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Money

Hi, i’m set to go to university this September but am stressing about money. I’d get the minimum maintenance loan but my parents can’t afford to support me much as they have a lot of debt. My course is high in contact hours and intense so would leave minimal time for a part time job (only a sunday). What can I do? The loan doesn’t even stretch to rent.
Reply 1
Hi Fizzle991, most students opt for the maximum maintenance loan. I'm not sure what you mean when you say you would get the minimum maintenance loan - is it because you want to opt for this option or do you mean that you will get the minimum amount because of your parents' income? I need some clarification on this...

Generally, these days with high living costs the maximum maintenance loan is enough to cover rent and maybe more if you go to university outside of London/cheaper areas of the country like up north.

You might want to consider working seasonally so during summer/Easter/Christmas holidays to save up money. Alternatively, part-time student jobs depending on your university tend to be quite flexible around lectures and sometimes they offer flexible shifts over the weekend - especially if you work for your Student Union Bar or Shop (might be worth it to look into this for your university).

Another thing to look at it is whether you can be classed as independent student/or aged 25. If this is the case, you could be more likely to be entitled to the maximum maintenance loan because they look at your income instead of your parents' combined income. Do note, that to be classed as an independent student you'll need to prove that you have taken care of yourself financially without your parents' income - evidence like your P60 from the last 3 years before you start your course may be asked by student finance as proof of this.

A lot of universities also offer bursaries/scholarships for various things - like being a professional athlete/musician or for academic excellence (getting good A level grades/essay prizes during degree). You may qualify for these and could help you out financially. Hardship funds are also available too if you find yourself struggling financially at university.

Do reply to this if you have more questions!
Reply 2
Original post by bee2018
Hi Fizzle991, most students opt for the maximum maintenance loan. I'm not sure what you mean when you say you would get the minimum maintenance loan - is it because you want to opt for this option or do you mean that you will get the minimum amount because of your parents' income? I need some clarification on this...
Generally, these days with high living costs the maximum maintenance loan is enough to cover rent and maybe more if you go to university outside of London/cheaper areas of the country like up north.
You might want to consider working seasonally so during summer/Easter/Christmas holidays to save up money. Alternatively, part-time student jobs depending on your university tend to be quite flexible around lectures and sometimes they offer flexible shifts over the weekend - especially if you work for your Student Union Bar or Shop (might be worth it to look into this for your university).
Another thing to look at it is whether you can be classed as independent student/or aged 25. If this is the case, you could be more likely to be entitled to the maximum maintenance loan because they look at your income instead of your parents' combined income. Do note, that to be classed as an independent student you'll need to prove that you have taken care of yourself financially without your parents' income - evidence like your P60 from the last 3 years before you start your course may be asked by student finance as proof of this.
A lot of universities also offer bursaries/scholarships for various things - like being a professional athlete/musician or for academic excellence (getting good A level grades/essay prizes during degree). You may qualify for these and could help you out financially. Hardship funds are also available too if you find yourself struggling financially at university.
Do reply to this if you have more questions!

Thanks for your reply! I’d get the minimum due to their income and i’m not aged 25+. I’ll have to look more into bursaries/ scholarships available.

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