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    Hi I have firmed cambridge and insured imperial. And I really don't know where I will go, so the cambridge's offer is tuff

    The problem is I don't know how much living cost loan I should take, as the is a big different in cost between Cambridge and london. In addition, Cambridge gives much more than imperial for low income family. (Like me)

    So any advice on how much maintenance loan I should take please
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    (Original post by mathsymathsy)
    Hi I have firmed cambridge and insured imperial. And I really don't know where I will go, so the cambridge's offer is tuff

    The problem is I don't know how much living cost loan I should take, as the is a big different in cost between Cambridge and london. In addition, Cambridge gives much more than imperial for low income family. (Like me)

    So any advice on how much maintenance loan I should take please
    All of it. You may well need it, and if you don't just keep it in an instant-access savings account - there's no early repayment penalty, so the cost of paying back at the end of your course is minimal or if savings rating go up non-existent/profitable.
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    (Original post by mathsymathsy)
    Hi I have firmed cambridge and insured imperial. And I really don't know where I will go, so the cambridge's offer is tuff

    The problem is I don't know how much living cost loan I should take, as the is a big different in cost between Cambridge and london. In addition, Cambridge gives much more than imperial for low income family. (Like me)

    So any advice on how much maintenance loan I should take please
    Student finance works out a number based on household income. It's easy to get more and pay it off later then having a shortage of money.

    Also: Should*, Cambridge*, tough*, difference* & London*.

    Cambridge student... huh?
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    (Original post by CLS94)
    All of it. You may well need it, and if you don't just keep it in an instant-access savings account - there's no early repayment penalty, so the cost of paying back at the end of your course is minimal or if savings rating go up non-existent/profitable.
    Thanks for your advice so I can repay unlimited extra amount with no penalty? :eek:

    hmm ,I think I will still borrow the minimum amount of money to live at imperial, as I dont the idea they take RPI into account, I highly doubt that my wage will go up as much as the RPI.
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    (Original post by CodeJack)
    Student finance works out a number based on household income. It's easy to get more and pay it off later then having a shortage of money.

    Also: Should*, Cambridge*, tough*, difference* & London*.

    Cambridge student... huh?
    Thanks for your advice,

    btw what does 'Should*, Cambridge*, tough*, difference* & London*.?' mean? a little confused
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    (Original post by mathsymathsy)
    Thanks for your advice so I can repay unlimited extra amount with no penalty? :eek:

    hmm ,I think I will still borrow the minimum amount of money to live at imperial, as I dont the idea they take RPI into account, I highly doubt that my wage will go up as much as the RPI.
    Yes, that's correct. The amount you owe increases with inflation + 3% while your studying, and once you've finished studying by an amount between inflation and inflation + 3% depending on your salary, but you won't be charged extra for paying it off before you have to.
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    (Original post by mathsymathsy)
    Thanks for your advice so I can repay unlimited extra amount with no penalty? :eek:

    hmm ,I think I will still borrow the minimum amount of money to live at imperial, as I dont the idea they take RPI into account, I highly doubt that my wage will go up as much as the RPI.
    You accumulate interest during your years at uni. (rate of inflation + 3%) It's still probably best to take out the maximum. The terms of the loan are as good as any you'll ever get and it is more of a graduate tax than loan. (it is still substantial depending on how much you earn after graduating)
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    (Original post by mathsymathsy)
    Thanks for your advice,

    btw what does 'Should*, Cambridge*, tough*, difference* & London*.?' mean? a little confused
    It means when you are at Cambridge you will need better spelling and grammar than you have on here :P.
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    (Original post by CodeJack)
    It means when you are at Cambridge you will need better spelling and grammar than you have on here :P.
    lol, I am only doing maths
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    Proofs require good writing skills too, no? Congratz on Cambridge, for me it would be no thinking needed to pick Cam over Imperial.
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    Take it all! You'll need it.
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    (Original post by littleone271)
    Take it all! You'll need it.
    Are you sure? I don't really spend that much money plus my family will provide some financial support
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    (Original post by mathsymathsy)
    Are you sure? I don't really spend that much money plus my family will provide some financial support
    Living independently is very expensive, take what the government gives you. If you don't spend everything (unlikely) then just save it. There are so many unforeseen costs you can't even begin to imagine considering!
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    Anyone know where can I find the average cost for a uni student live at Cambridge and at london?
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    (Original post by mathsymathsy)
    Are you sure? I don't really spend that much money plus my family will provide some financial support
    Yeah... rent is expensive, especially if you don't want to live in a crack den. Apart from rent you've also got food, transport, socialising and lots of other stuff to pay for like domestic stuff for the kitchen etc. If you have money left over then you can use it when you graduate.
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    (Original post by mathsymathsy)
    Anyone know where can I find the average cost for a uni student live at Cambridge and at london?
    You could probably get in touch with the SUs of the respective universities - they probably have a good idea of living costs. I can tell you that I get by on about £7000 a year in Cambridge. I could do it cheaper, but I wouldn't want to be on much less than £6000.
 
 
 
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