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    I heard about about a guy "cheating" to get some extra money out.
    This is apparently how he did it:

    Even though he was living at home he gave his uncles house address as the term time address and got the extra funding(another 3000£) which you normally pay for the rent. He didnt have to pay the rent cuz he wasnt livin there.

    If you did that do they contact the University about the term time address?

    IS it acceptable and is it easy to get caught?
    Dont know the guy personally and this been in ma head for a long time :o:
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    Garbage!
    Living at home he gets a loan.
    living away from home he gets a slightly bigger loan.
    Nothing like £3K.

    You write garbage.
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    (Original post by hypocriticaljap)
    Garbage!
    Living at home he gets a loan.
    living away from home he gets a slightly bigger loan.
    Nothing like £3K.

    You write garbage.

    Nope its not garbage, he does get another 3k
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    just checked the student finance estimate calculator and it said £2500 not 3k exactly
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    It's not right to cheat the system like that, but you'll have to pay it all back eventually anyway, so it's not really like you're stealing or anything.
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    (Original post by Liaxx)
    It's not right to cheat the system like that, but you'll have to pay it all back eventually anyway, so it's not really like you're stealing or anything.

    Enen though you have to pay it back, dont you think you would have made a profit out of that somehow...
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    (Original post by chilla1990)
    Enen though you have to pay it back, dont you think you would have made a profit out of that somehow...
    I see common sense prevails with you. :facepalm:

    It's your loan so how is it cheating the system anyway? It just means you'll have to pay back more...

    If you want an extra 3k just open your student overdraft and you can get that much after a certain amount of time.
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    (Original post by Broderss)
    I see common sense prevails with you. :facepalm:

    It's your loan so how is it cheating the system anyway? It just means you'll have to pay back more...

    If you want an extra 3k just open your student overdraft and you can get that much after a certain amount of time.

    that 3k overdraft would then be only for a year.. the loan would be 10k over the 4 years... 7k is a big difference :yep:

    and if I did do that i would be much better off and the repayments is not too bad either

    cuz what you repay is not dependent how much you owe is on how much you earn
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    you know you have to pay it back right...?
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    (Original post by spl00sh)
    you know you have to pay it back right...?
    yep
    but come on if u start earning 20k a year u only pay £38 a month comes to £450 a year

    seriously is that going to affect you that much :confused:
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    it's more like £50 a month if you take a £3000 loan out.. if you decide to take it out for 3 years it'll be£150 a month.. if you have a tuition loan as well that'll be £400 a month and there is like a 5-6% interest that is piled on a month so if you want to lose money from your paycheck the rest of your life then go for it.. to be honest i don't think you even need to prove you're living elsewhere to get a maintainence loan
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    (Original post by spl00sh)
    it's more like £50 a month if you take a £3000 loan out.. if you decide to take it out for 3 years it'll be£150 a month.. if you have a tuition loan as well that'll be £400 a month and there is like a 5-6% interest that is piled on a month so if you want to lose money from your paycheck the rest of your life then go for it.. to be honest i don't think you even need to prove you're living elsewhere to get a maintainence loan

    erm now i am confused :eek3:
    i think you are wrong in this case
    the amount you pay back each month depends on your income not how much you borrowed... so that would be £38 each month if you earn 20k
    you could be owing them 10k or even 100k still the same £38

    second thingh is that you get maintenance grant anyway only if you live at your parents house it would be much less and it would be slightly more if you live in london (home-london campus hall difference would be 2.5k if your parents earn less than 25k)

    i wouldnt seriously mind to pay 40 quid each month if i start earning like that
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    (Original post by chilla1990)
    Nope its not garbage, he does get another 3k
    No, it'll be roughly an extra 1k not an extra 3k

    Check the different loan rates for 'parental home' and 'elsewhere' and you'll see what I mean.
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    (Original post by ASCIIcipher)
    No, it'll be roughly an extra 1k not an extra 3k

    Check the different loan rates for 'parental home' and 'elsewhere' and you'll see what I mean.
    yeah thats if its ouside of london but our Uni is in London and his address in in london plus we get the long course loan aswell (350 at home- 750 in london somewhere)
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    Ah, you're right - parental home rate and London rate will be a bigger difference.

    Long course loan is per week and there is a difference in the weekly amounts too so yeah it will be more.

    I'm not at work now so haven't got my loan rates spreadsheet open but in some circumstances it could reach 2k - 3k more I guess.
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    (Original post by chilla1990)
    erm now i am confused :eek3:
    i think you are wrong in this case
    the amount you pay back each month depends on your income not how much you borrowed... so that would be £38 each month if you earn 20k
    you could be owing them 10k or even 100k still the same £38

    second thingh is that you get maintenance grant anyway only if you live at your parents house it would be much less and it would be slightly more if you live in london (home-london campus hall difference would be 2.5k if your parents earn less than 25k)

    i wouldnt seriously mind to pay 40 quid each month if i start earning like that
    opps i was going by the old system >_< if you wana do it then go for it O_O
 
 
 
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