Turn on thread page Beta

Working out my monthly income watch

Announcements
    • Thread Starter
    Offline

    1
    ReputationRep:
    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
    • Very Important Poster
    Offline

    22
    ReputationRep:
    Very Important Poster
    Your payment schedule should say the total amount of loan you'd get? Divide that by 12 to work the monthly amount?
    Offline

    18
    ReputationRep:
    (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?
    • Very Important Poster
    Offline

    22
    ReputationRep:
    Very Important Poster
    (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.
    Offline

    18
    ReputationRep:
    (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?
    • Welcome Squad
    Offline

    20
    Welcome Squad
    (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.
 
 
 
Poll
Do you think parents should charge rent?

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

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