Is it possible to get my entire maintenance loan in september? (got my answer its no)

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annag2001
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Edited out my post bc its no longer relevant, thanks for the good advice on talking to my bank about getting an account with an overdraft and some other bits for how to make sure i dont run dry one term
Last edited by annag2001; 1 week ago
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Libbyc16
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no
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ROTL94
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No, sorry but all those efforts have been in vain. It's paid termly and that's just how it's done.
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Emily5243
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(Original post by annag2001)
Due to big expenses at the start of the year (buying new household essentials, getting a new laptop and wanting to pay off all my rent at the start of the year) I created a budget that covers all these expenses, allows me to save a fair amount for emergencies (the amount i can have saved is nothing to sniff at and includes enough to keep me going over summer in case i cant get a job - just highlighting that this is some genuine thought out serious money management), and still gives me a good amount to use for buying nonessentials.

However I have only just learned that we get our maintenance loan (from the government) in three parts each term. This puts a spanner in the works for me, as it will mean during the first term i will barely be able to eat, and in the last term have more money than i know what to do with. I can redo my budget and work something out, but having things hanging over me (owing family/friends money and not knowing my rent is paid and done) will cause a LOT of stress.

Is there a way for me to get my entire maintenance loan from the government all at once in September?
Why wouldn't you just pay your rent in installments?
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artful_lounger
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As above, it's split into three payments and there is no way around that. Additionally the last payment is actually the largest of the three (to help students with costs over the summer is the usually given rationale); the first two are slightly less than the final one, so it's not an even split between each.

However you would probably be eligible for a student overdraft scheme on your student account with your bank, depending who you bank with. Usually they do no interest overdrafts while you are a student, or very long repayment periods (e.g. 3+ months, so your next loan installment would come in) before interest begins being charged on them. This can help manage the initial costs when you start uni, and then remain as a buffer in case of sudden costs that might crop up later in the course.

Just avoid student credit cards unless you have a will of iron and are extremely organised and keep on top of payment dates etc. Credit ratings are very easy to hurt but hard to improve!
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annag2001
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(Original post by Emily5243)
Why wouldn't you just pay your rent in installments?
because i much prefer getting any big payments out of the way, this is why ive made a budget that allows me to make big payments upfront so i dont have to think about them again. knowing i still need to pay rent or owe family members money because of loans causes me extreme anxiety.
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annag2001
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(Original post by ROTL94)
No, sorry but all those efforts have been in vain. It's paid termly and that's just how it's done.
okay, thank you!
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Muttley79
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(Original post by annag2001)
because i much prefer getting any big payments out of the way, this is why ive made a budget that allows me to make big payments upfront so i dont have to think about them again. knowing i still need to pay rent or owe family members money because of loans causes me extreme anxiety.
You need to re-write your budget or earn some money or have a gap year so you can save up.
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Emily5243
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(Original post by annag2001)
because i much prefer getting any big payments out of the way, this is why ive made a budget that allows me to make big payments upfront so i dont have to think about them again. knowing i still need to pay rent or owe family members money because of loans causes me extreme anxiety.
I understand wanting to get those things out of the way. But by the sound of it, paying everything off at the start won't be possible considering you get money each term.
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annag2001
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(Original post by artful_lounger)
As above, it's split into three payments and there is no way around that. Additionally the last payment is actually the largest of the three (to help students with costs over the summer is the usually given rationale); the first two are slightly less than the final one, so it's not an even split between each.

However you would probably be eligible for a student overdraft scheme on your student account with your bank, depending who you bank with. Usually they do no interest overdrafts while you are a student, or very long repayment periods (e.g. 3+ months, so your next loan installment would come in) before interest begins being charged on them. This can help manage the initial costs when you start uni, and then remain as a buffer in case of sudden costs that might crop up later in the course.

Just avoid student credit cards unless you have a will of iron and are extremely organised and keep on top of payment dates etc. Credit ratings are very easy to hurt but hard to improve!
thank you for the advice ill speak to my bank about it

currently my account has no overdraft but ill look at switching to a different one.

its a bit frustrating that at no point in my application did they mention its not a lump sum, but ive just got to suck it up and make it work, seems daft to make the last installment the biggest when all the major costs happen at the start of the year
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annag2001
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(Original post by Muttley79)
You need to re-write your budget or earn some money or have a gap year so you can save up.
im going to make a new budget and look at getting a new bank account with an overdraft, see if any family members can help out. i took a gap year and saved up £700 specifically to help cover all the new equipment id need for my course, but i still need a big chunk from my maintenance. i did have over £1000 but covid has bitten me in the ass
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FRS500
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No. You'll have to find additional funding elsewhere; borrow; reduce your costs somehow or work like everyone else.
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PQ
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If you drop out of your course partway through the year then you are no longer eligible for the remaining payments (and often need to repay some of the earlier payments).

