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    Hi, so I'm going to apply for a 1 2 3 Student account from Santander.

    My income for the year will be cash from parents + student maintenance loan. How do I work out monthly net income if the loan comes in installments?

    My only regular outgoing will be rent, so is that what I should put for total monthly outgoings?
    Thanks
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    Your payment schedule should say the total amount of loan you'd get? Divide that by 12 to work the monthly amount?
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    (Original post by Tiger Rag)
    Your payment schedule should say the total amount of loan you'd get? Divide that by 12 to work the monthly amount?
    Does the student loan count as monthly income? I thought it was only things that were eligible for tax.

    So that means someone getting the max loan (£8,200) + any bursaries/grants (say (£2,500), would get a total of £10,700 per year which is £891 per month as income?
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    (Original post by TrojanH)
    Does the student loan count as monthly income? I thought it was only things that were eligible for tax.

    So that means someone getting the max loan (£8,200) + any bursaries/grants (say (£2,500), would get a total of £10,700 per year which is £891 per month as income?
    It's paid in three instalments. You get slightly more over the summer.
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    (Original post by Tiger Rag)
    It's paid in three instalments. You get slightly more over the summer.
    Aye but on your bank applications and what not, under income did you list your student maintenance loan as income?
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    (Original post by TrojanH)
    Aye but on your bank applications and what not, under income did you list your student maintenance loan as income?
    Yep, I had to.

    My first attempt got rejected because I thought my loan wasn't part of my income so I typed '0' for monthly net income. The advisor at Santander stated that that was the reason why it got rejected, because if I had no money coming in to support me in the first place then how would I be able to pay back an overdraft. I corrected the details and I'm just waiting to hear back about it by next Tuesday.
 
 
 
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