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Can someone help me understand my finance form? Watch

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    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?
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    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
    • Wiki Support Team
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    Post the amounts, and expected expenses - if you have confirmed rents or anything, i'll try and help.
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    Thanks Kirsty should i try and find out how much my accomodation is a year? That would help i suppose..
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    (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...
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    You can't work out too much till you get actual payment schedules e.g. What gets paid, and on which dates for example.
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    Ok, the total fee is £2,150, in 3 instalments of £716.66. Do you need me to find anything else?
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    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..
    • Wiki Support Team
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    you've got plenty left over - should be fine. Will you be getting extra sources of income from parents or anything like that?
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    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!
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    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.. ]
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    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.
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    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:
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    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.
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    Yeah, i hope i'll be ok. Thanks for the help
 
 
 
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