SFE aren’t willing to bet their money on a student completing the tear.
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annag2001
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(Original post by Emily5243)
I understand wanting to get those things out of the way. But by the sound of it, paying everything off at the start won't be possible considering you get money each term.
yes thats why i was wondering if there was a way to get it as a lump, ill have to redo my budget, talk to my bank about getting an account with an overdraft to make sure ive got enough for the first term
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annag2001
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(Original post by FRS500)
No. You'll have to find additional funding elsewhere; borrow; reduce your costs somehow or work like everyone else.
ngl that comes across a bit rude/tetchy. i was just asking if there was anything i could do about getting it in a lump. there are ways i can redo my budget and make stuff work (also I DID take a gap year to get a job and save but covid has really eaten into my savings) so ill find a way to sort it all out. just a shame how much of a bloody faff its gonna be
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artful_lounger
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(Original post by annag2001)
thank you for the advice ill speak to my bank about it

currently my account has no overdraft but ill look at switching to a different one.

its a bit frustrating that at no point in my application did they mention its not a lump sum, but ive just got to suck it up and make it work, seems daft to make the last installment the biggest when all the major costs happen at the start of the year
Ask your bank about student accounts, and let them know you're going to uni in the coming year and they should be able to advise you on what benefits (possibly including an overdraft) a student account may have once you start and how to set these up later. Usually once you start uni you can get a letter confirming your attendance at the uni (which you'll need to council tax exemption purposes anyway - make several photocopies of the original).

To be fair, it's probably for the best they don't give students the entire amount dropped in their account at the start of the year; I know enough students who spend too much of just the one loan installment not long after getting it, I can't imagine what those kinds of people would do if they had 8k dropped in their account out of the blue!
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annag2001
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(Original post by PQ)
If you drop out of your course partway through the year then you are no longer eligible for the remaining payments (and often need to repay some of the earlier payments).

SFE aren’t willing to bet their money on a student completing the tear.
aye i can see why they do it this way, its a shame is all.
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annag2001
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(Original post by artful_lounger)
Ask your bank about student accounts, and let them know you're going to uni in the coming year and they should be able to advise you on what benefits (possibly including an overdraft) a student account may have once you start and how to set these up later. Usually once you start uni you can get a letter confirming your attendance at the uni (which you'll need to council tax exemption purposes anyway - make several photocopies of the original).

To be fair, it's probably for the best they don't give students the entire amount dropped in their account at the start of the year; I know enough students who spend too much of just the one loan installment not long after getting it, I can't imagine what those kinds of people would do if they had 8k dropped in their account out of the blue!
aye im gonna speak to my bank. i can see why a lot of people wouldn't be smart with their loan but also we are adults, it should be a choice whether we want it in a lump or staggered.
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Muttley79
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(Original post by annag2001)
thank you for the advice ill speak to my bank about it

currently my account has no overdraft but ill look at switching to a different one.

its a bit frustrating that at no point in my application did they mention its not a lump sum, but ive just got to suck it up and make it work, seems daft to make the last installment the biggest when all the major costs happen at the start of the year
Every other student manages - what expenses require you to have all the loan in one go? A student account will give you an overdraft.
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annag2001
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(Original post by Muttley79)
Every other student manages - what expenses require you to have all the loan in one go? A student account will give you an overdraft.
im studying graphic design and ive been saving up (trying to at least covid and moving house recently wiped out 60% of my savings) to get a quality laptop and drawing pad for uni, along with replacing other electronics and art supplies that have either reached their death or run out since i started doing my gcses. (plus one of my cats is showing signs of problems that are likely going to be expensive that i know my mum cant cover alone)

its not that i cant spread these big costs over the year, i just planned to get them all out of the way at the start (including rent) because thats just the way i prefer to do things, and only today learned its not a lump loan its staggered, its not gonna kill me its just a lot of stress and faff trying to juggle all these costs when i thought i had a plan that worked.
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