I am new to this forum but I would want to ask if anyone has an idea of how savings could affect the money you are getting through Student Finance. I am particularly concerned about how much savings is the limit above which the savings will start affecting the money you are about to get given e.g. less money as a form of loan/grant?
I've currently got £2000 in my current account but my grandparents have promised me to give me quite a lot of money for my 18th (under £5000).
Thank you for all your help in advance.
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How do savings affect your Government Loans/Grants? watch
- Thread Starter
- 17-11-2013 20:44
- 17-11-2013 20:48
As far as I know, it's only income that's taken into account, not savings. I don't remember being asked when I applied, and I had around £1,600 saved when I put my application in.
- 17-11-2013 20:53
Savings are irrelevant.
- 17-11-2013 21:22
I believe the only aspect of savings which will be taken into account, will be the interest earned on them. Even on the amounts quoted, these days, the interest will be minimal.