I am planning on going university next year (2018)
Will my savings affect applying for student finance? Because i will have about £10-15,000 on my bank account
Will I get a student loan each year? I calculated I will get around £10,264 because I am applying to universities in London I won't live with my parents
Can someone let me know ?
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Applying for student loan watch
- Thread Starter
- 02-11-2017 10:18
- Official Rep
- 02-11-2017 12:00
Your savings would not prevent you getting student finance for your course. All students on full time courses can apply for non means-tested funding (NMT) without us even having to check your household income. This means you can apply for a Tuition Fee Loan (TFL) of up to £9250 and Maintenance Loan (ML) funding.
If you want to apply for a higher amount of ML then you can apply for means-tested (MT) funding based on household income. If you are under 25 we would usually look for your parents to provide financial information for this.
If you are over 25 or married or have a child(ren) of your own or if you have supported yourself financially for three years we can assess you as an independent student and wouldn't need your parents financial information. We would take into account your bank or building society gross interest from your savings on any MT application whether your parents were supporting your application or not.
We haven't had the funding confirmed for the 2018/19 academic year yet but I can confirm the figures for the current academic year to give you an idea of what you could get. You can check the Student Finance Calculator next Spring when the applications open for more up to date amounts.
London rate NMT or minimum MT ML is currently £5479. The maximum MT loan amount is £11002. If household income is under £25000 you would get the maximum amount. If household income is between £25000 and £62180 you would get a partial ML.