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

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artful_lounger
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#21
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(Original post by annag2001)
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.
Well the other side of it is also inevitably some students will leave their course before the end of the year, and they are required to pay back pro-rata any maintenance loan that has been paid which is "remaining" based on how long they've been studying (e.g. if they withdraw at the end of term they wouldn't need to pay any of the instalment back; if they withdrew halfway through term, they'd need to pay half back).

Disbursing in installments allows the SLC to reduce the risk of lending by making it more likely they will get repaid in such cases, or minimising how much cost they incur if they don't get the repayment (either ever or not immediately requiring it to be chased and legal interventions to take place). Likewise it makes it easier to make adjustments for over/underpayments as the course progresses, rather than dealing with large lump sums once a year.

Really it's more for the SLC's benefit than anyone else I imagine, it does indirectly benefit the young people who are often have less experience in managing their personal finances though.
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annag2001
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(Original post by artful_lounger)
Well the other side of it is also inevitably some students will leave their course before the end of the year, and they are required to pay back pro-rata any maintenance loan that has been paid which is "remaining" based on how long they've been studying (e.g. if they withdraw at the end of term they wouldn't need to pay any of the instalment back; if they withdrew halfway through term, they'd need to pay half back).

Disbursing in installments allows the SLC to reduce the risk of lending by making it more likely they will get repaid in such cases, or minimising how much cost they incur if they don't get the repayment (either ever or not immediately requiring it to be chased and legal interventions to take place). Likewise it makes it easier to make adjustments for over/underpayments as the course progresses, rather than dealing with large lump sums once a year.

Really it's more for the SLC's benefit than anyone else I imagine, it does indirectly benefit the young people who are often have less experience in managing their personal finances though.
oh i totally understand why they do it, its just a shame that we dont get the choice because some people are irresponsible.

ah well, gotta suck it up and make it work
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Muttley79
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(Original post by annag2001)
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.
How did you not know student finance was paid in instalments?
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UnwantedKid
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Lol can you imagine the mess if students (especially 18 year olds who'd never seen that much money in their account before) were given it all in one go.
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annag2001
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(Original post by Muttley79)
How did you not know student finance was paid in instalments?
it wasnt mentioned at any point during my application, hell its not even mentioned in the confirmation letter for my loans. plus i took a gap year so did all of this at home without asking anyone else about it so didnt have anyone who knew to mention it to me

it seems obvious now i know but my logic was we are adults who will be given a loan in full surely

only realised it when i was googling something else about student loans and it popped up on google as a suggested search
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UnwantedKid
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(Original post by annag2001)
oh i totally understand why they do it, its just a shame that we dont get the choice because some people are irresponsible.

ah well, gotta suck it up and make it work
We don't get the choice because the party who would be worse off would be SFE. They aren't going to screw themselves over when it's not needed.
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annag2001
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(Original post by gigaberry)
Lol can you imagine the mess if students (especially 18 year olds who'd never seen that much money in their account before) were given it all in one go.
i do understand why they dont do it, its just a shame.

students should be taught how to budget so that this isnt an issue, those who feel confident can get a lump those who need more support get it by term
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Realitysreflexx
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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?
Nothing to sniff at, that just oozes arrogance with probably a tiny sum of money 😂. That you've done what exactly to recieve, passed your A levels.... You didn't even have to sit.
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annag2001
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(Original post by gigaberry)
We don't get the choice because the party who would be worse off would be SFE. They aren't going to screw themselves over when it's not needed.
yea i get that, its just a shame is all
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annag2001
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(Original post by Realitysreflexx)
Nothing to sniff at, that just oozes arrogance with probably a tiny sum of money 😂. That you've done what exactly to recieve, passed your A levels.... You didn't even have to sit
mate i took a gap year, i sat my a levels, i got an unconditional offer.

