I am so confused about student finance! Watch

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Hello,

I am a student, I have applied for student finance (currently at uni, not received finance or amount I am supposed to get yet because of delays), but after that I am confused.

What has the maintenance grant been designed for, and what has the loan been designed for?

I always assumed the maintenance grant was for tution fees and a bit more to spend here and there. And the tuiton fees was in case you wanted extra cash in your hand, or was living in halls so needed to pay for accommodation etc.

But after talking to someone, they said that the maintenance grant was designed for spending as in maintaining the student, and the grant for paying tuition fees, is this true?

Because I have applied for a maintenance grant only, so that has left me with nothing to spend in terms of travelling to uni etc. and I am using the maintenance grant for my tuition fee.

Should I apply for a loan?
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Neville 'Facking' Bartos
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You do know there's a Tuition Fee loan? :sigh:
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Is that what I was supposed to apply? I ripped the loan page out. There's only one page for loan right?
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Neville 'Facking' Bartos
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Err yeah I think so.... but if you're having trouble with filling in a form, University is not the answer...
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Lol you know what, I don't even know what I did. Eveythings a topple, let me look at the form again. I did the form ages ago, I just don't know what I put in now I'm thinking did I do this? Did I do that? Sorry.
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ElfManiac
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Tuition Fee Loan is for Tuition Fees.

Maintenance Loan is for Living Expenses and you have to pay it back eventually.
Maintenance Grant is also for Living Expenses, but you don't have to pay it back.
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Illusionary
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(Original post by site)
Hello,

I am a student, I have applied for student finance (currently at uni, not received finance or amount I am supposed to get yet because of delays), but after that I am confused.

What has the maintenance grant been designed for, and what has the loan been designed for?

I always assumed the maintenance grant was for tution fees and a bit more to spend here and there. And the tuiton fees was in case you wanted extra cash in your hand, or was living in halls so needed to pay for accommodation etc.

But after talking to someone, they said that the maintenance grant was designed for spending as in maintaining the student, and the grant for paying tuition fees, is this true?

Because I have applied for a maintenance grant only, so that has left me with nothing to spend in terms of travelling to uni etc. and I am using the maintenance grant for my tuition fee.

Should I apply for a loan?
Basically, there are three main elements of student finance in the UK:
  • Tuition fee loan - designed to cover tuition fee, this will match the amount of the fees, and is repayable following graduation (at a rate of 9% of your annual income over £15,000)
  • Maintenance loan - designed as a contribution towards living costs (accommodation, food, course materials, etc.). There is an income-assessed element to the loan, based on your annual household income. Again, this is repayable after graduation.
  • Maintenance grant - same purpose as the maintenance loan, and entirely income assessed, but non-repayable.
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TheTallOne
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:facepalm2:

Did you even read any of the literature the uni/UCAS/SLC have spammed sent you over the past 6 months?
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(Original post by ElfManiac)
Tuition Fee Loan is for Tuition Fees.

Maintenance Loan is for Living Expenses and you have to pay it back eventually.
Maintenance Grant is also for Living Expenses, but you don't have to pay it back.
(Original post by Illusionary)
Basically, there are three main elements of student finance in the UK:
  • Tuition fee loan - designed to cover tuition fee, this will match the amount of the fees, and is repayable following graduation (at a rate of 9% of your annual income over £15,000)
  • Maintenance loan - designed as a contribution towards living costs (accommodation, food, course materials, etc.). There is an income-assessed element to the loan, based on your annual household income. Again, this is repayable after graduation.
  • Maintenance grant - same purpose as the maintenance loan, and entirely income assessed, but non-repayable.
Thank you.

With the tuition fee loan, you pay that back.

The maintenance loan I won't get.

The grant... if I left after one year, would I have to pay it back? Such asing questions for different situations to make sure. I don't know whether I'll be moving cities (and maybe unable to continue studies, unless I go back later on) or not.
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FunLady
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Surely Student Finance England would have noticed that you hadn't applied for the loan and got in contact with you?
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TheTallOne
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(Original post by site)
Thank you.

With the tuition fee loan, you pay that back.

The maintenance loan I won't get.

The grant... if I left after one year, would I have to pay it back? Such asing questions for different situations to make sure. I don't know whether I'll be moving cities (and maybe unable to continue studies, unless I go back later on) or not.
The grant is a grant - you won't have to pay back.

Any loan (tuition/maintenance) you will have to pay back + interest. At the moment the interest is 0% so in August you will still owe the same as you will today (or whenever it gets through). Fill in a Tuition Fee declaration form from SFE and get it sorted. Once you start earning over £15,000, a percentage of what you earn over 15k will go to repaying your loan.
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ElfManiac
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Why would you not get the maintenance loan? Everyone is entitled to 75% of the loan (non-means-tested) for the duration of their course. If your parents earn less than £50,000 a year, you may be eligible for the maintenance grant, which is non-repayable.
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xpresso
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The tuition fee loan is exclusively for the academic expense of your studies: your tuition. It is paid directly to your university in two separate installments by Student Finance Direct.

Unless it's financially viable for you to pay tuition fees yourself, direct and upfront to the university, then you should apply for this loan. You will pay it back after graduation once you earn fifteen thousand or more.

Since you're enquiring into the maintenance loan, it's clear that paying fees in full, and upfront to your institution, is not a financially comfortable situation for yourself.

Consider: if you did not have to pay your tuition fees now, do you think you could manage your living expenses using the money you get from your current maintenance grant?

