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Student Loan Question

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
edited March 27 in Work & Study
It is a simple one really, when i go off to university, does the allowance for the year come as one lump sum or in monthly amounts. I am just curious following a discussion with my parents who think it comes in a yearly sum. They want to put it in a bank then give it to me monthly, but to be honest i don't want to be relying on them. I just want to know how the loans are recieved though.

That is if i ever receive them, the forms look rather daunting...
Post edited by JustV on

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You get it 3 times, at the start of each semester. About £1000 a time if you get the basic loan. It's paid to you so it's up to you how you use it, but some people find it hard to budget when you get the money all at once.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by PussyKatty
    You get it 3 times, at the start of each semester. About £1000 a time if you get the basic loan. It's paid to you so it's up to you how you use it, but some people find it hard to budget when you get the money all at once.

    Thanks for in information :)

    I know when i get to uni that i will have to budget, hopefully it should not be to hard as i am hoping to Transfer from my part time job here (at WHSmith) to the one in Exeter when i go for some extra income (and my 25% discount ;) )

    That and I am a tight fisted git :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You get it in three sums, though if you have more than £3000 you get a large final one, which is strange considering next term only has three academic weeks and I get £1500 for it, whereas for the previous two with 12 each, I got £1250. Oh well maybe they take into account post-exam partying :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You get three instalments. One as a cheque when you register at university for the year, and then one straight into your bank account at the beginning of the Christmas and Easter terms.

    The loan is designed to cover your vacation, and not just your term. That is why the last instalment is the largest- it is designed to cover the long summer vacation.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Rocks
    You get it in three sums, though if you have more than £3000 you get a large final one, which is strange considering next term only has three academic weeks and I get £1500 for it, whereas for the previous two with 12 each, I got £1250. Oh well maybe they take into account post-exam partying :p

    the general idea is that the extra is to keep you afloat over the summer, you will find in your final year it will be less, like mine :mad:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Nastroman
    the general idea is that the extra is to keep you afloat over the summer, you will find in your final year it will be less, like mine :mad:
    Boo hoo. Get a job. :rolleyes:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    yes it comes at the start of the term.

    and then when you finsh, like me, you pay it back for years to come..... untill your 27 or 28 (and thats if your lucky!)

    £100/month at the moment going back! Aghhhhhhhhhhhhhhhh debt debt debt debt
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Did you all spend your student loans? I don't intend to spend mine, but rather to put it in a savings account and spend the interest.

    Maybe that's easier to do in Scotland than England?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Just you wait til you have the joys of paying them back :eek: :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Renzokuken
    Thanks for in information :)

    I know when i get to uni that i will have to budget, hopefully it should not be to hard as i am hoping to Transfer from my part time job here (at WHSmith) to the one in Exeter when i go for some extra income (and my 25% discount ;) )

    That and I am a tight fisted git :p

    Hey I'm at exeter what are you studying?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Aspartame
    Probably also easier to do if you don't need to eat or anything.

    Good idea if you can, though.

    I'll be working and making around £400 a month from that, and I've got free digs, so really it's not much of a problem for me. I've also got £1000 a year from a trust fund.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    HI!

    Quick one about spending verse investing.....

    there are some banks who will not give you intrest free overdrafts if you have invested your loan.....

    stupid but true

    As for investing it - make sure you get it right. So - don't forgett that the SU Loan company will charge you x % over the Bank of England base rate - so you need to find a rate of intrest which is higher.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by funkyone
    HI!

    Quick one about spending verse investing.....

    there are some banks who will not give you intrest free overdrafts if you have invested your loan.....

    stupid but true

    As for investing it - make sure you get it right. So - don't forgett that the SU Loan company will charge you x % over the Bank of England base rate - so you need to find a rate of intrest which is higher.
    But if you put your student loan into an account originally and then take it out in chunks and invest it then how would they know what your doing with it anyway?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    they don't - and it is rare - but it does happen.....
    'cause it happened to m'flat mate - he was with NatWest.... it may be a bank manger discression thing - or it may be more widespread - I don't know.

    and what you say is a good idea.....
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Cant you just use a different bank if you really dont want them to find out?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by MoonShiner
    Cant you just use a different bank if you really dont want them to find out?

    Yes, and you'd be better off doing this anyway in most cases, as the best bank for the savings is not likely to be the best place for your student account.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I need to do my loan form... I've got it but it's just so long.

    :mad:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Another question, their asking what my earnings will be for this academic year but as I won't have a steady job, what do you suggest I put?

    I have been offered some ocaissional work here and there but I don't want to make a guess at this stage on how much I will earn in case they lower my loan.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    simple - say nothing.....

    any work you do, which is tax free (i.e. provide you earn urder 4,500 in the tax year) will go un noticed
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Cheers, will do. ;)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by BlackArab
    Another question, their asking what my earnings will be for this academic year but as I won't have a steady job, what do you suggest I put?

    I have been offered some ocaissional work here and there but I don't want to make a guess at this stage on how much I will earn in case they lower my loan.

    Parents or spouse/partner?

    I got so confused this year with the forms, they changed since last year! :rolleyes: why bother? I was sat for about 3 hours reading the same paragraph :D
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by BlackArab
    Another question, their asking what my earnings will be for this academic year but as I won't have a steady job, what do you suggest I put?

    I have been offered some ocaissional work here and there but I don't want to make a guess at this stage on how much I will earn in case they lower my loan.
    When asked for estimated earnings it is generally best to be as pesimistic as possible.
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