Loan Installments Watch

mally06
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#1
Report Thread starter 11 years ago
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Well, i'll be starting my first year this September and i was just trying to figure out how much i'll have to spend per week. My accommodation fees are as follows:
Term 1: 1728.30
Term 2: 1843.52
Term 3: 790.08

and the total loan i'm due to get is £7850.

So, how is the loan divided into the 3 terms? I heard it's not divided evenly for every term. Just wondering if any of those who've experience uni for at least a year could help me figure out roughly how much money i'll have each term after i minus the accommodation fees.

thanks in advance
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loopymeg
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You could just figure out an overall weekly budget, and follow that. As long as you've got an overdraft on your account (which you will, if you get one of the student ones), then you should still be able to spend about the same even in the harder terms. Once you get to your last term, your installment should be considerably more for the time period, so the excess from this should cover what you've used from your overdraft.

If that makes any sense
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mally06
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Report Thread starter 11 years ago
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ohh that makes perfect sense. thanks for pointing that out to me. i thought i was going to have a ridiculous amount of money in my last term and much less on the first two terms which wasn't making much sense to me... but now as you say it, i can use my overdraft and just work out the overall weekly budget. thanks for that!
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loopymeg
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No problem! Just try to keep some of your overdraft untouched for emergency stuff, or in case you find a house for the next year and need to pay a deposit.
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