Hey there! Sign in to join this conversationNew here? Join for free

does your maintenance loan cover accommodation costs? Watch

    • Thread Starter
    Online

    20
    ReputationRep:
    is it meant to?
    Offline

    2
    ReputationRep:
    I hope so?
    Offline

    15
    ReputationRep:
    (Original post by tanyapotter)
    is it meant to?
    It contributes to them but no, it isn't guaranteed to cover all of them.

    Your loan is calculated on your household income. No account is taken of your actual costs.*
    Offline

    0
    ReputationRep:
    Noop. But it should give you enough time to find a job while covering your accommodation costs + necessities.
    Offline

    18
    ReputationRep:
    Mine does just about but i have barely anything left
    Offline

    15
    ReputationRep:
    Well in other places yes maybe but in London, no. I'm given the absolute minimum and my rent for a year is nearly £8000
    Offline

    19
    ReputationRep:
    Not in the slightest :lol:
    Offline

    3
    ReputationRep:
    No - my rent is over £3,000 more.
    • Community Assistant
    Offline

    12
    ReputationRep:
    Community Assistant
    (Original post by tanyapotter)
    is it meant to?
    Hello

    It's a difficult one - your maintenance loan, in definition, is there to 'help you pay for your accommodation'. It doesn't mean it will cover the entire cost, it just mean it could. For some people their maintenance loans do cover their entire cost of accommodation, e.g. mine did but however, some peoples do not and that's just the way it is. You can apply for bursaries and support from your university or it's a case of looking into a part time job to help you pay it or hopefully, for some, family support.

    Best of luck
    Offline

    17
    ReputationRep:
    falls about £2000 short in my case :lol:
    Offline

    2
    ReputationRep:
    (Original post by Alexion)
    falls about £2000 short in my case :lol:
    how do you make up the difference
    Offline

    17
    ReputationRep:
    (Original post by democracyforum)
    how do you make up the difference
    fortunately I've got a relative who's contributed a large amount financially so I'm pretty much set :3
    Offline

    13
    ReputationRep:
    Per week (London) for a 40 week stay...
    £267.55 loan
    £177.17 accommodation
    Offline

    19
    ReputationRep:
    I have roughly £1.8k excess. It's not guaranteed to cover your rent. It's based on household income so the assumption is you'll have plenty of support and so will have a lower maintenance grant/loan the higher your household income is.
    Offline

    1
    ReputationRep:
    (Original post by democracyforum)
    how do you make up the difference
    You get a job a lot of undergraduates have part-time jobs (mainly in retail) throughout their degrees and it's perfectly doable, especially in first year. Or, if you're lucky... ask your parents.

    (Original post by tanyapotter)
    is it meant to?
    It depends how much loan you get and where you'll be living. I went to university in York, and the rent I paid was about £320 - £350 a month. Getting the maximum student loan, combined with getting a bursary for low income from the university (£2k a year), was enough to take care of all of my accommodation needs. Heck, I had enough money to go Amsterdam and Barcelona in the summer of my first year because I didn't prioritise my spending on alcohol. I still managed to go out quite a lot though so it's not like you have to choose to have money only if you never drink.

    If you aren't in the higher loan brackets and ineligible for university bursaries, I guess they are under the impression that you can ask your parents for help? Will this be the case?

    The only financial problems I had were in summer because it's hard to make a payment from April last all the way to September. But a lot of people don't stay at university over summer (I did).

    I think the best advice right now would be for you to make a budget for your first year factoring in accommodation costs (should be on the university website) and see whether you fall short or not. Only then can you see the answer in your specific case.
    • TSR Support Team
    Online

    20
    ReputationRep:
    TSR Support Team
    Yes, and it's not always meant to. There's an expectation for parents to contribute and in the case where parents physically can't (e.g. not because they don't want to but because they have no access to the cash flow), then the student loan is there.

    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    A years accommodation leaves me with £150 of my loan left over
    • Community Assistant
    Offline

    18
    ReputationRep:
    Community Assistant
    i get left with a handy 30 ish quid
 
 
 
  • 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
    What's your favourite Christmas sweets?
    Useful resources
  • 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.