If yes, then you may just want to apply for a tuition fee loan.

If no, then I'd really re-consider if it is just the maintenance loan you want to apply for or both the maintenance loan and the tuition loan.

In either case, it sounds like you definitely need to amend your student finance submission. Given the current situation with Student Finance Direct (i.e the chaos), I would really encourage you to go and see you university student finance officer; they are usually attached to your university house, or the academic office. They will help you to comprehend both your own financial needs, and the application process, as it stands, with Student Finance Direct.

I also say this because you wont get money any time soon from SFD, so the university may be able to offer interim financial aid, should you need it.

Good luck, and at least you'll know for next year
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Antimatter
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(Original post by FunLady)
Surely Student Finance England would have noticed that you hadn't applied for the loan and got in contact with you?
Nah, lots of people have their parents paying one or the other
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Tombola
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Assuming full attendance. You wouldn't need to pay back the grant. You'd pay off tuition fee loans after earning more than £15,000.

Assuming partial attendance. Depending on time spent at university, they'll request back a certain amount for the days you didn't attend. Example: £10 max - You attended 3/10 days, they'll ask for £7 back etc.

If you leave university early. Some places might charge you no tuition fees or they might charge you partial. Not sure if they're allowed to charge full fee before December 1st but it's best finding out quickly if you ever consider going down this route.
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(Original post by FunLady)
Surely Student Finance England would have noticed that you hadn't applied for the loan and got in contact with you?
They are way behind with my application but no, not been contacted.

(Original post by TheTallOne)
The grant is a grant - you won't have to pay back.

Any loan (tuition/maintenance) you will have to pay back + interest. At the moment the interest is 0% so in August you will still owe the same as you will today (or whenever it gets through). Fill in a Tuition Fee declaration form from SFE and get it sorted. Once you start earning over £15,000, a percentage of what you earn over 15k will go to repaying your loan.
Thank you, I'll send that off.

(Original post by ElfManiac)
Why would you not get the maintenance loan? Everyone is entitled to 75% of the loan (non-means-tested) for the duration of their course. If your parents earn less than £50,000 a year, you may be eligible for the maintenance grant, which is non-repayable.
I didn't apply for maintenace loan because I thought I wouldn't need it.
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FunLady
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(Original post by Antimatter)
Nah, lots of people have their parents paying one or the other
Not mine
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(Original post by xpresso)
The tuition fee loan is exclusively for the academic expense of your studies: your tuition. It is paid directly to your university in two separate installments by Student Finance Direct.

Unless it's financially viable for you to pay tuition fees yourself, direct and upfront to the university, then you should apply for this loan. You will pay it back after graduation once you earn fifteen thousand or more.

Since you're enquiring into the maintenance loan, it's clear that paying fees in full, and upfront to your institution, is not a financially comfortable situation for yourself.

Consider: if you did not have to pay your tuition fees now, do you think you could manage your living expenses using the money you get from your current maintenance grant?

If yes, then you may just want to apply for a tuition fee loan.

If no, then I'd really re-consider if it is just the maintenance loan you want to apply for or both the maintenance loan and the tuition loan.

In either case, it sounds like you definitely need to amend your student finance submission. Given the current situation with Student Finance Direct (i.e the chaos), I would really encourage you to go and see you university student finance officer; they are usually attached to your university house, or the academic office. They will help you to comprehend both your own financial needs, and the application process, as it stands, with Student Finance Direct.

I also say this because you wont get money any time soon from SFD, so the university may be able to offer interim financial aid, should you need it.

Good luck, and at least you'll know for next year
Basically, my parents aren't working (can't, got their situation), hence grant I'll get, yes (don't know how much) and tuition fee loan.

Now the maintenance loan... will I really need it? I live at home, pay for travel to uni, will the grant not cover that?

What other things would be needed to spend on? I don't really go for shopping etc. that much so in that way I'm okay. Food etc. is paid for. Then?

(Original post by Tombola)
Assuming full attendance. You wouldn't need to pay back the grant. You'd pay off tuition fee loans after earning more than £15,000.

Assuming partial attendance. Depending on time spent at university, they'll request back a certain amount for the days you didn't attend. Example: £10 max - You attended 3/10 days, they'll ask for £7 back etc.

If you leave university early. Some places might charge you no tuition fees or they might charge you partial. Not sure if they're allowed to charge full fee before December 1st but it's best finding out quickly if you ever consider going down this route.
Thanks.

Okay so is maintenance grant and loan the same thing, except that those who have working parents don't get the grant and can get the loan (which they pay back when earning 15k+), and grant is given to those whose parents don't work etc. and they can also get the maintenance loan on top of that?

So many questions.
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Martial44
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may be silly question, but when do you apply for student loan? I am going to apply my UCAS on monday -- do I need to do anything before it? thanks
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Tombola
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(Original post by site)
Basically, my parents aren't working (can't, got their situation), hence grant I'll get, yes (don't know how much) and tuition fee loan.

Now the maintenance loan... will I really need it? I live at home, pay for travel to uni, will the grant not cover that?

What other things would be needed to spend on? I don't really go for shopping etc. that much so in that way I'm okay. Food etc. is paid for. Then?
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.


Thanks.

Okay so is maintenance grant and loan the same thing, except that those who have working parents don't get the grant and can get the loan (which they pay back when earning 15k+), and grant is given to those whose parents don't work etc. and they can also get the maintenance loan on top of that?

So many questions.
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.
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