No grant
When discussing student finance with my mum I discovered that our household income is in the highest bracket and were not entitled to a grant. I know feel like uni will be such a huge burden on my family so could I realistically work whilst studying? Perhaps in the evenings at a bar?
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Original post by Muttley79
You will still be entitled to the loans ... so they cover tuition and some of the living expenses.
Many families earn over the amount for the grant and so students save up or get a job or their parents help out.
Many families earn over the amount for the grant and so students save up or get a job or their parents help out.
The loans only cover the tuition fees and the get paid directly to the uni. I won't see that money.
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https://www.gov.uk/student-finance/overview
You get a maintenance loan as well ...
You get a maintenance loan as well ...
Original post by Muttley79
That will be sinking myself into more and more debt which I'd rather not do.
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(edited 9 years ago)
Original post by em211997
You don't pay it back until you start earning over £21,000.
Unfortunately this is what everyone has to do. My family were in the lowest income bracket so I received a grant, but I still have a lot of loans to pay off. Everyone's in the same boat.
Original post by em211997
Why? It's fairly low interest and you probably won't pay it off before it gets written off, unless you have a very high earning job (in which case you probably wouldn't mind paying it off + some interest). It doesn't affect your credit rating and will come out as a proportion of your salary so it's not the same burden as, for example, a credit card.
If you don't take it out AND have to work long hours this may affect your degree and future job prospects. It's possible to work in some degrees but you can't realistically have a full time job and study full time at uni.
Original post by em211997
That will be sinking myself into more and more debt which I'd rather not do.
Everyone has to do this unless they have saved; parents can't afford to pay maintenance.
Original post by SilverstarDJ
Why? It's fairly low interest and you probably won't pay it off before it gets written off, unless you have a very high earning job (in which case you probably wouldn't mind paying it off + some interest). It doesn't affect your credit rating and will come out as a proportion of your salary so it's not the same burden as, for example, a credit card.
If you don't take it out AND have to work long hours this may affect your degree and future job prospects. It's possible to work in some degrees but you can't realistically have a full time job and study full time at uni.
If you don't take it out AND have to work long hours this may affect your degree and future job prospects. It's possible to work in some degrees but you can't realistically have a full time job and study full time at uni.
I never said full time job.
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Original post by Muttley79
Everyone has to do this unless they have saved; parents can't afford to pay maintenance.
I've decided I won't take the maintenance loan. Thanks for your advice.
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I would seriously advise you to take the maintenance loan and all the student loans and grants that are available
Original post by em211997
How will you do?
Original post by Muttley79
I don't see how you will afford it; a job won't cover living costs.
My parents have saved up a bit of money to support me. At the end of the day its a personal choice thank you for your advice.
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Original post by sunnydespair
I would seriously advise you to take the maintenance loan and all the student loans and grants that are available
Don't want to be in excessive debt on top of the 9k a year. If you can afford to do it then why would you agree to take money that you'll have to pay interest.
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Original post by Josb
How will you do?
My parents have saved a bit of money in a trust fund.
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Original post by SilverstarDJ
Why? It's fairly low interest and you probably won't pay it off before it gets written off, unless you have a very high earning job (in which case you probably wouldn't mind paying it off + some interest). It doesn't affect your credit rating and will come out as a proportion of your salary so it's not the same burden as, for example, a credit card.
You'd barely notice it coming out of your wages each month.
https://www.gov.uk/repaying-your-student-loan/what-you-pay
The OP falls under Plan 2.
Student loan is incredibly low interest, and it even gets wiped off if it's not paid within a certain amount of years. My partner pays off a little each month and it is a tiny amount, it's really not a debt to worry about.
Nearly everybody takes the maintenance loan, and they're sensible to do so. It's a great help and not a burden at all, you only pay it back when you can afford to do so comfortably.
Nearly everybody takes the maintenance loan, and they're sensible to do so. It's a great help and not a burden at all, you only pay it back when you can afford to do so comfortably.
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