Anyone scared for how much Student finance they can get?

OP

Original post by Edminzodo

I'm more stressed about how long it's going to take to pay off . . .

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Your more worried about paying off something that the government wipes off rather than affording to eat? Umok

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Original post by AdorableDrip

Your more worried about paying off something that the government wipes off rather than affording to eat? Umok

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Does your university offer scholarships etc? They could be helpful to you.

And it's still 30 years of debt. I just worry a lot.

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Reply 4

OP

Original post by Edminzodo

Does your university offer scholarships etc? They could be helpful to you.

And it's still 30 years of debt. I just worry a lot.

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Yeah, if my parents earn less than 25K a year, which they clearly don't else I wouldn't need extra money 🔫

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Reply 5

JenniB22

13

Original post by AdorableDrip

It looks like I won't get much over the basic amount (parents earn 38000) and I'm stressed out to the max, I'm going to be getting £2000-£1500 less than my rent with no money to live on. I'm going to have to earn £3000 over the summer and still get a job whilst I'm at uni just to be able to eat. I'm seriously stressed and don't even know if I can continue to afford university.

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This is a pretty normal situation, I really wouldn't worry about it! I guarantee you that most people you meet at uni will have a part time job of some kind.

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Reply 6

Your parents should give you the money you aren't getting from the government.

Reply 7

OP

Original post by tommb84

Your parents should give you the money you aren't getting from the government.

Explain how they can afford to give me and brother and sister 3K each! a term! To make up for the shortfall!

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Reply 8

Original post by AdorableDrip

Explain how they can afford to give me and brother and sister 3K each! a term! To make up for the shortfall!

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You'll get about £6700 maintenance loan (if you're living away from home outside of London), which is £1500 less than full entitlement. It sucks, I know, and if I had it my way education would be free for all at the point of entry. I'm not going to pretend to know the ins and outs of your parents income, but the government will and they believe that your parents earn enough to "top up" your loan by £1.5k for the year.

My advice would defo be speak with your parents, also enquire if the university you're going to gives out bursaries, and consider part time employment. I'll be working part time, one shift a week on the weekends, which will top my annual income up by about £2.5k. Also consider where you will be living, if you can find cheaper accommodation go for that instead.

Good luck :smile:

Reply 9

Devify

19

You have no idea. I'm EU national and EU students don't get maintenance loans but as EU national, you can get them if you are counted as 'home' student.

Everyone's saying I should get it but I couldn't do my application online because of it, so need to wait like 6 weeks to find out if I actually do :frown:

Don't trust it either cause everyone was saying I should get income support but I ended up basically homeless for almost 4 months because in the end they figured I had to have worked for 3 months before I could get it...

Reply 10

OP

Original post by tommb84

You'll get about £6700 maintenance loan (if you're living away from home outside of London), which is £1500 less than full entitlement. It sucks, I know, and if I had it my way education would be free for all at the point of entry. I'm not going to pretend to know the ins and outs of your parents income, but the government will and they believe that your parents earn enough to "top up" your loan by £1.5k for the year.

My advice would defo be speak with your parents, also enquire if the university you're going to gives out bursaries, and consider part time employment. I'll be working part time, one shift a week on the weekends, which will top my annual income up by about £2.5k. Also consider where you will be living, if you can find cheaper accommodation go for that instead.

Good luck :smile:

I'm getting that now studying IN London, so I'm going to get less than 5K when I transfer outside of London.

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Reply 11

Original post by AdorableDrip

I'm getting that now studying IN London, so I'm going to get less than 5K when I transfer outside of London.

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What are you studying towards in London? Is that where you live? Are you living with your parents?

The cost of living outside of London is a lot less. You will get more than £5k a year in maintenance loans.

Reply 12

OP

Original post by tommb84

What are you studying towards in London? Is that where you live? Are you living with your parents?

The cost of living outside of London is a lot less. You will get more than £5k a year in maintenance loans.

I'm doing my foundation year. I'm living in halls. I come from Devon.

I'm aware it is, but this year the minimum guaranteed loan is £3800 (roughly) and then it's needs assessed up to £2800 on top of that. I'm not going to get anywhere near the maximum amount.

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Reply 13

Original post by AdorableDrip

I'm doing my foundation year. I'm living in halls. I come from Devon.

I'm aware it is, but this year the minimum guaranteed loan is £3800 (roughly) and then it's needs assessed up to £2800 on top of that. I'm not going to get anywhere near the maximum amount.

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Surely you're getting more than £6,700 living inside of London? That doesn't sound right to me at all. You should defo get about £6,700 if next year your course is outside London, even more if you're remaining in London. Try the finance calculator they have on the student finance website, that gives your roughly what you should be getting. Hope it works out for you.

Reply 14

spleenharvester

18

Original post by tommb84

Your parents should give you the money you aren't getting from the government.

Not always that easy man. I'm running a £1000/year deficit despite even working a part time job, and my parents don't see it as their responsibility. The loan system is pretty abysmal (though not quite America abysmal).

Reply 15

Original post by spleenharvester

Not always that easy man. I'm running a £1000/year deficit despite even working a part time job, and my parents don't see it as their responsibility. The loan system is pretty abysmal (though not quite America abysmal).

That really sucks. Sorry to hear that. Do you mean you're getting £1k less than full entitlement? It's hard to see how a situation like yours could be put right other than scrapping means testing, which isn't that bad an idea seeing as we have to pay it all back (maybe) anyway!

Reply 16

OP

Original post by tommb84

Surely you're getting more than £6,700 living inside of London? That doesn't sound right to me at all. You should defo get about £6,700 if next year your course is outside London, even more if you're remaining in London. Try the finance calculator they have on the student finance website, that gives your roughly what you should be getting. Hope it works out for you.

The calculator is useless last year it said I'd get 2K more than what I actually ended up getting

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Reply 17

OP

Original post by spleenharvester

Not always that easy man. I'm running a £1000/year deficit despite even working a part time job, and my parents don't see it as their responsibility. The loan system is pretty abysmal (though not quite America abysmal).

My parents never went to uni and they see it as MY investment into MY future, so I can see why they don't really want to shed out money when it won't effect them in any way other than being able to maybe brag if I get a good job and they can have nice Christmas presents haha

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Reply 18