Hey there! Sign in to join this conversationNew here? Join for free
x Turn on thread page Beta

How can I budget/predicament watch

Announcements
    • Thread Starter
    Offline

    2
    ReputationRep:
    Hi,

    I have to sign an agreement in the next 5 days to secure the selected accommodation for my daughter and am struggling to understand whether we can afford it or not.... How can I find out roughly what type of loan she may get? With a £40 allowance per week, we could be looking at costs of anywhere up to £9995 for one year - if she gets no loan, she cant go and I don't want to be tied in to any agreement.
    •  Official Rep
    Offline

    8
    ReputationRep:
     Official Rep
    (Original post by KarenW081)
    Hi,

    I have to sign an agreement in the next 5 days to secure the selected accommodation for my daughter and am struggling to understand whether we can afford it or not.... How can I find out roughly what type of loan she may get? With a £40 allowance per week, we could be looking at costs of anywhere up to £9995 for one year - if she gets no loan, she cant go and I don't want to be tied in to any agreement.
    Hi Karen,

    Student Finance would assess your daughter for a Maintenance Loan and a Tuition Fee Loan.
    The Tuition Fee Loan would be a Maximum of up to £9250 for the year for a public university or up to £6165 for a private university or college and this would be paid directly to the university/college on the students behalf.
    The Maintenance Loan would be paid directly to the student in 3 installments, 1 payment per term.
    Where the student will be studying and living and if the students application is assessed on household income (Means Tested) or not assessed on household income (Non Means Tested) with determine how much funding she will receive.

    If the household income is below £25,000 and the student is living away from home the Maximum Maintenance Loan(Means Tested) would be £8700 for the year or £4054 for the Non Means Tested loan. If the household income is above £25,000 and below £62,215 the loan would be calculated accordingly.

    Thanks

    Louise
    • Thread Starter
    Offline

    2
    ReputationRep:
    Hi Louise,

    I had all those numbers except for the Non Means tested loan you mention. Are you saying its guaranteed that the minimum loan we would receive is £4054 ?? If this is the case, I will budget on that figure which will be a tremendous help.......

    Is it obvious on your website where we will need to apply for this as I haven't seen it on the government web site anywhere.....

    Thank you for your response.
    •  Official Rep
    Offline

    8
    ReputationRep:
     Official Rep
    (Original post by KarenW081)
    Hi Louise,

    I had all those numbers except for the Non Means tested loan you mention. Are you saying its guaranteed that the minimum loan we would receive is £4054 ?? If this is the case, I will budget on that figure which will be a tremendous help.......

    Is it obvious on your website where we will need to apply for this as I haven't seen it on the government web site anywhere.....

    Thank you for your response.
    Hi Karen,

    If you daughter is studying away from home and not studying and living in London the basic (Non Means Tested) amount will be £4054 for the 2018/19 academic year.

    The applications for 2018/19 are expected to be available to apply online or on paper from mid February / March onwards .
    If you check our website nearer to the dates for further information. There will also be an online calculator available once the 18/19 applications are launched and you can check any entitlement then.

    Please click on the below link to the Student Finance section on the Gov.UK website.

    http://bit.ly/1ifyObr


    Thanks

    Louise
 
 
 
Reply
Submit reply
Turn on thread page Beta
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.

Updated: February 6, 2018
Poll
Do you like carrot cake?
Useful resources

Groups associated with this forum:

View associated groups

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

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.