemyth

I believe that 4950 is the max loan. If your parents earn over £50,000/£60,000 (can't remember which) then you get 3/4 of the max loan. Then the less you earn under the threshold, the more loan you get. Then it comes to a point where they start substituting a pound of the loan for 2 pounds of grant.

It's a bit confusing, but basically 4950 is the amount of loan you would get if your parents earned JUST too much to get any grant.

I'm not 100% on this, but it's the way I've understood it.