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Student Loan Question
Former Member
Posts: 1,876,323 The Mix Honorary Guru
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...
That is if i ever receive them, the forms look rather daunting...
Post edited by JustV on
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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
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.
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:
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
Maybe that's easier to do in Scotland than England?
Hey I'm at exeter what are you studying?
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.
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.
'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.....
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.
:mad:
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.
any work you do, which is tax free (i.e. provide you earn urder 4,500 in the tax year) will go un noticed
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