Is university technically £30,000+ a year? 😭 (UK)

Watch
Ratchet Hoe
Badges: 20
Rep:
?
#1
Report Thread starter 4 weeks ago
#1
Keeping it real
Because the fee (🙄) is £9250
and then you maintenance loan varies but the poorer you are the more you get, but it's usually less than the accomodation so then it deficits (below 0 and usually -£1000)
but then you have to pay the loan back whilst also paying for accomodation
and other expenses aren't even on top of that 😭
0
reply
scienceishguy
Badges: 16
Rep:
?
#2
Report 4 weeks ago
#2
(Original post by Ratchet Hoe)
Keeping it real
Because the fee (🙄) is £9250
and then you maintenance loan varies but the poorer you are the more you get, but it's usually less than the accomodation so then it deficits (below 0 and usually -£1000)
but then you have to pay the loan back whilst also paying for accomodation
and other expenses aren't even on top of that 😭
Hey! I definitely believe everyone has this worry when they first look into university... I definitely did! I am assuming this is related to UK universities so my explanation is based off that... if it is anywhere else I'm sorry for wasting your time!

1. Maintenance loan depends on household income and any family circumstances (such as estrangement for example) as the loan companies kind of expect your family to make up the difference.

2. You only start paying back a proper student loan (Student Finance England and other similar) once you earn a certain figure - I believe around £26k now and even then it is a very small figure taken as a form of tax... so you will not see that money anyway. This is after your degree is finished and I don't believe I have seen a case where someone has paid back when earning less than that figure or during their education. The percentage you pay back monthly is very small and the link below explains the number.

3. I have found that universities can offer support if there are struggles in terms of finances and student finance as not everyone is the same and people can slip through the net. I had a situation where SFE could not help me however university was willing to help as the situation was out of everyone's control.

The overall figure does look like a lot however I believe it is an investment in your future, your future job, your future life and possibly your future happiness. There was no way I could go onto do anything I want to in the future without a degree in my hand. Please look at the link below, there are many useful websites which explain student loans, how to get them, what support is available and post-education. I hope this helps

https://www.ucas.com/undergraduate/s...ce-and-support
4
reply
iDeano
Badges: 14
Rep:
?
#3
Report 4 weeks ago
#3
(Original post by Ratchet Hoe)
Keeping it real
Because the fee (🙄) is £9250
and then you maintenance loan varies but the poorer you are the more you get, but it's usually less than the accomodation so then it deficits (below 0 and usually -£1000)
but then you have to pay the loan back whilst also paying for accomodation
and other expenses aren't even on top of that 😭
What are you talking about?
If you get the full maintenance loan outside of London you get over £9200.

Halls is only £4000 - 5000 a year outside of London.

I don't understand how the full maintenance loan is inadequate?
0
reply
mnot
Badges: 20
Rep:
?
#4
Report 4 weeks ago
#4
(Original post by Ratchet Hoe)
Keeping it real
Because the fee (🙄) is £9250
and then you maintenance loan varies but the poorer you are the more you get, but it's usually less than the accomodation so then it deficits (below 0 and usually -£1000)
but then you have to pay the loan back whilst also paying for accomodation
and other expenses aren't even on top of that 😭
No its not £30K its £9,250.
Thats the cost of the education, what the university provides. Obviously living and enjoying life costs money but that's not the universities responsibility.

Nobody is forcing you to take the maintenance loan. You might need it, if you want to move out but its fundamentally your choice to accept it.
2
reply
iDeano
Badges: 14
Rep:
?
#5
Report 4 weeks ago
#5
Take the full maintenance loan if possible.

If you feel so strongly about it, you can pay back the remaining money at the end of your degree without penalty - although I don't see why you would do this.
0
reply
tinos21
Badges: 8
Rep:
?
#6
Report 4 weeks ago
#6
They really freaked me out at first as well so I researched them quite intensively and here's what I've come up with:
For a three year degree, you'll have about 60k debts that you don't have to pay off until youre earning over roughly 25k, and even then you pay about as much as you pay for your phone a month until they get cancelled when you're around 50, meaning you won't ever even pay back the full amount (unless your wage goes up in which case you might manage to pay it off).

