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

    • Thread Starter

    (Original post by FadedJade)
    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.

    I lived at home in my first yr, so I didn't really pay attention, it's just now. :\
    • Thread Starter

    (Original post by lemily)
    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.
    Aaah, it's £6474 they're giving me.
    Thanks for the help so far
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