Can ur maintenance loan change when u move out second year?

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Mazamm
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Im thinking of staying home one more year as my moving out maintenance loan is too short (£4,200) and my family aren’t keen on supporting me financially either. If I stayed home and applied for student finance it would be £3,400. Im thinking of getting a summer job this year and next year to earn more money and hopefully move in to a private student accommodation (most uni second year students move in a flat together) which is much more cheaper. However, does that mean my loan can change? otherwise moving out with £3,400 will be more of a struggle. I really want to leave. ☹️
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sciencequestion8
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(Original post by Mazamm)
Im thinking of staying home and dealing with my toxic parents one more year as my moving out maintenance loan is too short (£4,200) and my family aren’t keen on supporting me financially either. If I stayed home and applied for student finance it would be £3,400. Im thinking of getting a summer job this year and next year to earn more money and hopefully move in to a private student accommodation (most uni second year students move in a flat together) which is much more cheaper. However, does that mean my loan can change? otherwise moving out with £3,400 will be more of a struggle. I really want to leave. ☹️
If your household income remains the same then when you apply for finance in your second year you will get a larger loan than first year if you’re living at home in your first year compared to moving into private accommodation in your second. It isn’t a huge amount though but you can use some student finance calculators online to get an estimate...
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!gilo2002
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(Original post by Mazamm)
Im thinking of staying home and dealing with my toxic parents one more year as my moving out maintenance loan is too short (£4,200) and my family aren’t keen on supporting me financially either. If I stayed home and applied for student finance it would be £3,400. Im thinking of getting a summer job this year and next year to earn more money and hopefully move in to a private student accommodation (most uni second year students move in a flat together) which is much more cheaper. However, does that mean my loan can change? otherwise moving out with £3,400 will be more of a struggle. I really want to leave. ☹️
work for it
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Mazamm
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(Original post by sciencequestion8)
If your household income remains the same then when you apply for finance in your second year you will get a larger loan than first year if you’re living at home in your first year compared to moving into private accommodation in your second. It isn’t a huge amount though but you can use some student finance calculators online to get an estimate...
So, u have to reapply for student finance every year? because that would fix my problem.
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Mazamm
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(Original post by !gilo2002)
work for it
😅 did u read my paragraph? ofc i’ll be working for it but i would rather stay for one year and save up a good amount of money to move out second year with my maintenance loan. I just wanted to know if it’s possible.
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Emily5243
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(Original post by Mazamm)
So, u have to reapply for student finance every year? because that would fix my problem.
Yes, you apply for student finance each year so if you move out for second year, you will get a bit more. By what you said, it will probably only be the minimum (about £4200) if your parent's income doesn't change.
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sciencequestion8
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(Original post by Mazamm)
So, u have to reapply for student finance every year? because that would fix my problem.
Yes exactly. And also if your situation changes during the academic year then you can make changes to your application and your loan amount will be adjusted.
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Mazamm
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(Original post by sciencequestion8)
Yes exactly. And also if your situation changes during the academic year then you can make changes to your application and your loan amount will be adjusted.
Thank you so much, my school hardly taught us anything about student finance so I didn’t know about this.
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