Imo, don't worry about it. They're not really loans, just a kind of graduate tax in return for which you have better job opportunities for the rest of your life. You don't even have to "pay" them, they're just deducted from your wage like taxes are automatically. There's no reason to think about it as far as I'm concerned.

lol scienceishguy explained it way better already ahahaha
Last edited by tinos21; 4 weeks ago
5
reply
RedGiant
  • Political Ambassador
Badges: 22
Rep:
?
#7
Report 4 weeks ago
#7
It’s nowhere near £30k a year, don’t be ridiculous.
1
reply
Mojmeer
Badges: 18
Rep:
?
#8
Report 4 weeks ago
#8
You start paying back £7/week once you start making over £25k/year. And this threshold keep increasing all the time. So, if you do Humanities or Arts, you will never pay anything back.
2
reply
scienceishguy
Badges: 16
Rep:
?
#9
Report 4 weeks ago
#9
(Original post by tinos21)
They really freaked me out at first as well so I researched them quite intensively and here's what I've come up with:
For a three year degree, you'll have about 60k debts that you don't have to pay off until youre earning over roughly 25k, and even then you pay about as much as you pay for your phone a month until they get cancelled when you're around 50, meaning you won't ever even pay back the full amount (unless your wage goes up in which case you might manage to pay it off).

Imo, don't worry about it. They're not really loans, just a kind of graduate tax in return for which you have better job opportunities for the rest of your life. You don't even have to "pay" them, they're just deducted from your wage like taxes are automatically. There's no reason to think about it as far as I'm concerned.

lol scienceishguy explained it way better already ahahaha
Tbh yours was more rounded up and to the point Looking back on it, I never understood why I worried so much. I guess it seems like a lot of money until you realise you basically don't pay it back or notice the money at all.
0
reply
scienceishguy
Badges: 16
Rep:
?
#10
Report 4 weeks ago
#10
(Original post by Mojmeer)
You start paying back £7/week once you start making over £25k/year. And this threshold keep increasing all the time. So, if you do Humanities or Arts, you will never pay anything back.
Oof... *laugh emoji*
0
reply
IQuitTSR
Badges: 21
Rep:
?
#11
Report 4 weeks ago
#11
don't worry most people never have to fully pay it back anyway

unless you get as rich as Scrooge McDuck but at that point you won't have to worry about 30 grand, would you?
0
reply
CoolCavy
Badges: 20
Rep:
?
#12
Report 4 weeks ago
#12
You shouldn't let the fear of the 'debt' stop you from taking out a maintenance loan if you need it. If the full maintenance loan is available to you then definitely take it, living off a tiny amount is stressful.
Its more like a tax than a debt and you dont pay it off until over 25k. It gets written off after 30 years so no matter what amount you take out there is always the point at which you will never pay the fill amount back anyway just through a lack of time for the installments. People who had higher loans dont pay back more per month than those with lower loans. Its very unlikely you will ever pay back enough for a few extra thousand pounds to make a difference. What it does make a difference to is your living quality at uni, so if you have access to the highest amount it is advisable to take it.
Moved to student financial support, please try to put your uni queries in forums other than chat
1
reply
JOSH4598
Badges: 15
Rep:
?
#13
Report 4 weeks ago
#13
(Original post by iDeano)
What are you talking about?
If you get the full maintenance loan outside of London you get over £9200.

Halls is only £4000 - 5000 a year outside of London.

I don't understand how the full maintenance loan is inadequate?
Might be worth bearing in mind, that very few students are eligible for the full maintenance loan. I believe the average loan is around £5,500 nationally which is around the cost of a fairly standard room rate at universities. So if you're entire maintenance loan if paid on your room, you have nothing left for food/social events/books etc. I would deem the maintenance loan inadequate considering it requires a top up through work or parental contributions.
0
reply
iDeano
Badges: 14
Rep:
?
#14
Report 4 weeks ago
#14
(Original post by JOSH4598)
Might be worth bearing in mind, that very few students are eligible for the full maintenance loan. I believe the average loan is around £5,500 nationally which is around the cost of a fairly standard room rate at universities. So if you're entire maintenance loan if paid on your room, you have nothing left for food/social events/books etc. I would deem the maintenance loan inadequate considering it requires a top up through work or parental contributions.
I plan to take the full maintenance loan next year AND work part-time.

