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I'm confused about the university money i'm getting? (for dummies!) Watch

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    Can a mod please anon this. (don't know how to do it myself, lol)

    Hi, i'm really confused on this. I'm not firmiliar with the money i'm getting for university.

    All I know is:
    My flat is going to be £3500.
    My lessons are going to be about £3000
    And I'm suppost to get like £3000 in money or something? (student loan I think its called)

    I get EMA in college (£30 a week)
    And I heard something about you have to pay the money back when your earning over £15,000 a year.

    And I heard that there is money that you don't have to pay back. Is this true?

    I have £1000 in money in my bank, when I get my money, will they take my £1000 out?

    And do I get the money all in one go? (the full £9,000) (if it is £9500 i'm getting, i'm just adding all three costs up. I don't know if it works like that.)

    I'm really confused about this and know nothing so don't be too harsh please. lol.

    Thanks
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    I don't think you can anon in this forum :erm:

    They won't take any money out of your bank account. They'll pay your uni fees straight to your uni, then give you a maintenance loan/grant according to what your parents earn (if you get EMA, then the govt will be pretty generous at uni too ). You don't get the money all in one go, it's in installments every so often - termly, I think. And then you pay it all back (apart from the grant) when you're earning £15k+.
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    Why would you want to be Anon with something like this anyway...
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    Tuition loan goes straight to uni
    Maintainence loan you pay back eventually
    Grant you don't pay back that's why its called a grant
    You get paid in installments
    If you are geting £30 EMA chances are you will get a fair bit.
    They won't take money out of your account - that's just stupid. They never take money out they just adjust how much you get according to your parents income and (probably to some extent) your finances. I very much doubt you having 1000 will have any effect as I had far more (not a fortune) than that and i still get the maximum finance - also at london rate
    Very simple stuff here
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    (Original post by Big_Joe_1234)
    Can a mod please anon this. (don't know how to do it myself, lol)
    You can only post as anonymous in the H&R forum, not here, and I can't really see why this would need to be anon anyway, tbh... :nah:
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    yeah its allright dude all this money stuff for loans is confusing for alot of people , hense all the posts
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    Forget about tuition fees - government pays that straight to the uni, you just rack up debt.

    For maintenance, there's a basic loan of about £3500, but then there's means tested loans and grants available too, which you can apply for. If you're getting £30 EMA, then chances are you'll get a lot of what's available, which could be up to about £5000 total. This is split into three termly instalments.

    You are correct, you start paying this back when you're earning £15000; before then, you don't pay anything. If you're getting the maintenance grant as well as the loan (means-tested) then you don't have to pay that back, but you still have to pay the rest of the loan and the tuition fees loan back.

    The £1000 in your bank is your money, they can't take that!

    And as has been said above, anon only in H&R.
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    Depends on where you are aswell. If you are studying in London you get a larger maintenance loan (About 5800) split into 3 installments: September, January and April.

    Maintenance grant works out about 980 quid 3 times a year. This is paid about the same time as the loan. If you are getting the 30 pound EMA it is likely that you will be eligible for this full amount. It varies on household income.

    Tuition fees are paid directly to the institution you are studying at.

    Bursaries are available in some University's too, these can depend upon different factors: Grades at AS + A2 level or household income.

    A student bank account can be helpful too (although I can't get one as I managed to get myself into a bit of financial trouble a couple of years back). Interest free overdrafts can start at about 500 pounds and increase throughout your time of study. Banks, though can demand this back at any time, so be wary! Try not to use it unless you NEED to!

    Hope this helps a bit!
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    So by the end of the 3 years, I will be 3x £9000 in debt? = £27,000 in debt?

    And whats the difference between maintenance grant, maintenance loan and student loan?

    And which money do I never have to pay back?
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    Like i said maintenance loan you have to pay pack, the M grant you don't. By student loan do you mean tuition? If so they give the money to your uni and you pay it back.
    You never have to pay back the grant.
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    Maintenance Loan = £3500+ you get given straight into your bank account in termly instalments (you get the money in September, Jan, April usually but it does depending on when each term of your university starts!)

    Maintenance Grant = money you dont have to pay back, and you get it along with your maintenance loan... so say you get £4000 maintenance loan in september... you also get £500 grant (just an example, i have no idea how much!)... so you will get £4500 all together in september! You just dont have to pay the £500 back!

    Student loan = just another term for maintenance loan/tuition fee loan.... basically everyone at uni just calls it 'my student loan'.... but student finance just like to break it down into 2 parts... the maintenance loan and tuition fee loan! Pretty simples

    And yes, that will be about the amount of debt.... tutition fee's go up with inflation each year (next year tuition fees are £3290) but not by much. Your university will tell you how much they go up by as you go along

    If you are still really confused, id really suggest speaking to your careers/education advisor or tutor at college! Theyve dealt with years of students going through student finance applications and they'l really help, they'l probs even run through the form with you! Probs a really good idea if you have it available !
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    Maintenance Loan = £3500+ you get given straight into your bank account in termly instalments (you get the money in September, Jan, April usually but it does depending on when each term of your university starts!)

    Maintenance Grant = money you dont have to pay back, and you get it along with your maintenance loan... so say you get £4000 maintenance loan in september... you also get £500 grant (just an example, i have no idea how much!)... so you will get £4500 all together in september! You just dont have to pay the £500 back!

    Student loan = just another term for maintenance loan/tuition fee loan.... basically everyone at uni just calls it 'my student loan'.... but student finance just like to break it down into 2 parts... the maintenance loan and tuition fee loan! Pretty simples

    And yes, that will be about the amount of debt.... tutition fee's go up with inflation each year (next year tuition fees are £3290) but not by much. Your university will tell you how much they go up by as you go along

    If you are still really confused, id really suggest speaking to your careers/education advisor or tutor at college! Theyve dealt with years of students going through student finance applications and they'l really help, they'l probs even run through the form with you! Probs a really good idea if you have it available !
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    Thanks to everyone who answered, and Thanks Holly, really cleared some things up for me.
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    (Original post by hollyy13)
    Maintenance Loan = £3500+ you get given straight into your bank account in termly instalments (you get the money in September, Jan, April usually but it does depending on when each term of your university starts!)

    Maintenance Grant = money you dont have to pay back, and you get it along with your maintenance loan... so say you get £4000 maintenance loan in september... you also get £500 grant (just an example, i have no idea how much!)... so you will get £4500 all together in september! You just dont have to pay the £500 back!

    Student loan = just another term for maintenance loan/tuition fee loan.... basically everyone at uni just calls it 'my student loan'.... but student finance just like to break it down into 2 parts... the maintenance loan and tuition fee loan! Pretty simples

    And yes, that will be about the amount of debt.... tutition fee's go up with inflation each year (next year tuition fees are £3290) but not by much. Your university will tell you how much they go up by as you go along

    If you are still really confused, id really suggest speaking to your careers/education advisor or tutor at college! Theyve dealt with years of students going through student finance applications and they'l really help, they'l probs even run through the form with you! Probs a really good idea if you have it available !
    Really? I'm pretty sure the maintenance grant is taken out of your maintenace loan, so using your figures he'd receive £4000 but only £3500 of it would be debt.
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    Ah xmarilynx you are right, looking at my student loan statements the maintanence grant does come off your student loan! Slightly annoying, three years down the line and ive never noticed, id like the extra pennies ;-)! Appologies!
 
 
 
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