Is it possible to get my entire maintenance loan in september? (got my answer its no)

Due to big expenses at the start of the year (buying new household essentials, getting a new laptop and wanting to pay off all my rent at the start of the year) I created a budget that covers all these expenses, allows me to save a fair amount for emergencies (the amount i can have saved is nothing to sniff at and includes enough to keep me going over summer in case i cant get a job - just highlighting that this is some genuine thought out serious money management), and still gives me a good amount to use for buying nonessentials.

However I have only just learned that we get our maintenance loan (from the government) in three parts each term. This puts a spanner in the works for me, as it will mean during the first term i will barely be able to eat, and in the last term have more money than i know what to do with. I can redo my budget and work something out, but having things hanging over me (owing family/friends money and not knowing my rent is paid and done) will cause a LOT of stress.

Is there a way for me to get my entire maintenance loan from the government all at once in September?

Why wouldn't you just pay your rent in installments?

because i much prefer getting any big payments out of the way, this is why ive made a budget that allows me to make big payments upfront so i dont have to think about them again. knowing i still need to pay rent or owe family members money because of loans causes me extreme anxiety.

because i much prefer getting any big payments out of the way, this is why ive made a budget that allows me to make big payments upfront so i dont have to think about them again. knowing i still need to pay rent or owe family members money because of loans causes me extreme anxiety.

As above, it's split into three payments and there is no way around that. Additionally the last payment is actually the largest of the three (to help students with costs over the summer is the usually given rationale); the first two are slightly less than the final one, so it's not an even split between each.

However you would probably be eligible for a student overdraft scheme on your student account with your bank, depending who you bank with. Usually they do no interest overdrafts while you are a student, or very long repayment periods (e.g. 3+ months, so your next loan installment would come in) before interest begins being charged on them. This can help manage the initial costs when you start uni, and then remain as a buffer in case of sudden costs that might crop up later in the course.

Just avoid student credit cards unless you have a will of iron and are extremely organised and keep on top of payment dates etc. Credit ratings are very easy to hurt but hard to improve!

You need to re-write your budget or earn some money or have a gap year so you can save up.

I understand wanting to get those things out of the way. But by the sound of it, paying everything off at the start won't be possible considering you get money each term.

No. You'll have to find additional funding elsewhere; borrow; reduce your costs somehow or work like everyone else.

thank you for the advice ill speak to my bank about it

currently my account has no overdraft but ill look at switching to a different one.

its a bit frustrating that at no point in my application did they mention its not a lump sum, but ive just got to suck it up and make it work, seems daft to make the last installment the biggest when all the major costs happen at the start of the year

If you drop out of your course partway through the year then you are no longer eligible for the remaining payments (and often need to repay some of the earlier payments).

SFE aren’t willing to bet their money on a student completing the tear.

Ask your bank about student accounts, and let them know you're going to uni in the coming year and they should be able to advise you on what benefits (possibly including an overdraft) a student account may have once you start and how to set these up later. Usually once you start uni you can get a letter confirming your attendance at the uni (which you'll need to council tax exemption purposes anyway - make several photocopies of the original).

To be fair, it's probably for the best they don't give students the entire amount dropped in their account at the start of the year; I know enough students who spend too much of just the one loan installment not long after getting it, I can't imagine what those kinds of people would do if they had 8k dropped in their account out of the blue!

thank you for the advice ill speak to my bank about it

currently my account has no overdraft but ill look at switching to a different one.

its a bit frustrating that at no point in my application did they mention its not a lump sum, but ive just got to suck it up and make it work, seems daft to make the last installment the biggest when all the major costs happen at the start of the year

Every other student manages - what expenses require you to have all the loan in one go? A student account will give you an overdraft.

aye im gonna speak to my bank. i can see why a lot of people wouldn't be smart with their loan but also we are adults, it should be a choice whether we want it in a lump or staggered.