Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by TSRFT8)
    Honestly dont bother taking anything people say on here to heart. They all believe that people who earn more owe lower class people everything. The system as you say is very flawed and does not take into account a majority of factors. You will get around (£3500) roughly so my advice will be to work (youre not lazy at all dw) and try your best to save up around £1000-1500 this should cover you for food expenses for the year + going out. Then use the maintence loan to pay for rent. (This is how im planning of doing mine aswell haha + student account -> overdraft may also help a bit)
    this is very true in some cases, i see this idea coming through a lot on this thread. i will do that, thank you. hopefully the £500 i have saved in my account will help me too when i get to uni. cheers
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by mackemforever)
    I've always said that Student Finance is an incredibly broken system.

    It assumes there is a direct, linear correlation between household taxable income and disposable income, which simply is not the case. I've always said that the system shouldn't be based on household taxable income and should be based on available disposable income, so in other words taxable income minus any unavoidable expenses (things like mortgage payments, and family living costs), unfortunately however that would be much more difficult to administer and so therefore will never happen.

    Case in point for how broken the system is, during my 2nd year both of my parents went bankrupt. At the time they declared bankruptcy we had a household income of around £110,000 per year, however one of the family business went under a few years ago and that £110,000 was down to around £12,000 after taxes and other unavoidable expenses were paid.

    So my parents declared bankruptcy, but the way the system works in this country if you're self employed like they are is that your income still goes to you and is declared as taxable income, however your earnings are seized after you have received them and you are only allowed to keep a monthly living allowance, totalling approximately £15,000 for the year (that's between my parents, not for each of them). So they were living on an effective income of £15k, but because the £110k was still having to be declared as taxable income, despite the fact that £95k of that was immediately taken away from them, I still didn't qualify for any means tested grants or loans from Student Finance. Was a fun ****ing 3rd and 4th year, I can tell you that!
    totally agree with you 100% - i wish the majority of the people of this thread would realise this. and that sounds so unfair, i can't believe that! i hope your situation is better now!
    Offline

    16
    ReputationRep:
    Basically get a part time job during term time and a full time job over summer. Get a full time job this summer to get some money into the bank. Learn to live on a low income. It is what students have been doing since time immemorial, although I cheated by working full time during A levels.
    Offline

    18
    ReputationRep:
    (Original post by opalesecent)
    that's just your opinion, not everyone will agree with you, and many don't. i have, i started the thread before i realized i could get a grant. still with the grant i'll have to do a lot of hours work, but thats fine, i expected that. and yes i know that now. people keep commenting the same thing, but i have a solution now. also, i don't think it's any of your business to tell other people how to spend their money, that is private, and you cannot judge people you do not know on that basis.
    Not everyone will agree that parents should help their teenage kids if they're struggling? Ok then.
    Where did I tell you how to spend your money?
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by cherryred90s)
    Not everyone will agree that parents should help their teenage kids if they're struggling? Ok then.
    Where did I tell you how to spend your money?
    you were telling me how my parents should spend their money - you don't really have the right to do this, it's private, and it's their money.
    Offline

    18
    ReputationRep:
    (Original post by opalesecent)
    you were telling me how my parents should spend their money - you don't really have the right to do this, it's private, and it's their money.
    I did no such thing.
    You were adamant that it costs 50k to raise 4 kids. I told you that it doesn't because my mum, who is a single parent, was able to raise all of us on her income alone.

