Student Loans Watch

Anonymous #1
Report Thread starter 1 week ago
I’m thinking of applying for student loans to help me out at uni however my parents (Mum in particular) is so against it. She thinks it’s going to ruin my life in the future when I have to pay it back.

Student loans would help me so much especially right now as I’m struggling to find employment and I don’t want to be skint during uni. My parents say that they will pay for everything but I want them to spend their own money on themselves and not worry about me so much.

Am I able to get student loans without my parents knowing? Any advice? Thanks.
Badges: 10
Report 1 week ago
So the way student loans are, you will get your tuition fee loan (around 9k) every year, this pays for your course and will go straight to your uni. Then you will get your maintenance loan (can be up to £8,700) every year, which depends on your household income. I believe the minimum matinence loan you can get is around 4k. So if your household income is high your parents will be expected to give you money so they can support you and you will not be given as much maintence loan. If your mum decides she doesn't want to share her household income you will be given the minimum matinence loan. Your mum has to give her permission to share her financial info for the maintence loan (as a part of data protection) so she can also choose not to share it.

There will also be added interest onto the loan (I believe it's 6.3%) right now. However you won't have to pay it back until your income is over £25k and it's paid similarly to a tax. So 9% of your salary will go towards your student loan every month.

Please note that some of these values may change when you apply for your student loan, but this is generally how it is 2019/20.

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