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[MSE Archna]

This thread is specifically to discuss the content of the

Student MoneySaving: Funding, Borrowing and Living as a student Article

To discuss or ask a question about the article: click reply

[Basil Fawlty]

Great article Martin I'm sure it will help many

Originally Posted by Martin's Article

Sorry students, you aren’t special, you pay tax just like anyone else. The reason many people assume student life is tax free, is that no-one pays tax on the first £5,035 of income earned in the year, and as many students don’t earn that, they never pay tax.

My student loan + grant amounts to (just an incy bit) more than £5,035 per year, but is the student loan and maintainance grant considered "income" and therefore is it liable for tax? I heard that a grant and the student loan is not considered taxable income If that could be clarified in the article it'd be helpful

[MSE Martin]

Thanks for the question BF - the answer is neither the Student Loan nor the Maintenance Grant count as income and are therefore untaxed.
I've made this explicit in the article now

Martin

[Karnam]

is it worthwhile to add that student should ask EVERY single time they do a transaction for a student discount? most campus places and many many shops around halls (esp london) offer non advertised student discounts. for example in around the intercolliage halls in london almost everywhere offers 10%, this includes the local chinese, indian, sandwich shop, 2nd hand bookshops etc. because they are independent they're not listed on NUS. a lot of small businesses do this, offer a student discount but have nothing to do with nus so its not advertised online.

also its easier to negoiate lower discounts on computers if you say "well im a student and its a bit dear.... could get 10% off at pc world" etc.

also the nus extra card: this is not always worthwhile as i've hinted at, a LOT of places will accept student discount without nus extra, so this is not always worthwhile. in fact i sincerely dont think it is ever worthwhile unless you are doing nus membership code specific transactions ie. amazon require an NUS issued code, but Topshop stores only need to see your student/university card.

[frekkles]

I've recently started a post graduate masters, all of the suudent advice seems to be for undergraduates. I know that the rules for undergraduates and postgraduates are different but keep getting conflicting information and am confused as to whether there is and financial help to help withliving costs if you are a full time post grad student? I know about a career development loan, is there anything that I wouldn't have to pay back. i only wan't a loan as a last resort.
Heres hoping...

[dave.trevena]

There is a charitable website called uniaid http://www.uniaid.org.uk/
which has a magic interactive area for prospective students to run up virtual finance plans, putting in lifestyle details such as rent, social habits, smoking, drinking, etc, then put in student loans, overdrafts, parental support, and so on, and then see at what point in your 3 year degree course you actually go bust! They also offer advice and in some cases, bursaries. Well worth checking out and giving them some airtime.

[louiscrusoe]

I guess I'd agree with some other posters that there isn't enough distinction made between undergraduate and graduate students. I would REALLY appreciate an article focussed on the latter.

The problem I have, as do many others on my course is that we used a Career Development Loan for our masters, and are now into a Research Council / Scholarship funded 3 year PhD. This means we can never pay off the CDL as we never actually receive money we just get fees waived etc and can't take a loan out with better interest rates as we don't really have any income. This means that we all pay a nice £150 ish each month to fund our CDL interest. It's deadly and I see no way out.

Martin please rescue us poor grads.

Louis

[djhworld]

I think it's worth mentioning that there is an Access to Learning fund available to those who are in hardship, the university should be more then willing to help you out when you are in need.

When my computer died (I need one, it's necessary for my course, I'm a computing student) I applied to the fund and received a cheque for £200 to go towards the payment of a new computer.

I think there is a thread on this board somewhere detailing the ALF for those who need it.

[verybusylizzy]

How is parental residual income worked out? Are maintenance payments from an ex included? Is an ex's income included in the assessment? What if the ex is an ex-pat working abroad?

[IAGpro]

Originally Posted by MSE Archna

This thread is specifically to discuss the content of the

Student MoneySaving: Funding, Borrowing and Living as a student Article

To discuss or ask a question about the article: click reply

For work-related study:

For mature, part-time students there may be Career Development Loan - this is about £300 - £5000 for, usually, a year of study for 'level 2' or above and is interest free for the study period, though it accrues interest after the study finishes. It is for study and related expenses (books, etc) and, sometimes, can be made to last longer than a year. If you work/save while you study or have a wealthy friend/relative, and can pay the loan back in full at the end of your study period you will have borrowed the money for free while getting interest on your own savings.

Funderfinder is, also, a good site. It includes bursaries and educational grants but there may be other stuff out there, also. Ex-offenders, disabled people, ex-service people, people who's skills are below 'level 2', possibly certain industries or skill areas, EU money, legacies, etc. They do ask strange questions but that is because there might be restrictions on the money.

Ex-service people may get help from the British Legion, you need to ask. You should have had help when you left the service, but ask to see if there's anything else in the pot for you.

If you are unemployed there may be funding through the Job Centre, ask. Even if you don't actually sign, these are the people who should know. You may have to start signing, in certain circumstances.

