Hey there! Sign in to join this conversationNew here? Join for free

Maintenance loan not enough! Watch

    Offline

    0
    ReputationRep:
    The value quoted off the website is what you'll get if you submit evidence of a low parental income, you may also get grants, if you submit no evidence or your parents have a combined income of more than £70000 (i think?) you will get a smaller loan, which is as you stated £3564. No ones loan covers their accommodation, let alone all the other stuff, fraid your nothing special, everyone else manages.
    Offline

    4
    ReputationRep:
    (Original post by ben788)
    My parents are in money troubles and I have 6 siblings, it's only over 50,000 because they have several jobs.
    Oh okay. I think if you apply for a means tested loan, then you have to declare the number of dependants your parents have e.g. all your siblings, which may bump up what you'd get a little bit.

    Also, where on earth have you applied that charges £5000 for accommodation? :eek3: Even people who have an en-suite room at my uni pay less than that!
    Offline

    10
    ReputationRep:
    Budget well, get a job. Like every other student in the world.
    Offline

    0
    ReputationRep:
    (Original post by urbanshoemyth)
    Hi everyone, I'm a little confused. OP said the max was £3564 (and I tried the finance calculator thing and it said this too), but on the website it says £4950? Does anyone know why this is? Thanks
    He's been means tested and his parents earn too much and if his loan is around £3500 they are earning nearer £60K than £50K.
    Offline

    0
    ReputationRep:
    Do the calculator thing and it's £3564 if you study outside London, £4988 if you study inside London.
    Offline

    0
    ReputationRep:
    Uni food is extortionate btw. At first I was a bit apprehensive at buying food, but the b*stards have slowly made me think it's 'normal' to buy a 500ml coke bottle at £1.50.

    More expensive than Waitrose for pete's sake.
    Offline

    1
    ReputationRep:
    It is a shame that we can't get a big enough loan for uni to cover costs (Durham accomodation at University college is over £4000... eek...that's not one I can get out of by just spending less!).

    I'm spending my entire gap year working partly so that I can fill the gap between what I can borrow and what I need to spend... which is not such a bad thing and thank goodness I was able to get a decent job.

    It's also a shame that the govt seems to assume our parents will pay. Mine won't but earn too much for me to qualify for support.

    Thank God I'm not applying next year though... now that would be a HELL of a lot of debt.
    Offline

    0
    ReputationRep:
    (Original post by hypocriticaljap)
    He's been means tested and his parents earn too much and if his loan is around £3500 they are earning nearer £60K than £50K.
    Oh right, I didn't realise the loan could be lowered because of that. I just thought it got lowered if you received a grant as well?
    Offline

    13
    ReputationRep:
    You've got until next September to save up, and starting off with even a small amount in the bank will help. Apart from that, getting an overdraft and a part time job/job in the holidays is about all you can do.

    You should discuss with your parents whether they can help you out a small amount though; explain that the system works on the presumption that they will help you out and the fact that they won't doesn't make a blind bit of difference. They're the reason that you get so little; that might not be fair on you or them, but they can hardly want you to starve. Perhaps discuss with them that you won't after all be living at home and incurring costs there, they could maybe contribute to covering your food costs (even if it was say only £20 a week?)

    It's not true no one's basic loan covers their rent though; it very much depends on where you study, and the living costs of your choice of uni is something you should take into consideration at least a little bit before you apply.

    My loan covers my rent, and gives me £530 left over for the year-so about £170 a term-(and yes, it is the minimum £3564) which isn't a lot, but has been helpful. The cost was part of the reason why I went for Cardiff over a few other choices; I knew before hand it was going to have to be an important factor.
    Offline

    0
    ReputationRep:
    (Original post by urbanshoemyth)
    Oh right, I didn't realise the loan could be lowered because of that. I just thought it got lowered if you received a grant as well?
    It isn't.
    You get a bigger loan than the minimum if your parents earn between £50 - £60K. Under £50K you gert grants. Over £60K you get the minimum loan only.
    Offline

    1
    ReputationRep:
    (Original post by JosieMcfeene)
    Nobodies loan covers their rent. Welcome to ze real world!
    Mine does. And gives me loads spare. and I don't live in a box.

    OP....i guess you'll just have to be creative? don't spend so much on stuff you don't need, be frugal with food shopping. All of that common sense stuff I guess is the only advice we can give you.
    Offline

    0
    ReputationRep:
    (Original post by hypocriticaljap)
    It isn't.
    You get a bigger loan than the minimum if your parents earn between £50 - £60K. Under £50K you gert grants. Over £60K you get the minimum loan only.
    Oh, I didn't realise you could get a bigger loan, do you have a link?
    Offline

    0
    ReputationRep:
    (Original post by urbanshoemyth)
    Oh, I didn't realise you could get a bigger loan, do you have a link?
    2nd chart on here
    http://www.direct.gov.uk/en/Educatio...time/DG_174046
    Offline

    0
    ReputationRep:
    Thanks!
    Offline

    0
    ReputationRep:
    (Original post by Sakura-Chan)
    Oh okay. I think if you apply for a means tested loan, then you have to declare the number of dependants your parents have e.g. all your siblings, which may bump up what you'd get a little bit.

    Also, where on earth have you applied that charges £5000 for accommodation? :eek3: Even people who have an en-suite room at my uni pay less than that!
    Try looking at accommodation for London universities.
    Offline

    0
    ReputationRep:
    What accommodation costs 5 grand a year?! Im studying abroad for a year, in expensive accommodation and that adds up to £2250 for half a year (Im in different accommodation the second half). Id suggest choosing slightly less ridiculously priced accommodation in uni, or live off campus.
    Offline

    15
    ReputationRep:
    The title of this thread is the story of my life.
    Offline

    0
    ReputationRep:
    (Original post by Cold_sky)
    What accommodation costs 5 grand a year?! Im studying abroad for a year, in expensive accommodation and that adds up to £2250 for half a year (Im in different accommodation the second half). Id suggest choosing slightly less ridiculously priced accommodation in uni, or live off campus.
    London. And IMO, you miss out on alot if you live off campus as a fresher.
    Offline

    0
    ReputationRep:
    (Original post by lareneg)
    London. And IMO, you miss out on alot if you live off campus as a fresher.
    Yeah youd miss out on a lot. But if it comes to that or living off fresh air to pay rent and bills..
    Offline

    18
    ReputationRep:
    (Original post by urbanshoemyth)
    Hi everyone, I'm a little confused. OP said the max was £3564 (and I tried the finance calculator thing and it said this too), but on the website it says £4950? Does anyone know why this is? Thanks

    I believe that 4950 is the max loan. If your parents earn over £50,000/£60,000 (can't remember which) then you get 3/4 of the max loan. Then the less you earn under the threshold, the more loan you get. Then it comes to a point where they start substituting a pound of the loan for 2 pounds of grant.

    It's a bit confusing, but basically 4950 is the amount of loan you would get if your parents earned JUST too much to get any grant.

    I'm not 100% on this, but it's the way I've understood it.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.