I am so confused about student finance! Watch

xpresso
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#21
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#21
Quick way to think about it.

Essentially everyone gets the loan.

Everyone can apply for the grant, but how much you get depends on your household income. Lower income higher grant.

The more grant you get, the slightly lower a loan you will be entitled to. This is fine, as it means you pay back less, and also a combined grant and loan exceeds the value of a loan itself.

Ultimately, I'd advise applying for your maximum entitlement: you will hardly ever (if ever) get loans at such good rates - it makes sense.

As for expenses, remember, there may be unforeseen costs: field trips, course equipment, books, laptops, software, hobbies, clothes ..... but if you've managed to harmonize your finances to a perfection, and you can live solely on the grant, fine, so be it. Put your loan money into an ISA and start planning for after graduation

I'd still encourage you to see a student finance officer at the university, as you'll be able to discuss your situation frankly, getting tailored guidance and support throughout the process.
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#22
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(Original post by Tombola)
If living with family then it doesn't really matter too much. You've survived without extra financial help so it's not like things suddenly change now that you are at university.

But all I've got to say is... What's the drawback?
I'd just take out the entire loan. It's extra funding if I ever need it and I can help out my parents if they need to borrow any (unlikely I know). I'm using my maintaince loan to treat my parents to a small holiday because the last time they did go on one was at least 5 years ago. They work all the time.




All students can get several things.

Tuition Fees
Maintaince Loan (Basic loan that all students get)
Maintaince Loan (Extra based on parents income)
Maintaince Grant (Dependant on parents income - can range from 0 to 2800ish)

Then there are things like university bursaries which are like grants, also non-repayable and dependant on time spent at university. Basically all students are eligable for everything, but the amount received is different.
Drawback is interest I guess, I don't want to be paying so much on that.

Tution fees - checked
Maintenance loan - why are there two? When will a person get one and not the other? How much is the basic, and how much can the extra be?
Grant - checked.
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#23
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(Original post by xpresso)
Quick way to think about it.

Essentially everyone gets the loan.

Everyone can apply for the grant, but how much you get depends on your household income. Lower income higher grant.

The more grant you get, the slightly lower a loan you will be entitled to. This is fine, as it means you pay back less, and also a combined grant and loan exceeds the value of a loan itself.

Ultimately, I'd advise applying for your maximum entitlement: you will hardly ever (if ever) get loans at such good rates - it makes sense.

As for expenses, remember, there may be unforeseen costs: field trips, course equipment, books, laptops, software, hobbies, clothes ..... but if you've managed to harmonize your finances to a perfection, and you can live solely on the grant, fine, so be it. Put your loan money into an ISA and start planning for after graduation

I'd still encourage you to see a student finance officer at the university, as you'll be able to discuss your situation frankly, getting tailored guidance and support throughout the process.
Thanks!
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#24
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bump.
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Illusionary
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#25
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(Original post by site)
bump.
What more do you want to know?
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#26
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#26
(Original post by Illusionary)
What more do you want to know?
Maintenance loan - why are there two? When will a person get one and not the other? How much is the basic, and how much can the extra be?
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Illusionary
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#27
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(Original post by site)
Maintenance loan - why are there two? When will a person get one and not the other? How much is the basic, and how much can the extra be?
Ah, okay....

There's only one maintenance loan, but the amount that you can actually apply for has two elements - a basic loan that anyone who's eligible for student finance can apply for, and a further element that depends on household income. The reasoning is that where household income exceeds a certain level, parents are expected to contribute a certain amount towards living costs.

The amount that you can get also depends on where you're studying - London rate is the highest, then there are different maximum amounts depending on whether you're living with parents or not. The non-income assessed portion is 72% of the maximum in each case. There are tables of the various maxima here.
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loopy6111
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#28
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(Original post by site)
Maintenance loan - why are there two? When will a person get one and not the other? How much is the basic, and how much can the extra be?
It's not really two seperate loans just that everyone can get the same amount and then people can get grant on top but if you don't qualify for the grant then you get abit more loan (so you cann afford for everything), well this is what i think it is.
I didn't know you could get the grant seperate from the loan?
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Illusionary
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#29
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(Original post by loopy6111)
I didn't know you could get the grant seperate from the loan?
You can - but you still need to be income-assessed to get the grant.
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#30
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#30
(Original post by Illusionary)
Ah, okay....