the amount i would be able to save is £2600

dont make assumptions about me
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Muttley79
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(Original post by annag2001)
yea i get that, its just a shame is all
No - it's fair. This is tax payers money and if you drop out then it all needs recovering ... SFE need to look after the money.
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annag2001
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(Original post by Muttley79)
No - it's fair. This is tax payers money and if you drop out then it all needs recovering ... SFE need to look after the money
I never ONCE said it was unfair??? its just a shame that this is how it is. i understand why they do it and i never said its a bad way to do it, just that its a shame.
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Realitysreflexx
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(Original post by annag2001)
mate i took a gap year, i sat my a levels, i got an unconditional offer.

the amount i would be able to save is £2600

dont make assumptions about me
That's barely 4 month's of money if your scraping..a tiny amount 😂. When your an actual adult, with real bills you will see 😂. You shouldn't sound cocky about a government loan. Not a good look.
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UnwantedKid
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(Original post by annag2001)
i do understand why they dont do it, its just a shame.

students should be taught how to budget so that this isnt an issue, those who feel confident can get a lump those who need more support get it by term
Most people manage to budget fine getting in by term. You aren't paid your whole yearly salary in one go.
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annag2001
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(Original post by Realitysreflexx)
That's barely 4 month's of money if your scraping..a tiny amount 😂. When your an actual adult, with real bills you will see 😂. You shouldn't sound cocky about a government loan. Not a good look.
£2600 when my entire loan is £9000 is nothing to sniff at, and i want that money put aside so that if there is an emergency next year when i move out of halls and start paying full rent i wont starve.

even as a proper adult £2600 is a lot of money, my household income is currently £12000

saying £2600 isnt a large amount of money comes across way more arrogant than being happy about saving that much

im not getting cocky about saving, im being proud that i can get that much together for emergencies, because my whole life weve never managed to get any proper savings together until my gap year
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annag2001
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#36
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(Original post by gigaberry)
Most people manage to budget fine getting in by term. You aren't paid your whole yearly
i feel like maintenance loan isnt really a salary or a loan, its like the mid ground, you dont get it all at once but its not monthly either. anyway i was pointing out that if they cannot give an adult £6000-£9000 in one go without them blowing it, maybe the issue is no one teaches them to budget in school/at home? the people who budget for one term would manage for a year, and people that blow the years money also blow the terms money.

either way im not here to pick apart why the education system is broken in terms of life skills haha, ive got my answer and now i can go redo all my preparation and know im definitely still sorted for the year
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999tigger
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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?
If that was an option it would be a disaster and a bit naive.
You already know your answer, but dont think they would have taken you seriously anyway.
Just get a bank account with a decent overdraft and smooth it that way.
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annag2001
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(Original post by 999tigger)
If that was an option it would be a disaster and a bit naive.
You already know your answer, but dont think they would have taken you seriously anyway.
Just get a bank account with a decent overdraft and smooth it that way
aye im gonna look at getting a new account with an overdraft and redo all my planning
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UnwantedKid
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(Original post by annag2001)
i feel like maintenance loan isnt really a salary or a loan, its like the mid ground, you dont get it all at once but its not monthly either. anyway i was pointing out that if they cannot give an adult £6000-£9000 in one go without them blowing it, maybe the issue is no one teaches them to budget in school/at home? the people who budget for one term would manage for a year, and people that blow the years money also blow the terms money.

either way im not here to pick apart why the education system is broken in terms of life skills haha, ive got my answer and now i can go redo all my preparation and know im definitely still sorted for the year
Again, even if people were taught how to budget blah blah blah it's in SFEs own interest to not give it to people all in one go. They are there to do you a favour, but regardless of the situation, they will do themselves the favour more. They are a business after all.
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Muttley79
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(Original post by annag2001)
I never ONCE said it was unfair??? its just a shame that this is how it is. i understand why they do it and i never said its a bad way to do it, just that its a shame.
I only stated it was fair - I made no judgement of what you felt about it. Just surprised that you've spent so much time working on a budget without knowing how your 'income' would be allocated.
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