Can someone help me understand my finance form?

Announcements Posted on
How helpful is our apprenticeship zone? Have your say with our short survey 02-12-2016
    • Thread Starter
    Offline

    0
    ReputationRep:
    Hey, sorry guys, i know you must hear this all the time, but i really don't understand my finance form.. I just opened it up and i just can't understand it. maybe i'm expecting it to be more complicated than it really is? Basically, i just need to be able to work out my weekly budget etc from it, but i don't know what to include.

    If i post all the different amounts for you would someone be able to help?
    • Thread Starter
    Offline

    0
    ReputationRep:
    Ok, here's all my maintenance loan bits and bobs..

    Basic loan [non-income assessed] = £3385
    Plus loan subject to income assessment = £1204
    Less loan substituted for grant* = £761

    Loan to be paid = £3828

    Assembly Learning Grant = £761


    I'm so confused
    Offline

    0
    ReputationRep:
    Post the amounts, and expected expenses - if you have confirmed rents or anything, i'll try and help.
    • Thread Starter
    Offline

    0
    ReputationRep:
    Thanks Kirsty should i try and find out how much my accomodation is a year? That would help i suppose..
    Offline

    0
    ReputationRep:
    (Original post by Jozeesh)
    Ok, here's all my maintenance loan bits and bobs..

    Basic loan [non-income assessed] = £3385
    Plus loan subject to income assessment = £1204
    Less loan substituted for grant* = £761

    Loan to be paid = £3828

    Assembly Learning Grant = £761


    I'm so confused
    Your getting £3828 as a loan - that will be from the student loan compnay. They usually pay this in 3 payments - and you won't find out the actually amounts you get paid at a time until about 3 weeks before term starts.

    And the grant is free money... i assume that is split into a payment per term...
    Offline

    0
    ReputationRep:
    You can't work out too much till you get actual payment schedules e.g. What gets paid, and on which dates for example.
    • Thread Starter
    Offline

    0
    ReputationRep:
    Ok, the total fee is £2,150, in 3 instalments of £716.66. Do you need me to find anything else?
    • Thread Starter
    Offline

    0
    ReputationRep:
    Ah ok. So, do you think the maintenance loan and grant are a reasonable amount or will i struggle? I just don't know whether it's good or bad..
    Offline

    0
    ReputationRep:
    you've got plenty left over - should be fine. Will you be getting extra sources of income from parents or anything like that?
    Offline

    0
    ReputationRep:
    Putting it simply - With the loan and bursary, minus the accommodation you have £2439 left. This is about £271 a month based on 9 months - average term time. this is plenty - i live on about £60-100 a month - so you will be fine. Obviously if you have expenses such as phone bills, electric, internet, gas.. you'll be spending more than i do. I have relatively cheap food tastes too!
    • Thread Starter
    Offline

    0
    ReputationRep:
    Ah that sounds great, i wasn't expecting to have as much as that :p: Thanks a lot, rep for you [even though it's not worth much.. ]
    Offline

    0
    ReputationRep:
    don't go crazy though - like i say you'll have lots of small expenses which add up to give a huge big debt if your not careful.

    I keep track of my finances in Excel - i put in what i have, and write down what i'm expecting to spend each month - that way i always know what i have left to spend.
    • Thread Starter
    Offline

    0
    ReputationRep:
    No i'll be fine, i'm usually really good with my money. Hopefully i can budget really well so i don't have to work loads of hours a week too. :p:
    Offline

    0
    ReputationRep:
    I don't work - and i manage. It is just about being knowledgeable - knowing what you have to spend, trying not to use an overdraft or credit card unless its absolutely necessary.. quite simple really.
    • Thread Starter
    Offline

    0
    ReputationRep:
    Yeah, i hope i'll be ok. Thanks for the help
 
 
 
Write a reply… Reply
Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. Oops, you need to agree to our Ts&Cs to register
  2. Slide to join now Processing…

Updated: August 17, 2007
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Today on TSR
Poll
Would you rather have...?
Useful resources

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.