There's only one maintenance loan, but the amount that you can actually apply for has two elements - a basic loan that anyone who's eligible for student finance can apply for, and a further element that depends on household income. The reasoning is that where household income exceeds a certain level, parents are expected to contribute a certain amount towards living costs.

The amount that you can get also depends on where you're studying - London rate is the highest, then there are different maximum amounts depending on whether you're living with parents or not. The non-income assessed portion is 72% of the maximum in each case. There are tables of the various maxima here.
(Original post by loopy6111)
It's not really two seperate loans just that everyone can get the same amount and then people can get grant on top but if you don't qualify for the grant then you get abit more loan (so you cann afford for everything), well this is what i think it is.
I didn't know you could get the grant seperate from the loan?
(Original post by Illusionary)
You can - but you still need to be income-assessed to get the grant.
Thank you everyone. I am so grateful for your replies. I understand now, hopefully.
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#31
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#31
One question:

If I had to leave or drop out of uni after one year, what happens?

Thanks.
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Illusionary
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#32
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(Original post by site)
One question:

If I had to leave or drop out of uni after one year, what happens?

Thanks.
You start paying back the loan once you're earning above £15k annually. The grant remains non-repayable.
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#33
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(Original post by Illusionary)
You start paying back the loan once you're earning above £15k annually. The grant remains non-repayable.
Thank you! I hope my situation works out well. I do want to graduate, I'll rep all you guys one by one each day if I remember, if I don't, remind me. : )
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Illusionary
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#34
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(Original post by site)
Thank you! I hope my situation works out well. I do want to graduate, I'll rep all you guys one by one each day if I remember, if I don't, remind me. : )
Happy to help.

There's a useful guide to student finance available form this page, which I'd suggest you have a look at when you have the time.
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#35
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Instead, all eligible, full-time students can get a
Student Loan for Fees of up to £3,225 a year to
meet their course costs. This is a non-commercial
loan from the Government. The money is paid
directly to your college or university on your behalf
and you only have to start repaying it once you’ve
left your course and are earning over £15,000 a
year.
That means if I leave the course, even if I am not earning 15k+, I have to pay it off staright away.
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Taiko
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#36
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(Original post by Illusionary)
You start paying back the loan once you're earning above £15k annually. The grant remains non-repayable.
In this case, part of the grant would be repayable, and that is instantly repayable. Maintenance grants are awarded based on the attendance on a course, and in all years before the final year are supposed to go towards the summer months.

Therefore, if a student completes the year but doesn't return for the next, they're entitled to grant on a pro-rata basis up until the date of last attendance, which is the final day of term.
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#37
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(Original post by Taiko)
In this case, part of the grant would be repayable, and that is instantly repayable. Maintenance grants are awarded based on the attendance on a course, and in all years before the final year are supposed to go towards the summer months.

Therefore, if a student completes the year but doesn't return for the next, they're entitled to grant on a pro-rata basis up until the date of last attendance, which is the final day of term.
Oh I just re-read what I wrote.

If I do one year of uni, the £3225 I pay back after I earn 15k+ and not before.

That is the same, for whether I study one year, two or three.
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Illusionary
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#38
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(Original post by Taiko)
In this case, part of the grant would be repayable, and that is instantly repayable. Maintenance grants are awarded based on the attendance on a course, and in all years before the final year are supposed to go towards the summer months.

Therefore, if a student completes the year but doesn't return for the next, they're entitled to grant on a pro-rata basis up until the date of last attendance, which is the final day of term.
Thanks for the clarification/correction :o:
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#39
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(Original post by Taiko)
In this case, part of the grant would be repayable, and that is instantly repayable. Maintenance grants are awarded based on the attendance on a course, and in all years before the final year are supposed to go towards the summer months.

Therefore, if a student completes the year but doesn't return for the next, they're entitled to grant on a pro-rata basis up until the date of last attendance, which is the final day of term.
How are grants paid, at the beginning of the term?

So if I went uni for one year, then left, I'd be getting extra money for the summer holidays, but because I am not going the next year, the money from the last day of term till the first day of the new year is taken back by student finance?

Thanks.
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Tombola
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#40
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What confuses me with the whole grant/leaving situation is...
Surely having taken exams and attended all lectures in the 1st year. You'd technically have completed the year. It seems odd that the summer holidays are included when it's not part of the university year. Actually writing this out feels a little shoddy but still I'd like to think that it should count.

So if I'm understand right. Students will always have to pay back some of the grant no matter what if they do decide to leave university? Even if they have finished everything at university apart from graduate. When is the real date then for year completion? 30th September?
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