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    Hey

    University is still a long way off for me, but I've been wondering a lot about the finance aspect of it. I assumed my parents had some money saved up for me, but apparently they don't..

    They said I'll manage with a student loan, but I don't get how, as so many of my friends have thousands saved up for university.

    Will I be able to manage if I have no other source of income to begin with, and just the student loan?
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    It depends how much you are eligible to borrow, which depends upon your parents income. You certainly don't need thousands saved up to live a comfortable life at university.
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    If you only qualify for the minimum, ie your parents incomes total more than £60K a year, you will not have enough to pay for your accommodation never mind anything else. Your parents are expected to contribute or you will have to get a part time job.
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    My loan didn't cover the cost of my accommodation. My dad supplemented me £350 every month, without that I'd have to have gotten a job whilst at uni.

    I'd honestly be surprised if any student at any Uni could survive on their student loan only. You'd have to have other funds to dip into, or another source of income.
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    (Original post by balotelli12)
    If you only qualify for the minimum, ie your parents incomes total more than £60K a year, you will not have enough to pay for your accommodation never mind anything else. Your parents are expected to contribute or you will have to get a part time job.
    I think this is ridiculous tbh, the government expect as we have "rich" parents they will help us through uni costs. What about twins or triplets all going to university!? The parents aren't going to be able to fund the sort of money that the government grants to each child if they earn 60k!!
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    (Original post by Scoobster)
    My loan didn't cover the cost of my accommodation. My dad supplemented me £350 every month, without that I'd have to have gotten a job whilst at uni.

    I'd honestly be surprised if any student at any Uni could survive on their student loan only. You'd have to have other funds to dip into.
    I disagree I think most parents don't save up money. Some people may get a student part-time job but I think if you are financially smart it is entirely possible.
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    (Original post by _-_Ella_-_)
    I disagree I think most parents don't save up money. Some people may get a student part-time job but I think if you are financially smart it is entirely possible.
    I never said most parents save up money.
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    (Original post by _-_Ella_-_)
    I disagree I think most parents don't save up money. Some people may get a student part-time job but I think if you are financially smart it is entirely possible.
    Most students do need help from their parents, considering the minimum loan won't even cover their student accommodation.
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    if you budget, you should be ok.

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    (Original post by Scoobster)
    My loan didn't cover the cost of my accommodation. My dad supplemented me £350 every month, without that I'd have to have gotten a job whilst at uni.

    I'd honestly be surprised if any student at any Uni could survive on their student loan only. You'd have to have other funds to dip into, or another source of income.
    not particularly. my husband and myself survived without any help other than student finance and overdraft.

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    (Original post by donutaud15)
    not particularly. my husband and myself survived without any help other than student finance and overdraft.

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    Which is obviously considered as dipping into other funds.

    Bottom line is you probably wont be able to lead a fair lifestyle on just a student loan. You will need access to other funds.
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    If you're eligible for the maximum amount of loan and grants then you should be ok, especially if you get scholarships on the top. However, if you're not then you might need money - if you're only eligible for the minimum amount you will need a lot of money from your parents.
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    (Original post by Scoobster)
    Which is obviously considered as dipping into other funds.

    Bottom line is you probably wont be able to lead a fair lifestyle on just a student loan. You will need access to other funds.
    not really because it will get to a point where the overdraft is not one of the options anymore and just have to live on loan and grant

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    Nope, I use SF.
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    (Original post by ryanroks1)
    Will I be able to manage if I have no other source of income to begin with, and just the student loan?
    Apparently many people do, you just need to have discipline and learn to live cheaply. Having said that, I don't speak from experience.

    I earn £30k a year and spend pretty much everything I earn, and my parents still send me money to buy various things I need. I'm not sure how common an experience that is
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    (Original post by Scoobster)
    I never said most parents save up money.
    I would expect that most people save money, so most parents save money. I don't, but then again I'm a bit of a manchild anyway.
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    Thanks for all of the replies, they've helped a lot

    If my parents are earning around 50K combined, how much would I be able to get?
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    (Original post by RadioheadHermie)
    I think this is ridiculous tbh, the government expect as we have "rich" parents they will help us through uni costs. What about twins or triplets all going to university!? The parents aren't going to be able to fund the sort of money that the government grants to each child if they earn 60k!!
    Siblings going to uni is taken into account.
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    (Original post by ryanroks1)
    Thanks for all of the replies, they've helped a lot

    If my parents are earning around 50K combined, how much would I be able to get?
    No grant, bigger loan.
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    (Original post by ryanroks1)
    Thanks for all of the replies, they've helped a lot

    If my parents are earning around 50K combined, how much would I be able to get?
    Maybe £5k in loan, have a check on the student finance calculator: http://www.studentfinance.direct.gov..._schema=PORTAL
 
 
 

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