Voting for TSRs Ultimate Study Playlist is NOW OPEN >>

Is £11000 a crazy amount for student loan or am i tripping???

I just found out how much I'm getting for my loan and its £8200 (maximum that's available considering my circumstances), also my firm university offers a bursary where I'll essentially be getting an extra £3000 (£2000 accommodation waver).

So depending on which accommodation I end up at, after rent I'll have £6000+ for the year. This works out to about £150 a week (for 40 weeks)! Now to me this sounds like a **** load, or am I underestimating how expensive living is???

Reply 1

username853993

Original post by ludd-sama

Its the most can normally get but it wont be too uncommon, plenty of people get the bursary and then those also get the full living loan. The money isnt for 40 weeks, its for 52 weeks. Even though your first year my be a 40 week house contract and you live rent free at home during the summer (a fair few students dont) chances are when you move into a house in 2nd year your house contract will be 52 weeks.

Reply 2

claireestelle

If you're careful you could live off a 1/3 to 1/2 of that and save the rest.

Original post by ludd-sama

Reply 3

ludd-sama

Original post by madmadmax321

Yeah I meant for first year, but even second year £115 seems like a lot.

Reply 4

ludd-sama

Original post by claireestelle

If you're careful you could live off a 1/3 to 1/2 of that and save the rest.

Yeah I'm really considering doing that, well I plan to, let's just hope i have the mental fortitude to resist splashing like I'm Hugh Hefner

Reply 5

claireestelle

Original post by ludd-sama

Yeah I'm really considering doing that, well I plan to, let's just hope i have the mental fortitude to resist splashing like I'm Hugh Hefner

Put it in an account where you have to lose interest to remove it, that should do the trick.

Reply 6

doodle_333

actually quite normal, it is a lot of money but the maximum loan is quite a lot of money (especially if you get a generous bursary)

it will mean you can be a little more relaxed, but also that you should be able to save some etc

think about whether there will be anything you might need/want it for e.g. travelling, living expenses during unpaid internship, postgrad course, learn to drive (if you don't) etc... if not, a few thousand will start you off well for a deposit for a house or just to get you started renting independently post uni

Reply 7

Helloworld_95

Find a good investment account and dump your bursary in there. £8k is enough to live off and be fairly comfortable (not 'I don't have to look at my expenses comfortable, even when I drink, eat out and go on trips' but comfortable enough). The interest you get should outweigh that of the student loan so it would end up being more profitable than not taking some of the loan.

Reply 8

Puddles the Monkey

Original post by ludd-sama

I would definitely try and save as much of that as possible - open a savings account and stick it in there. I did this at university and it really, really, really helps when you graduate. :top: