Student Finance. Mum wants me to get Maintanance money
I've just finished my first year of Uni. I live at home as the Uni is local, but when I applied for student finance, my mum wanted me to get maintance loan from student finance. She wanted me to get the maximum possible, so I did for the first year. I got around £6.5K. I'm currently applying for the second years of student finance, and my mum wants me to get maximum maintance loan again. Now the thing is, I can feel that I will regret this a lot in the long term. I gave my mum money last year to pay off some debts and buy the whole family flight tickets to go holiday, I also had some extra money which I basically wasted on clothes, food, night outs etc. This is a lot of money that I am being given and that I will need to give all back once I graduate. I have a really bad feeling about this, but my mum told me that a lot of people around my age got maintance loan even though they are at home.
How bad will the debt affect me in the future? I've never dug too deep into it. Are there any graduates who know for sure?
How bad will the debt affect me in the future? I've never dug too deep into it. Are there any graduates who know for sure?
Original post by Anonymous
I've just finished my first year of Uni. I live at home as the Uni is local, but when I applied for student finance, my mum wanted me to get maintance loan from student finance. She wanted me to get the maximum possible, so I did for the first year. I got around £6.5K. I'm currently applying for the second years of student finance, and my mum wants me to get maximum maintance loan again. Now the thing is, I can feel that I will regret this a lot in the long term. I gave my mum money last year to pay off some debts and buy the whole family flight tickets to go holiday, I also had some extra money which I basically wasted on clothes, food, night outs etc. This is a lot of money that I am being given and that I will need to give all back once I graduate. I have a really bad feeling about this, but my mum told me that a lot of people around my age got maintance loan even though they are at home.
How bad will the debt affect me in the future? I've never dug too deep into it. Are there any graduates who know for sure?
How bad will the debt affect me in the future? I've never dug too deep into it. Are there any graduates who know for sure?
Sounds messed up tbh. On the one hand maybe you are living at home for free, but its you thats borrowing the money.
You wont start repaying till you start earning over 25k. No idea what your mums like, but you can expect her to be asking for you to borrow the same in third year as well. Its quasi debt, so not like a real debt but even so.
Wonder where you will be going on holiday this year? Dont worry it gets written off after 30 years.
Moved to Student Financial Support. 
There's examples of how much you repay here:
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678784&_dad=portal&_schema=PORTAL
It's not a huge amount and it gets written off if you've not fully repaid after 30 years so it doesn't work the same way as credit card or bank loan debt. It shouldn't make too much difference to your future finances.
Perhaps ask your mum how much she expects you to contribute to the household, then you can budget for how much you'll need for personal expenses so you don't feel like you've wasted money on clothes etc.
I think she's definitely within her right to ask for a contribution, but might be better to have a set monthly amount you pay rather than giving money ad-hoc.
Alternatively, if your family still have debts, it could be worth using your student finance money to pay these, with your family then paying the student loan back - the interest and repayment terms on student loans tend to be much better than other finance.
In uni I used some of my savings to pay off my mum's credit cards - she continued to make the same monthly payment, just she paid me, instead of only clearing her credit card interest each month.
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678784&_dad=portal&_schema=PORTAL
It's not a huge amount and it gets written off if you've not fully repaid after 30 years so it doesn't work the same way as credit card or bank loan debt. It shouldn't make too much difference to your future finances.
Perhaps ask your mum how much she expects you to contribute to the household, then you can budget for how much you'll need for personal expenses so you don't feel like you've wasted money on clothes etc.
I think she's definitely within her right to ask for a contribution, but might be better to have a set monthly amount you pay rather than giving money ad-hoc.
Alternatively, if your family still have debts, it could be worth using your student finance money to pay these, with your family then paying the student loan back - the interest and repayment terms on student loans tend to be much better than other finance.
In uni I used some of my savings to pay off my mum's credit cards - she continued to make the same monthly payment, just she paid me, instead of only clearing her credit card interest each month.
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