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    My situation and costs

    I'm going to study Business Information Technology at BU.

    Three terms at £9000, one placement at £790. So approx £27,790 for four years. That's tuition fees.

    Maintenance loans are initially available to all at around £3,500 approx though I can apply for the higher maintenance loan. This higher loan is around £8,000 and I have applied for it. An eight grand loan each year comes to around 50k approx total.

    My questions

    1. What happens if I don't even use all my maintenance loan all of the time? Obviously I'm repaying it all the time as soon as I leave uni and I'm also gathering interest, but surely I can just use that money for whatever else I need? Like driving lessons. What if I don't manage to spend it all during uni? Is there a disadvantage to not spending it all or the inverse?

    2. What sort of bank account should I put a student maintenance loan into? Is this important?

    3. The reason I applied for the higher loan is slightly complex. My dad has currently an earning that's enough to support me in Uni. Though he will retire as soon as I start uni more or less. This sucks because, if I apply for the lower maintenance loan, I'm going to be struggling (because the student finance system,at the time of applying, thinks I have enough household income.. Wrong) hence why I've attempted to apply for the higher limit. I wonder if my parents support forms will make student finance say no because of current earnings?

    4. What should maintenance loans strictly be used for, and can any existing students give me an approximate weekly cost? I,e. The lower maintenance Ioan offers about 80 a week to live on, whereas the higher gives near 140. Is eighty enough even?

    5. I'm assuming I don't get the loan before uni? I know I'll never see the tuition fees as that goes straight to the uni. But what about deposits for accommodation? Surely I would use the maintenance loan for this? But apparently I won't get it until my first term?



    Thanks for reading, the student finance system has confused me a lot /:
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    (Original post by Paddythed)
    My situation and costs

    I'm going to study Business Information Technology at BU.

    Three terms at £9000, one placement at £790. So approx £27,790 for four years. That's tuition fees.

    Maintenance loans are initially available to all at around £3,500 approx though I can apply for the higher maintenance loan. This higher loan is around £8,000 and I have applied for it. An eight grand loan each year comes to around 50k approx total.

    My questions

    1. What happens if I don't even use all my maintenance loan all of the time? Obviously I'm repaying it all the time as soon as I leave uni and I'm also gathering interest, but surely I can just use that money for whatever else I need? Like driving lessons. What if I don't manage to spend it all during uni? Is there a disadvantage to not spending it all or the inverse?

    2. What sort of bank account should I put a student maintenance loan into? Is this important?

    3. The reason I applied for the higher loan is slightly complex. My dad has currently an earning that's enough to support me in Uni. Though he will retire as soon as I start uni more or less. This sucks because, if I apply for the lower maintenance loan, I'm going to be struggling (because the student finance system,at the time of applying, thinks I have enough household income.. Wrong) hence why I've attempted to apply for the higher limit. I wonder if my parents support forms will make student finance say no because of current earnings?

    4. What should maintenance loans strictly be used for, and can any existing students give me an approximate weekly cost? I,e. The lower maintenance Ioan offers about 80 a week to live on, whereas the higher gives near 140. Is eighty enough even?

    5. I'm assuming I don't get the loan before uni? I know I'll never see the tuition fees as that goes straight to the uni. But what about deposits for accommodation? Surely I would use the maintenance loan for this? But apparently I won't get it until my first term?



    Thanks for reading, the student finance system has confused me a lot /:
    On 1. and 2. I'd suggest reposting in the Money and finance forum as that's the place for more general financial help.

    3. See http://www.thestudentroom.co.uk/cont...udents-2016-17 Your dad will need to fill in http://media.slc.co.uk/sfe/1617/ft/sfe_cyi_1617_d.pdf once he's provided the income for previous years. That way you'll get a maintenence loan based on his income in the 2016/17 financial year (which starts this April). You probably will want to do this again next year as he's retiring part way through the year and so his income in the year April 2017- April 2018 will be lower again.

    4. You can use the loan to cover anything you want to - although you're advised to budget

    5. The first payment arrives a couple of weeks into term (if you apply for the loan before May and get all the paperwork sorted) - you'll need to arrange to cover your costs for accommodation deposits and freshers week through other sources. Some students use savings, some have help from family, others save up from working over the summer and some use their student bank account overdraft or a combination of these)
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    (Original post by PQ)
    On 1. and 2. I'd suggest reposting in the Money and finance forum as that's the place for more general financial help.

    3. See http://www.thestudentroom.co.uk/cont...udents-2016-17 Your dad will need to fill in http://media.slc.co.uk/sfe/1617/ft/sfe_cyi_1617_d.pdf once he's provided the income for previous years. That way you'll get a maintenence loan based on his income in the 2016/17 financial year (which starts this April). You probably will want to do this again next year as he's retiring part way through the year and so his income in the year April 2017- April 2018 will be lower again.

    4. You can use the loan to cover anything you want to - although you're advised to budget

    5. The first payment arrives a couple of weeks into term (if you apply for the loan before May and get all the paperwork sorted) - you'll need to arrange to cover your costs for accommodation deposits and freshers week through other sources. Some students use savings, some have help from family, others save up from working over the summer and some use their student bank account overdraft or a combination of these)
    Thank you. Have posted in money as advised. Looks like I'm gonna have to start saving.
 
 
 
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