    If this is all so private, why are you airing out your parents finances on a student forum?
    Offline

    19
    ReputationRep:
    You could get a full time job for a year or less and rent a room somewhere cheaply for official purposes, then you'd be in the lowest bracket. You could still actually live at your family home but use the other address for any paperwork.
    Offline

    18
    ReputationRep:
    (Original post by JamesN88)
    You could get a full time job for a year or less and rent a room somewhere cheaply for official purposes, then you'd be in the lowest bracket. You could still actually live at your family home but use the other address for any paperwork.
    Correct me if I'm wrong but Isn't this illegal?
    Offline

    10
    ReputationRep:
    (Original post by cherryred90s)
    Correct me if I'm wrong but Isn't this illegal?
    Immoral - yes
    illegal - no (as you legally do own the property in addition it will be next to impossible to prove otherwise)
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by cherryred90s)
    I did no such thing.
    You were adamant that it costs 50k to raise 4 kids. I told you that it doesn't because my mum, who is a single parent, was able to raise all of us on her income alone.

    If this is all so private, why are you airing out your parents finances on a student forum?
    yes you did, you said, multiple times - they SHOULD be giving money to me for uni. the thing that is private is you demanding that they give me money, and insulting them and saying their lying, etc. etc. when actually, its private what they choose to spend their money on. this thread was intended to get advice on what to do to help my financial situation, not an invitation for you to share your views on what you think my parents should be spending their money on and attacking them for their own private decisions.
    Offline

    18
    ReputationRep:
    (Original post by opalesecent)
    yes you did, you said, multiple times - they SHOULD be giving money to me for uni. the thing that is private is you demanding that they give me money, and insulting them and saying their lying, etc. etc. when actually, its private what they choose to spend their money on. this thread was intended to get advice on what to do to help my financial situation, not an invitation for you to share your views on what you think my parents should be spending their money on and attacking them for their own private decisions.
    Yes, parents are expected to help their children during uni, that is why their income is assessed. According to student finance, they SHOULD be giving you money for uni. Why does that offend you?
    Where did I say that they're liars? When someone says that their parents earn 70k but are not going to help them through uni, most people would be wondering why that is.
    Yeah I'm a terrible person for thinking that your own parents should be giving you money. What was I thinking?

    I gave you lots of advice on what to do to help your financial situation...
    Offline

    19
    ReputationRep:
    I think the whole system is flawed. A couple with 4 or 5 kids on a 43k combined income would hardly be in a position to pay 3-6k per year in rent for their children's accommodation.

    The system is also based on parent's generosity when at 18 you are legally responsible for yourself anyway.
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by cherryred90s)
    Yes, parents are expected to help their children during uni, that is why their income is assessed. According to student finance, they SHOULD be giving you money for uni. Why does that offend you?
    Where did I say that they're liars? When someone says that their parents earn 70k but are not going to help them through uni, most people would be wondering why that is.
    Yeah I'm a terrible person for thinking that your own parents should be giving you money. What was I thinking?

    I gave you lots of advice on what to do to help your financial situation...
    yes, they expect you to, that is different from being legally required to do so. you implied a lot of things about my parents, and i think it is very unfair. if you personally have a problem with them not giving me money, i invite you to take it up with them.
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by JamesN88)
    I think the whole system is flawed. A couple with 4 or 5 kids on a 43k combined income would hardly be in a position to pay 3-6k per year in rent for their children's accommodation.

    The system is also based on parent's generosity when at 18 you are legally responsible for yourself anyway.
    ^agreed
    Offline

    2
    ReputationRep:
    (Original post by opalesecent)
    Hi, so this is the situation. I have applied for Psychology BSc at Bristol, Sussex, UCL, Southampton and Goldsmiths. I have an offer from Goldsmiths and am waiting for the others; as I am predicted three A's, I am hoping I will get a few more.

    Basically, the main problem is not whether I get offers, but how I will fund going to university. I am aware I can get a student loan to cover tuition fees, I have no problem with this, I understand that many people will need to do this, and I only have to start paying it off when I can afford to. But the maintenance cost is my main concern.

    I am not eligible for any grant or loans as my parents earn over the maximum amount to get a loan from the government. They earn roughly 70K a year, which as far as I am aware means I do not qualify to a maintenance loan. However, though they earn a fair amount of money, they cannot afford to pay any of my maintenance fees; they cannot help me financially in any way, mainly due to the fact I have two younger siblings. I have a job but am paid badly, I currently have only £500 in my bank account.

