Hey guys, I know that you'll all be getting your entitlement letters through the post soon, but if you've already been given an estimate through the student finance website, you can work out pretty easily what you'll be getting each term.
If you've not been to uni before, its a common misconception that you'll receive your loan in equal thirds, this is not the case. You receive the vast majority of your loan in your first term, so make it last!
Term 1: 48.8956% [ (SUM/100)*48.8956 ]
Term 2: 17.1045% [ (SUM/100)*17.1045 ]
Term 3: 33.9999% [ (SUM/100)*33.9999 ]
Lets presume you get the minimum amount student finance gives out, £3,575.
- Term 1 you'll get 1748.02
- Term 2 you'll get £611.49
- Term 3 you'll get £1215.48
On top of this, you'll get your additional grants and loans bolted on, as far as I'm aware the only grant that is paid in equal thirds is the Welsh assembly learning grant.
Hopefully this will help some of you plan out your spending early and avoid the usual student trap of being broke between terms and over summer.