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Student stuff. Can I afford it, how does it work? Watch

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    Ok, so, rent = £104 a week.

    Erm, I don't have a job, presume I won't get one in the future (worst case scenario).

    Right, so. I get maintenance loan and student loan, right? Which is what everyone who moves out pays, right?

    So... erm, I don't think I'm entitled to any grants, my household income is £37,000 (just asked).

    So, no grants. Erm, no job. Should get £50 a week from my dad.
    Rent = £104.

    Erm, can I actually afford this?

    Sorry, I really don't know how it all works tbh. what is the Maintenance loan people get? Does everyone get the same amount? Or not? How does it work?

    Just presume I don't get any grants or anything.

    Help me. I'll rep.
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    You will get a grant with a household income of £30,000 a decent sized one too. and you are also entitled to a pretty sizeable maintinence loan

    The maintinence loan depends on wether your going to Uni in London or not and if your staying at home or not.

    www.direct.gov.uk/studentfinance

    Edit; Wait, just realised your not from UK? Not totally sure then. I'm looking it up
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    Fill this in, it should give you an indication of what is available for you:

    http://www.studentfinance.direct.gov...ncecalculator/
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    you get a loan to pay for uni fees

    you also get a loan to pay for the costs of living
    this second loan, plus any money from a job or parents, plus any overdraft you get from your bank is generally enough for food, rent and an ok social life
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    ********! You've just reminded me I need to get my SL sorted out sharpish.

    Anyway your tuition fee loan covers your tuition fees so it's easier to discount that when planning budgeting.

    Maintenance loan is expected to cover everything else like rent, food and booze.

    I reckon (though I've done no calculations) that your student loan plus £50p/w from your Dad will cover your rent but will only leave about £30 a week remaining in your week's budget. That needs to pay for food and booze.
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    Sounds like i'm in exactly the same position as you, I don't know how i'm gonna survive on whats left from the loan and grant afer paying £103 a week accommodation and I have no job yet :/
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    There's a calculator on the SLC website as to how much you could be entitled to.

    You could get a maximum of £6,900 in Maintenance Loan if you study in London and live away from your parents.

    £104 x 52 = £5408 (though this may be slightly more due to bills and so on)

    Your £50 a week should be your food and going out money - could you eat and socialise on £50 a week? How much do you currently spend? A reasonable food budget would be about £20-25 a week, but that doesn't include a daily starbucks habit. This would leave you £25 a week for cosmetics and toiletries, travel, going out and miscellaneous expenses such as birthday presents. Do you think you could do this?

    If so, you might be able to move out with no job, no grants and no bursaries. If you plan on socialising more, or you have bills to pay on top of rent, or the need to spend £15 a week on transport, then it might not be doable.
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    You'll get a bigger loan if you're at uni in London and with an income of £30-35k you will be entitled to some sort of grant

    http://www.direct.gov.uk/en/Educatio...rted/DG_171574

    Theres stuff on there including a calculator that should help you
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    Why did I think you were already at university? :confused:
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    (Original post by lemily)
    There's a calculator on the SLC website as to how much you could be entitled to.

    You could get a maximum of £6,900 in Maintenance Loan if you study in London and live away from your parents.

    £104 x 52 = £5408 (though this may be slightly more due to bills and so on)

    Your £50 a week should be your food and going out money - could you eat and socialise on £50 a week? How much do you currently spend? A reasonable food budget would be about £20-25 a week, but that doesn't include a daily starbucks habit. This would leave you £25 a week for cosmetics and toiletries, travel, going out and miscellaneous expenses such as birthday presents. Do you think you could do this?

    If so, you might be able to move out with no job, no grants and no bursaries. If you plan on socialising more, or you have bills to pay on top of rent, or the need to spend £15 a week on transport, then it might not be doable.
    This is a good post, but remember that most halls contracts are for approx 39 weeks rather than 52 weeks, which will give the OP a bit more money per week
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    Oh, this is private btw, not halls.
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    Maintenance Loan - Paid directly to you £3384 £6474
    Tuition Fee Loan - Paid directly to your college/university £3225 £3225
    Higher Education Maintenance Grant - Paid directly to you £909 £909

    What is Higher ed maintenance grant?

    And how can I get sooo much when I have such a high income (£37,000 is alot right?)
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    (Original post by Degausser)
    Why did I think you were already at university? :confused:

    I am but I live at home.
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    (Original post by Bubbles*de*Milo)
    I am but I live at home.
    Gotcha. Should have just looked at your profile really..
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    Someone answer the above questions...? ^^^^^^^^^^^^^
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    A Grant is money given to you, which you dont have to pay back. Its free.

    I believe its so high because you're in london.
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    £37000 isn't a lot at all that's why you're getting a lot and london loan is about 1.5 x the size of a normal loan.
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    (Original post by FadedJade)
    This is a good post, but remember that most halls contracts are for approx 39 weeks rather than 52 weeks, which will give the OP a bit more money per week
    Thanks!

    I figured it would be private rental because Bubbles is second year next year and they don't often get halls. Very few private rentals are less than 52 weeks. But still, I see your point.
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    Yeah, given how little she knows (as evidenced by her first post), I assumed she must be a fresher. But yes, most private rentals are for a full year.
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    (Original post by Bubbles*de*Milo)
    Maintenance Loan - Paid directly to you £3384 £6474
    Tuition Fee Loan - Paid directly to your college/university £3225 £3225
    Higher Education Maintenance Grant - Paid directly to you £909 £909

    What is Higher ed maintenance grant?

    And how can I get sooo much when I have such a high income (£37,000 is alot right?)
    Everyone, regardless of income, can borrow quite a large amount of maintenance loan. You could have a millionaire as a father and still you would be entitled to borrow a few grand of maintenance loan. This is because it is your education, your responsibility to pay back, and even if you have super rich parents, they may not be willing to give you any money.

    You are also entitled to more money because you are studying in London. As they realise this is more expensive, there is more money available to you. Like someone mentioned, a London loan is about 1.5 times a normal loan amount.

    You have two choices. You can either take the amount of loan that anyone can borrow and not submit any of your family's financial information, or you can do 'means-tested' by which your family gives the student loans people information on how much they earn. Depending on how much they earn you can be entitled to more money and some of it may be in the form of a grant.

    If you are eligible (which it looks like you are from the above) they take away a small amount of your maintenance loan entitlement, and replace it with a grant. This means you end up with a similar amount of money overall but part of it is non-repayable (the bit labelled grant) because of your family income. They take into account how much your family earns and also how many siblings you have. £37k with one child is one thing, but if you have 5 siblings, they may give you a bit more.

    So, I'm a little confused by the numbers they have given you. Are you getting £3384 in maintenance loan or £6474? They also seem to have awarded you £909 grant. This gives you overall, if we take the higher maintenance figure, £7383 a year. You may also be eligible for a bursary from Queen Mary university as well.

    £7383 - £5408 = £1975

    £1975 + (52x50) = £4575 / 52 = £87.90 a week to live on

    Bear in mind bills, and an initial deposit for your room (normally 6 weeks of rent) and I see no reason why you couldn't live reasonably in London on that money.
 
 
 
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