    In other words, as far as I can see, it looks like I can't afford uni. I can't live at home, and I don't get any financial support because the loans are means-tested and my household's income is too high. I think this system is incredibly unfair; it does not take into account the fact that though people's parents earn a good amount of money, it does not mean they can afford to fund their children going to university.

    So anyway, my question is: is there any hope for me? Is there any way I can get financial support, are there any loans I am unaware of? I am determined to go to uni, if I possibly can! I have no learning difficulties so I cannot get support for that, and it is unlikely I'd get a scholarship, and I do not qualify for bursaries, and just for reference, I am a UK student. My only chance would be getting an 'Excellence Scholarship' if I get three A's and put Sussex as my first choice, as this offers £2,000 and free first year accommodation. Failing this, and planning for the next two year, what can I do? Any help is very much appreciated - thanks in advance!
    1. If you're that worried about money, why are you applying to universities where you'll have to move out? Choose unis which are close to your home so you can commute?
    2. If you're that worried about money, why choose a Psychology degree? It's literally the hardest field to get a job in; you may as well not do the undergrad course at all.
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by Butternuts96)
    1. If you're that worried about money, why are you applying to universities where you'll have to move out? Choose unis which are close to your home so you can commute?
    2. If you're that worried about money, why choose a Psychology degree? It's literally the hardest field to get a job in; you may as well not do the undergrad course at all.
    i have chosen unis close to home. and thanks fro the encouraging advice, cheers for undermining my whole course which i have already applied for - thats really makes me feel a lot better. shall i just withdraw my application then?
    • Community Assistant
    • Clearing and Applications Advisor
    Offline

    21
    ReputationRep:
    The system is not incredibly unfair. Your parents could afford to help you; they just choose to prioritise other things. State nurseries do not cost £20k. Four kids could easily be supported on less than £70k - my mum managed to raise three of us on £14,000 a year (without benefits). My aunt raised five kids with an even smaller salary (again, without benefits). Tell your parents to stop maxing their ISA allowance and give you some money.

    (Original post by mackemforever)
    2) The "poor", the people who meet the Student Finance definition of poor and qualify for all the available grants.
    Definitely not true in London. My maintenance loan won't even cover rent, no idea what I'm going to live off.
    Offline

    18
    ReputationRep:
    (Original post by opalesecent)
    yes, they expect you to, that is different from being legally required to do so. you implied a lot of things about my parents, and i think it is very unfair. if you personally have a problem with them not giving me money, i invite you to take it up with them.
    Nobody said they're legally required to do so..

    They are giving you money though, so what's the problem? We were all under the assumption that they were not giving you anything, which is unfair
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by cherryred90s)
    Nobody said they're legally required to do so..

    They are giving you money though, so what's the problem? We were all under the assumption that they were not giving you anything, which is unfair
    i'm pointing out the fact that your opinion differs from a lot of people's realities. yes, they are now, only found out yesterday night, so case closed.
    Offline

    0
    ReputationRep:
    (Original post by HughMyron)
    Just wondering, your dad's after tax salary would be about £140k. Take into account your brother's school fees put it to around £130k. Does that mean he's giving your mum 60-70k/year? I don't mean to be nosy, I'm just asking because I knew about alimony and stuff but I had no idea it could be that high.
    I never really broke it down myself, its based on the average sums that he gave me. My brothers school fees are 21k a year (!!!), add another 4k for the coach fees and his extra curriculum. He gives my mum around 30k a year.19k of that is supposed to support her alone and the rest is 'for' my brother and I. He's also still paying off a mortgage on our house. So from that calculation it would be close to 60-70k a year. Don't worry about being nosy!
 
 
 
  • 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.

  • Poll
    Should Spain allow Catalonia to declare independence?
  • 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.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.