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Will I need a Maintenance Loan?

I'm in the process of applying for my finances. My mum is a single parent on Income Support so I'm legible for the maximum grant which is £2,906. I am also legible for Oxford's bursary of £3,225 and I may also get an additional £1000 from my college.

My accommodation will be about £3,000 per year and food £1,600 (catered college).

I was wondering if in light of the Oxford bursary plus the government grant, will it be necessary for me to apply for a maintenance loan? (Which I'll need to pay back). Or does the money I will be getting sound sufficient enough to live on comfortably? (i.e. not living off pot noodles and baked beans).

Reply 1

loopykitten!

2

Can you apply for the grant without the loan?
Im not sure you can, and i dont think the university would know you were eligible for their bursary without you having applied for a loan. so in that case i would say yes you probably do need a loan. But im not really sure if you have to apply for the loan in order to get the grant, you need to check that out.

In theory you would have plenty of money without the loan...

Reply 2

caraa91

I would say you would have enough to cover your costs etc. but it depends how often you go out, what you like to do/plan on doing, you could apply for it anyway, just because the moneys there doesn't mean you have to use it.

Reply 3

shewasdeleted

OP

2

Yes I can apply for the grant without the maintenance loan as I'm applying for tuition fee loan. I'm filling in the form now and one of the questions is "Do you wish to apply for a loan to cover your maintenance costs?" So I can choose no.

Does anyone know if its possible to get the maintenance loan in the first year, but opt out in the 2nd year?

Reply 4

loopykitten!

2

are you sure that means that you can still apply for the grant though?

just checking because i don't remember there being an option for grant without loan.
And yeh you can change it in the second year.

Reply 5

linkdapink

15

Why not just get it? You can then either have it incase of an emergency, or to just pay back in one go at the end? I think you can opt in for first year, then out again for second, since you have to fill the forms in again.

Reply 6

shewasdeleted

OP

2

Yeah I've decided to just get it. Thanks for your help everyone! :smile:

Reply 7

hypocriticaljap

2

shewasdeleted

Yes I can apply for the grant without the maintenance loan as I'm applying for tuition fee loan. I'm filling in the form now and one of the questions is "Do you wish to apply for a loan to cover your maintenance costs?" So I can choose no.

Does anyone know if its possible to get the maintenance loan in the first year, but opt out in the 2nd year?

If you do not apply for a maintenace loan income assessed you will not be considered for a maintenance grant. You must apply for a maintenance loan but the amount as zero. Neither will you be considered for a university bursary.

Reply 8

LiterallyInsane

I was wondering about this too as my parents income are both under 15k annually I did the income asses but I sent it off I also took up loan dont know why and I am not sure wether I am eligible for Grant and busary especially since I am doing a foundation pre year before the degree?

Reply 9

hypocriticaljap

2

If the total of both parents income is over £25K then you won't qualify for the bursary at many universities. Each uni sets its own terms for them.

Will I need a Maintenance Loan?

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