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Big fat loan holes

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
edited March 27 in Work & Study
So, I cant possibly be the only one who has blown pretty much all their student loan already, what has everyone been spending it on!?

I've just bought shit loads of clothes, been out on the razzle a hell of a lot and ive paid for a deposit and 1st months rent on my house for next year!
Post edited by JustV on
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Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I've just got my grant, and for a change I haven't went mad with it...yet!! :D
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I can't go mad with it as I'm paying for my accomodation fees next Monday :(

    It also paid off alot of my overdraft.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    My loan has taken me down to only 450 quid overdraft. :thumb:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Drink drink and more drink. Bought a top too. :D
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    What is the student loan meant to be for and how can you afford to spend it on things like clothes? :confused: I'm confused i thought it had a purpose.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    squeal wrote: »
    What is the student loan meant to be for and how can you afford to spend it on things like clothes? :confused: I'm confused i thought it had a purpose.

    What do you think it's meant for?

    It's to help a student out in all ways: food, course material, entertainment, clothes.

    But in most cases, it all goes on drink.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I thought the student loan was to pay the £3,000 a year course cost :confused:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    squeal wrote: »
    I thought the student loan was to pay the £3,000 a year course cost :confused:

    You pay that after you graduate and not everyone has to pay it, like me. :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yerascrote wrote: »
    You pay that after you graduate and not everyone has to pay it, like me. :)

    Ohh okay :p gosh i'm dumb.

    So in three years how much student loan do you get? And that is just to help you along the way with buying books or whatever right?

    So then what is the maintenance loan? Ha i should know all this !!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    squeal wrote: »
    Ohh okay :p gosh i'm dumb.

    So in three years how much student loan do you get? And that is just to help you along the way with buying books or whatever right?

    So then what is the maintenance loan? Ha i should know all this !!

    Depends on the person. Someone coming from a rich family will get little and in some cases no money.

    From poorer backgrounds you get benefits like not having to pay tuition fees and getting grants as well to help pay for stuff.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yerascrote wrote: »
    Depends on the person. Someone coming from a rich family will get little and in some cases no money.

    From poorer backgrounds you get benefits like not having to pay tuition fees and getting grants as well to help pay for stuff.

    I thought that everyone got a student loan and also a maintenance loan?

    I've applied for both i think.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    squeal wrote: »
    I thought that everyone got a student loan and also a maintenance loan?

    I've applied for both i think.

    No they don't. You can apply for one but you have to get the green light from the loans company first. Not everyone gets it, have to fit a certain economic bracket. I get quite a lot of money cos me ma's on the dole and is separated from my da.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yerascrote wrote: »
    No they don't. You can apply for one but you have to get the green light from the loans company first. Not everyone gets it, have to fit a certain economic bracket. I get quite a lot of money cos me ma's on the dole and is separated from my da.

    Oh okay :confused: there is a basic entitlement for the maintenance loan thought isn't there which is not non-income assessed? That is what i am on about as my parents earn too much for me to have an income assessed one.

    I could be talking shit here, but even so what's is the maintenance loan for?

    (I am not always this stupid, promise)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Tutition fee loan goes directly to the university in most cases to pay for the costs of the course so you never even get to see this.
    Maintenance loan is to pay for materials related to the course in theory, and accomodation if you need it.
    Depending on your families circumstances you may get a grant as well which is non-repayable.
    But as yerascrote said, the majority goes on drink related purchases! :D
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    maintenance loan is for your food and books and essentials like that. squeel, you're probably on about the student loan itself, you may find you're non-income assessed as if it were income assessed you'd get less because of your parents earnings. (although that might be utter rubbish, depends if they're two different things, or if you've just confused me :) )


    this loan installment is the biggest amount over the shortest time, you guys have spent it already? :p

    ooh, also, what I said is likely no longer relevant given new uni people have this topup fee stuff to deal with. so ignore me :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    There are two types of student loan.

    1. Maintenance Loan. This is for your day to day living expenses, your accomodation etc. It gets paid direct into your bank account and is there for you to do what you like with. This is worth from £3000-£4000 (ish) depending on family income but everyone is entitled to just over £3000.

    2. Tuition fee loan. This pays your tuition fees, you never see this one it gets paid straight to your university/college and is worth precisely what your fees are for that year. Your fees will vary depending on your family income and what year you stared uni and which uni you go to and which course you do. Generally this is between £0 and £3070.

    That more clear now?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    There are two types of student loan.

    1. Maintenance Loan. This is for your day to day living expenses, your accomodation etc. It gets paid direct into your bank account and is there for you to do what you like with. This is worth from £3000-£4000 (ish) depending on family income but everyone is entitled to just over £3000.

    2. Tuition fee loan. This pays your tuition fees, you never see this one it gets paid straight to your university/college and is worth precisely what your fees are for that year. Your fees will vary depending on your family income and what year you stared uni and which uni you go to and which course you do. Generally this is between £0 and £3070.

    That more clear now?

    Thank you :) so what these guys are talking about is the maintenance loan?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yup.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    £330 - money I owed my sister.

    Planning on booking a summer trip to Serbia for the Exit festival so it's about to be a whole lot more spent.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Few new clothes, lots of shoes. Then it was my birthday so 3 days continous heavy drinking, going out for meals etc. Plus a few other days of drinking and the likes. £550 of the loan seems to have disappeared very quickly with very little to show for it.
  • JsTJsT Posts: 18,268 Skive's The Limit
    As sad as it sounds I havent spent a penny of mine yet :(
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ive taken £1300 of mine and stashed it.....thats my savings for 2/3's of a years rent on my house next year.

    I blew £490 tho......fuckin hell.

    So im penniless already
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Mine has all gone, on rent and other costs that came up because of my change in housing situations. Then again, after I hand my coursework in on Monday I'm finished at uni and need to start working full time, so its not too much of a problem.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ive taken £1300 of mine and stashed it.....thats my savings for 2/3's of a years rent on my house next year.

    I blew £490 tho......fuckin hell.

    So im penniless already

    that's a lot of money to get for a loan..i only got £1031 this time. and that's more than the last 2 times!

    £600 of mine went on rent. the rest won't last long with car tax etc. :grump:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i have spent 400.000 already :(
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Managed to save most of my loan this year. Have been really wreckless in the past before with it. I'm pleased it has worked out this way because I'm putting it towards a house deposit.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    that's a lot of money to get for a loan..i only got £1031 this time. and that's more than the last 2 times!

    Yeah i scored some special circumstances and extra money due to a long standing medical thing.....advice to anyone applying for student loans: big up anything that could get you more pennies. disability, dyslexia, low income anything, just play the game and apply for anything.

    i applied for some fucking scholarship grant thing for students who have faced adversity in their education .... i missed a couple of months of college due to illness....didnt get it but i got considered....

    apply for everything!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    £40 has been used to pay bills :|
    £65 will go towards the graduation ball. Graduating is expensive.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I went crazy with my loan. Wish i hadn't now!!!

    I've spent £450 since i got the loan on the 16th on clothes, shoes and drink!!! I owed a mate 200, and ive got 750 rent coming out pretty soon... ooops!!!!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Renzo wrote: »
    £40 has been used to pay bills :|
    £65 will go towards the graduation ball. Graduating is expensive.

    last of the big spenders eh.
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