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    Hi,

    I've applied for student finance maximum maintenance loan which is up to £8700 for 18/19 academic year. I'll be living in accomodation in which I already secured place. The total rent for standard 42 weeks contract is ~£4950. My parents earned around 35k together last year and 16/17 from what I know. Does it mean I might not get a full amount of maintenance loan? If so, why? My parents won't give me a penny if I'll be living outside home so why is it still based on their income? How am I supposed to live through if just an accomodation fees will be almost £5000 and I'll not get £8700 of loan?

    Please help.

    Thank you!
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    (Original post by n0stie)
    Hi,

    I've applied for student finance maximum maintenance loan which is up to £8700 for 18/19 academic year. I'll be living in accomodation in which I already secured place. The total rent for standard 42 weeks contract is ~£4950. My parents earned around 35k together last year and 16/17 from what I know. Does it mean I might not get a full amount of maintenance loan? If so, why? My parents won't give me a penny if I'll be living outside home so why is it still based on their income? How am I supposed to live through if just an accomodation fees will be almost £5000 and I'll not get £8700 of loan?

    Please help.

    Thank you!
    Hi n0stie,

    The amount of loan that you will receive will depend on where you are living, your year of study and the household income.

    To get an indication of how much that you will receive, here is a link to the Student Finance Calculator,

    http://bit.ly/1eWRiXJ

    If you are under 25 years old at the start of the academic year, then you would be considered dependant on your parents and it their household income that would be used in the assessment.

    To be classed as financially independent for the purposes of receiving Student Finance, you must have been supporting yourself financially for 3 years prior to the start of the first academic year of your course.

    Thanks Rona
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    Thanks for reply. This will be my 2nd year. 3rd year if considering foundation year. I lived these 2 academic years at home with parents. I want to move out in September 2018 at the start of academic year.

    I'm not sure whether net income or gross income(before taxes) is considered when calculating a maintenance loan amount. If net income(after taxes) is considered then my parents have earned ~£35000 in 16/17 When putting that number into SF Calculator it gives me maintenance loan amount of ~£7400 which is truly not enough to live through over 3 months from mid September to January when just accommodation rent is £5000 a year. First accommodation instalment is £2000 due start of academic year and knowing that 33% of £7400 is £2440 and after paying my first rent instalment I'll have only £440 to live through over 3 months? Is that even possible?
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    (Original post by n0stie)
    Thanks for reply. This will be my 2nd year. 3rd year if considering foundation year. I lived these 2 academic years at home with parents. I want to move out in September 2018 at the start of academic year.

    I'm not sure whether net income or gross income(before taxes) is considered when calculating a maintenance loan amount. If net income(after taxes) is considered then my parents have earned ~£35000 in 16/17 When putting that number into SF Calculator it gives me maintenance loan amount of ~£7400 which is truly not enough to live through over 3 months from mid September to January when just accommodation rent is £5000 a year. First accommodation instalment is £2000 due start of academic year and knowing that 33% of £7400 is £2440 and after paying my first rent instalment I'll have only £440 to live through over 3 months? Is that even possible?
    Hi n0stie,

    When calculating your funding we will use your parents gross income for tax year 2016/2017.

    Thanks

    Catherine
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    Great..

    Then gross income is much higher (20% if I am right). So my parents gross income is £41,850. Student Finance calculator shows that I'll get around £6.5k of maintenance loan. My first accommodation instalment is £2k and my first loan is £2150. How am I supposed to live through over 3 months having just £150?
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    (Original post by n0stie)
    Great..

    Then gross income is much higher (20% if I am right). So my parents gross income is £41,850. Student Finance calculator shows that I'll get around £6.5k of maintenance loan. My first accommodation instalment is £2k and my first loan is £2150. How am I supposed to live through over 3 months having just £150?
    Hi n0stie,

    You could speak to the College/University, they may have other funding available that you can apply for.

    Thanks

    Catherine
 
 
 
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