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Money

I'm in my last few months of A levels. My parents are well off so student loan will be low but they wont contribute. only recently I've been told that student loans don't cover fully and now I'm concerned I won't be able to pay. How much would I need to save before uni to have a chance at being able to stay

Reply 1

Admit-One

Universities Forum Helper

Original post

by Maximilian7262

Are you looking to stay at home for uni or move out?

Reply 2

MaterialsEng

Original post

by Maximilian7262

So on average from people on my course, most people's parents contribute about 4-5k per year in addition to maintenance.

The maintenance loan doesn't even cover the full accommodation price here, let alone food, stationary, going out etc.

I know a lot of people whos parents won't contribute, and they end up working all summer to save to live at uni the following year, which is doable, you just don't get much of a break. (plus the hassle of finding a job each summer)

The middle class get pinched the most as they don't qualify for higher maintenance, and then they don't get the additional money through bursary schemes off the university like the people who do qualify for those higher maintenance loans. So you end up with students from very low incomes having up to £12,000 a year to live on, and those in the middle class trying to survive on £5,000 (which isn't possible). Hence why you now have this big trend of middle class students living at home...

And if you do live at home (for free) then it's most likely not worth taking any maintenance loan as the interest rates are an eyesore and you will naturally have less to pay back, and therefore are more likely to pay it all back (and the quickly growing interest). I suppose this does however depend on if you prioritise financial freedom now or in your 30s when you could have a family and mortgage etc, but only you will know the answer to this.

If I were you, talk to your parents about it, show them the figures, the price of the accommodation, the quality of life... and reconsider your options.