em211997
Badges: 18
Rep:
?
#1
Report Thread starter 6 years ago
#1
When discussing student finance with my mum I discovered that our household income is in the highest bracket and were not entitled to a grant. I know feel like uni will be such a huge burden on my family so could I realistically work whilst studying? Perhaps in the evenings at a bar?

Posted from TSR Mobile
0
reply
Muttley79
Badges: 20
Rep:
?
#2
Report 6 years ago
#2
You will still be entitled to the loans ... so they cover tuition and some of the living expenses.

Many families earn over the amount for the grant and so students save up or get a job or their parents help out.
0
reply
em211997
Badges: 18
Rep:
?
#3
Report Thread starter 6 years ago
#3
(Original post by Muttley79)
You will still be entitled to the loans ... so they cover tuition and some of the living expenses.

Many families earn over the amount for the grant and so students save up or get a job or their parents help out.
The loans only cover the tuition fees and the get paid directly to the uni. I won't see that money.

Posted from TSR Mobile
0
reply
Muttley79
Badges: 20
Rep:
?
#4
Report 6 years ago
#4
https://www.gov.uk/student-finance/overview

You get a maintenance loan as well ...
0
reply
Tiger Rag
Badges: 22
Rep:
?
#5
Report 6 years ago
#5
All UK students who haven't studied before, are entitled to a non-income assessed loan. Part of the loan and all of the grant are income assessed.

There are also scholarships for grades, etc. You need to check this with the uni you're looking at going to.
0
reply
em211997
Badges: 18
Rep:
?
#6
Report Thread starter 6 years ago
#6
(Original post by Muttley79)
https://www.gov.uk/student-finance/overview

You get a maintenance loan as well ...
That will be sinking myself into more and more debt which I'd rather not do.

Posted from TSR Mobile
0
reply
k3ro
Badges: 16
Rep:
?
#7
Report 6 years ago
#7
(Original post by em211997)
That will be sinking myself into more and more debt which I'd rather not do.

Posted from TSR Mobile
You don't pay it back until you start earning over £21,000.

Unfortunately this is what everyone has to do. My family were in the lowest income bracket so I received a grant, but I still have a lot of loans to pay off. Everyone's in the same boat.
0
reply
SilverstarDJ
Badges: 18
Rep:
?
#8
Report 6 years ago
#8
(Original post by em211997)
That will be sinking myself into more and more debt which I'd rather not do.

Posted from TSR Mobile
Why? It's fairly low interest and you probably won't pay it off before it gets written off, unless you have a very high earning job (in which case you probably wouldn't mind paying it off + some interest). It doesn't affect your credit rating and will come out as a proportion of your salary so it's not the same burden as, for example, a credit card.

If you don't take it out AND have to work long hours this may affect your degree and future job prospects. It's possible to work in some degrees but you can't realistically have a full time job and study full time at uni.
1
reply
Muttley79
Badges: 20
Rep:
?
#9
Report 6 years ago
#9
(Original post by em211997)
That will be sinking myself into more and more debt which I'd rather not do.
Everyone has to do this unless they have saved; parents can't afford to pay maintenance.
0
reply
em211997
Badges: 18
Rep:
?
#10
Report Thread starter 6 years ago
#10
(Original post by SilverstarDJ)
Why? It's fairly low interest and you probably won't pay it off before it gets written off, unless you have a very high earning job (in which case you probably wouldn't mind paying it off + some interest). It doesn't affect your credit rating and will come out as a proportion of your salary so it's not the same burden as, for example, a credit card.

If you don't take it out AND have to work long hours this may affect your degree and future job prospects. It's possible to work in some degrees but you can't realistically have a full time job and study full time at uni.
I never said full time job.

Posted from TSR Mobile
0
reply
em211997
Badges: 18
Rep:
?
#11
Report Thread starter 6 years ago
#11
(Original post by Muttley79)
Everyone has to do this unless they have saved; parents can't afford to pay maintenance.
I've decided I won't take the maintenance loan. Thanks for your advice.

Posted from TSR Mobile
0
reply
sunnydespair
Badges: 15
Rep:
?
#12
Report 6 years ago
#12
I would seriously advise you to take the maintenance loan and all the student loans and grants that are available
0
reply
Josb
Badges: 6
Rep:
?
#13
Report 6 years ago
#13
(Original post by em211997)
I've decided I won't take the maintenance loan. Thanks for your advice.

Posted from TSR Mobile
How will you do?
0
reply
Muttley79
Badges: 20
Rep:
?
#14
Report 6 years ago
#14
I don't see how you will afford it; a job won't cover living costs.
0
reply
em211997
Badges: 18
Rep:
?
#15
Report Thread starter 6 years ago
#15
(Original post by Muttley79)
I don't see how you will afford it; a job won't cover living costs.
My parents have saved up a bit of money to support me. At the end of the day its a personal choice thank you for your advice.

Posted from TSR Mobile
0
reply
em211997
Badges: 18
Rep:
?
#16
Report Thread starter 6 years ago
#16
(Original post by sunnydespair)
I would seriously advise you to take the maintenance loan and all the student loans and grants that are available
Don't want to be in excessive debt on top of the 9k a year. If you can afford to do it then why would you agree to take money that you'll have to pay interest.

Posted from TSR Mobile
0
reply
em211997
Badges: 18
Rep:
?
#17
Report Thread starter 6 years ago
#17
(Original post by Josb)
How will you do?
My parents have saved a bit of money in a trust fund.

Posted from TSR Mobile
0
reply
Tiger Rag
Badges: 22
Rep:
?
#18
Report 6 years ago
#18
(Original post by SilverstarDJ)
Why? It's fairly low interest and you probably won't pay it off before it gets written off, unless you have a very high earning job (in which case you probably wouldn't mind paying it off + some interest). It doesn't affect your credit rating and will come out as a proportion of your salary so it's not the same burden as, for example, a credit card.
You'd barely notice it coming out of your wages each month.

https://www.gov.uk/repaying-your-stu...n/what-you-pay

The OP falls under Plan 2.
0
reply
Muttley79
Badges: 20
Rep:
?
#19
Report 6 years ago
#19
So why this thread? You said 'it will be a burden' and then admit you have a trust fund ... :confused:
2
reply
earwithfeet
Badges: 11
Rep:
?
#20
Report 6 years ago
#20
Student loan is incredibly low interest, and it even gets wiped off if it's not paid within a certain amount of years. My partner pays off a little each month and it is a tiny amount, it's really not a debt to worry about.

Nearly everybody takes the maintenance loan, and they're sensible to do so. It's a great help and not a burden at all, you only pay it back when you can afford to do so comfortably.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Poll: What factors affect your mental health most right now? Post-lockdown edition

Anxiousness about restrictions easing (30)
5.32%
Uncertainty around my education (65)
11.52%
Uncertainty around my future career prospects (66)
11.7%
Lack of purpose or motivation (75)
13.3%
Lack of support system (eg. teachers, counsellors, delays in care) (32)
5.67%
Impact lockdown had on physical health (28)
4.96%
Social worries (incl. loneliness/making friends) (60)
10.64%
Financial worries (35)
6.21%
Concern about myself or my loves ones getting/having been ill (22)
3.9%
Exposure to negative news/social media (34)
6.03%
Difficulty accessing real life entertainment (15)
2.66%
Lack of confidence in making big life decisions (56)
9.93%
Worry about missed opportunities during the pandemic (46)
8.16%

Watched Threads

View All