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Can someone explain how the financial side of things work in University? Watch

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    I'm interested in going to University. I feel like I know next to nothing about the financial stuff. What all I know is you start paying back your loan when you earn over a certain amount.

    I have some questions, but I feel they're extremely stupid...

    1. In your loan how much do you get?
    2. I assume this depends on much your parents earn. How much is the threshold for getting the loan?
    3. Let's say you have a loan, do you pay this back as well as your tuition fees?
    4. Do University's do bursaries? When do you pay that pay it back? If ever?
    5. Do Universities look into how much you spend and what you spend it on?
    6. Do you need support from your parents? If ever, or from time to time? Or does your loan cover this?
    7. Do you feel it'd be good to have some savings of your own or a part time job whilst at University?

    If there is a link which answers my question, feel free to post that.
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    (Original post by >Username<)
    1. In your loan how much do you get?
    2. I assume this depends on much your parents earn. How much is the threshold for getting the loan?
    Question 1 depends on where you live during term time and how much your parents earn. All students who meet the criteria are entitled to at least the non-income assessed loan.

    3. Let's say you have a loan, do you pay this back as well as your tuition fees?
    4. Do University's do bursaries? When do you pay that pay it back? If ever?
    Both loans are paid back in the same way at the same time. A bursary is a grant. You don't pay these back.

    5. Do Universities look into how much you spend and what you spend it on?
    They may do if you're struggling and need help from the hardship fund. Other than that, no.

    7. Do you feel it'd be good to have some savings of your own or a part time job whilst at University?
    I personally would have savings. My loan was delayed and needed money to live on. And then there's needing money for emergencies.
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    (Original post by >Username<)
    I'm interested in going to University. I feel like I know next to nothing about the financial stuff. What all I know is you start paying back your loan when you earn over a certain amount.

    I have some questions, but I feel they're extremely stupid...

    1. In your loan how much do you get?
    2. I assume this depends on much your parents earn. How much is the threshold for getting the loan?
    3. Let's say you have a loan, do you pay this back as well as your tuition fees?
    4. Do University's do bursaries? When do you pay that pay it back? If ever?
    5. Do Universities look into how much you spend and what you spend it on?
    6. Do you need support from your parents? If ever, or from time to time? Or does your loan cover this?
    7. Do you feel it'd be good to have some savings of your own or a part time job whilst at University?

    If there is a link which answers my question, feel free to post that.
    2. yes
    3. yes
    4. yes, again these are income assessed and non repayable
    6. yes, my loan doesn't leave me with a great deal left over once rent and bills are paid
    7. yes, especially if your parents arent wililng or able to help out as unless you get the maximum ammount of student finance you'll likely find it wont cover all costs
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    https://www.gov.uk/student-finance/overview
 
 
 
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