Maintenance loan and accomodation

My maintenance loan is £4,289 and my accomodation's 42 week contract is greater than this. Will I be able to afford it? If not how would I increase it (contract starts 20/09/20).

Reply 1

University of Portsmouth Student Rep

Official Rep

16

Hi!!

In my first year, my accommodation cost was £2,000 more than my maintenance loan. To afford this, I had some help from my parents, I had a part time job and used my overdraft. Affording rent is very difficult and that's why it is good to try and figure out a way of managing your money wisely. Your university should have a student finance team which should help you address these issues and give you advice on how to make your money work, so please don't worry! At Portsmouth we also have a fund for people that need extra money who cannot get this elsewhere- hopefully your university will have something similar!

Sophie - Official Student Rep :smile:

Reply 2

Btec_Einstein

OP

12

Original post by University of Portsmouth Student Rep

Hi!!

In my first year, my accommodation cost was £2,000 more than my maintenance loan. To afford this, I had some help from my parents, I had a part time job and used my overdraft. Affording rent is very difficult and that's why it is good to try and figure out a way of managing your money wisely. Your university should have a student finance team which should help you address these issues and give you advice on how to make your money work, so please don't worry! At Portsmouth we also have a fund for people that need extra money who cannot get this elsewhere- hopefully your university will have something similar!

Sophie - Official Student Rep :smile:

Thank you for the advice. Could you tell me if my maintenance loan will be paid 3 times a year or if parts of it will be paid 3 times in small amounts?

Original post by Btec_Einstein

Thank you for the advice. Could you tell me if my maintenance loan will be paid 3 times a year or if parts of it will be paid 3 times in small amounts?

Hi, we pay in 3 installments. 33% 33% and 34% of your awarded funding.
Thanks, Isaac

Reply 4

Btec_Einstein

OP

12

Original post by SFE Isaac

Hi, we pay in 3 installments. 33% 33% and 34% of your awarded funding.
Thanks, Isaac

Thank you Isaac!
Could you tell me how long it will take to verify after I change my course and uni on the Student Finance website?
My course starts on 28th Sept so what date should I have changed the course and uni by?

Original post by Btec_Einstein

Thank you Isaac!
Could you tell me how long it will take to verify after I change my course and uni on the Student Finance website?
My course starts on 28th Sept so what date should I have changed the course and uni by?

if you are an SFE applicant, you can follow this video guide http://ow.ly/gpx530ptOSo to change your course details online. If it doesn't allow you to change the details then you can complete the change of circumstances form http://ow.ly/d/8nhP and upload this in your online account.

Please allow up to 6 weeks to be re assessed after submitting the changes, if you are an SFE applicant then you can show your university your previous entitlement letter and ask them to manually confirm your registration so that your funding is released to you without delays even if the changes have not been assessed yet.

Thanks, Isaac

Maintenance loan and accomodation

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