What's your point?
0
reply
scienceishguy
Badges: 16
Rep:
?
#15
Report 4 weeks ago
#15
(Original post by JOSH4598)
Might be worth bearing in mind, that very few students are eligible for the full maintenance loan. I believe the average loan is around £5,500 nationally which is around the cost of a fairly standard room rate at universities. So if you're entire maintenance loan if paid on your room, you have nothing left for food/social events/books etc. I would deem the maintenance loan inadequate considering it requires a top up through work or parental contributions.
I agree, the way they decide the maintenance loan may not be the best for all cases but as so many people apply each year, it is very difficult to make it unique to all which is sad. Also it does not mean parents can automatically afford to help you / or even want to help (sounds harsh but reality).

It is always something to bare in mind the cost of things. There will be support available to you
0
reply
999tigger
Badges: 19
#16
Report 4 weeks ago
#16
(Original post by Ratchet Hoe)
Keeping it real
Because the fee (🙄) is £9250
and then you maintenance loan varies but the poorer you are the more you get, but it's usually less than the accomodation so then it deficits (below 0 and usually -£1000)
but then you have to pay the loan back whilst also paying for accomodation
and other expenses aren't even on top of that 😭
It depends who you are.

If you are a home student and able to get funding from SFE, then the vast majority of students never finish paying off the amount borrowed before its written off in 30 years time. I wouldnt worry about it, they only ask you to pay when you cna afford it.
0
reply
Ratchet Hoe
Badges: 20
Rep:
?
#17
Report Thread starter 4 weeks ago
#17
(Original post by CoolCavy)
You shouldn't let the fear of the 'debt' stop you from taking out a maintenance loan if you need it. If the full maintenance loan is available to you then definitely take it, living off a tiny amount is stressful.
Its more like a tax than a debt and you dont pay it off until over 25k. It gets written off after 30 years so no matter what amount you take out there is always the point at which you will never pay the fill amount back anyway just through a lack of time for the installments. People who had higher loans dont pay back more per month than those with lower loans. Its very unlikely you will ever pay back enough for a few extra thousand pounds to make a difference. What it does make a difference to is your living quality at uni, so if you have access to the highest amount it is advisable to take it.
Moved to student financial support, please try to put your uni queries in forums other than chat
It's so scary tbh. I maintenance loan is less than accomodation for some reason but I heard that it is actually common. But idk since its rounded up basically to £6000 and accomodation (catered) is £8000, What do I actually do in terms of maintenance loan?
0
reply
Ratchet Hoe
Badges: 20
Rep:
?
#18
Report Thread starter 4 weeks ago
#18
By the way I know it's payed like a telephone bill but it's still a debt, you know? And no one fully pays it off. It just feels weird and wrong. What happens if you want to move country for example? LOL
0
reply
Ratchet Hoe
Badges: 20
Rep:
?
#19
Report Thread starter 4 weeks ago
#19
(Original post by iDeano)
What are you talking about?
If you get the full maintenance loan outside of London you get over £9200.

Halls is only £4000 - 5000 a year outside of London.

I don't understand how the full maintenance loan is inadequate?
I'm in London so if makes some sense but it depends on what you do there and after
0
reply
JOSH4598
Badges: 15
Rep:
?
#20
Report 4 weeks ago
#20
(Original post by iDeano)
I plan to take the full maintenance loan next year AND work part-time.

What's your point?
Well good for you - my point was that the maintenance loan is based on many factors regarding your economic background and thus very few people are eligible for the full loan. If you have two parents who work, you're immediately capped at around £5-6k and of course if they earn a good wage you may only get £4k per year. That's irrespective of whether they're willing to help fund your maintenance 'top-up'. Presumably you're eligible for the full loan so by all means take it, but very few people get £9,200 maintenance per year.
2
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

How do you feel about your grades? Are they...

What I expected (136)
24.55%
Better than expected (121)
21.84%
Worse than expected (297)
53.61%

Watched Threads

View All