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Mature maintenance loan... a bit worried watch

    • Thread Starter

    I've applied for an Engineering degree with a Foundation year. I already have one offer so I'm really excited.

    But I can only go ahead with this if I can get the maintenance loan. I live alone and I'm self employed, no kids or dependents. Just worried this might scupper me.

    Obviously I have to basically give up work (apart from very part time) in order to
    study full time. I'm prepared to do this but I'm worried I may not get the maintenance loan.

    I see it's worked out on "residual" income, which is your earnings over the last 12 months. What's the cut off point where they start to lower the maximum maintenance loan? (I think maximum loan is £ 8,200 ?)
    • TSR Support Team

    TSR Support Team
    Living alone and being self-employed won't prevent you getting a loan. £8,200 was the maximum you could get last year (if you were studying outside London). This year the maximum is £8,430 (£11,002 in London) - although you get slightly less if you live at home whilst studying. See here: https://www.gov.uk/student-finance/n...ltime-students

    I don't know the exact figures, but this is a good estimate of the salary cut off points (from 2015/2016):


    I believe you can apply for dispensation to get the full loan if you can show that your income will substantially change, if so they'll only base it on your earnings between April and the Sept/Oct you start as opposed to a full tax year.

    (I know Snufkin and I have had this discussion before, so I won't replay it!)

    However *if* you are required to be fully income-assessed, and if by going to uni your income will drop by 15% or more, then once your initial assessment has been completed you can request to be reassessed based on your current tax year income rather than last year's. If you are leaving a full-time job to study full-time, then you will be reassesed as having zero income unless you have another revenue stream such as rent from properties, substantial interest from savings etc. That would give you the maximum Maintenance Loan.

    Do check direct with Student Finance before finalising your application. When I applied and asked exactly your question, I was told to make the initial application stating zero income (I rang twice as I wasn't sure I should believe it!). I guess it just cut out the pointless extra work that the inevitable reassessment would cause.

    So my advice is to check direct with SF. In my experience, it should be good news.

    You won't find out anything until you apply. there's no way around that. But, make sure you get every single bit of financial information to them. If something is missing that can make the difference between you getting the minimum and the maximum amount of loan, they won't tell you. You have to phone up and ask them, this literally happened to me in September.

    if you have been accepted to uni, then there are only a few reasons you won't get financing. Having already had it once, or not being a qualifying citizen. You'll be fine. Just give them everything they ask for, P45's and P60's are your friends. Keep everything. Bank statements don't count, send pay slips, if you don't have enough for the last 3 years then ask your employer for them now to save yourself time in the long run.

    Get everything you need now and get it ready to go. Get your account ready to go now and apply the day applications open and, as long as you have all of your info ready to go, you'll get an answer quickly.
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