If you are unemployed you need to tell the college as there may be funding from the college. You need to ask Student Services, they are the experts and the rules change quite rapidly and are different in different areas. In any event, if you are unemployed the course should be subsidised. Basic Skills and 'Life Skills' should be free, usually, from your local Community Education Centre - ask in the library. The libraries, also, do some courses.

If you are unemployed, although there's not a lot out there any more, you may still get some vocational training. Ask the Job Centre.

If you are under 25, you may be able to go the Apprenticeship route. This will involve a work placement which the college should get for you, but they are notoriously bad at it, so if you can get someone set up, so much the better. Training companies are usually better at getting placements. You wil have to do an NVQ, Key Skills and, for most Apprenticeships, a Technical Certificate. This will be at, usually, 'level 2' or 'level 3'. 'Level 2' is 'operator' and 'level 3' is 'supervisor'. In England, contact Connexions. In the rest of the UK, contact your Careers Service or equivalent. You may approach a training company or college direct.

If you are over retirement age, ask Age Concern. They have been trying to persuade successive governments to allow retired people to get onto training. They will have info for you, too.

Although they do not normally have much to do with the public as they are more concerned with allocating funding, you could contact your local Learning and Skills Council. They will be able to tell you about local training provision.

In England, if you are over 25, you may contact the IAG Partnership (Information, Advice and Guidance Partnership). Under 25, in England, Connexions. The rest of UK, Careers Service or equivalent. They have info on funding. (We, normally, attend a course on funding at least once a year and some specialise in it.)

I hope this helps.

[broke mother of students]

One of my sons has had glandular fever twice during his time in college and currently has a year off to recover from the resulting fatigue. He is not regarded as a student by the student loan company, since he is deregistered, so does not qualify for a loan this year, and he apparently does not qualify for any form of benefit because he is regarded as still being a student. The only way he can access any income support is to actually leave the course, which obviously he does not want to do.
Does anyone have any suggestions?

[Beechy]

Originally Posted by broke mother of students

One of my sons has had glandular fever twice during his time in college and currently has a year off to recover from the resulting fatigue. He is not regarded as a student by the student loan company, since he is deregistered, so does not qualify for a loan this year, and he apparently does not qualify for any form of benefit because he is regarded as still being a student. The only way he can access any income support is to actually leave the course, which obviously he does not want to do.
Does anyone have any suggestions?

Dear Fellow Sufferer
I'm not sure if this is any use to you but here goes. I am assuming your son is on 'leave of absence' for a year, is that correct? So he's not registered for the year but is still classed as a student? The University I work at has a hardship fund and I was wondering if he had tried to speak with student support to ask whether this would be something they could offer? Alternatively, does his university have an independent advice centre where he could ask for advice? They are usually very knowlegeable and may have some useful guidance. Alternatively, have you been to Citizens' Advice? Sorry if none of this is of use to you, and I hope your son gets better soon.
Best wishes, Beechy.

[broke mother of students]

Thanks very much, Beechy, for your suggestions. We did contact the student advice centre, but they could not see him since he is not currently a student. (We will try again though, since that was only the person who answered the telephone). We have not tried Citizens' Advice but it is a really good idea and we will ring them tomorrow. Many thanks.

[angieneil1]

hi there
im a student on my second year hnd of photography and digital imaging. at the begining of this year i quit my job because i needed the time to focus on my course as it is very demanding. i have also been lucky enough to move back home because i could not afford rent costs. however i still have living and travel costs. the course is pushing me towards completing my own personal work out in the real world which i am trying to do, but i do not have the funds to purchase the equipment i need, and even though i am structuring what money i do have, i will not be able to raise £2500 for the equipment i need, and as i have no permanent job now i cannot get a bank loan or credit card even if i wanted too. there is no other support my university can offer and a carreer development loan would not work as i already have a student loan. however this equipment i really cannot wait much longer to get, it is vital to completing my course and starting my own work. is there anywhere you can suggest for funds. i have read through all previous bulletins and tried these out with no luck, help!

[shauw]

I am an student in my first year at university and have a 3 year old child. I was advised by the student loan company that my finance would come from income support. In december my benefits were stopped and I have received a demand claiming back the benefits. The student loan company dont seem to know how to help me, does anyone know what finance and loans I can claim. At this moment in time I have no income at all apart from having my child care costs paid for.

[Oldernotwiser]

You've been wrongly advised by SLC. You should apply through your LEA for student funding (see link)
http://www.direct.gov.uk/en/Educatio...ance/index.htm
This will be treated as income for IS purposes and as it is available to you the Benefits Agency are treating your claim as if you have received it. This is correct procedure.The CAB/SU/University welfare advisor should be able to help you to sort it out.
Did the SLC give you this advice in writing or do you know who you spoke to or when? They may still be giving people the wrong advice!

[dae2210]

Can anyone tell me if students who choose to study abroad are able to have student loans.

[shauw]

Originally Posted by shauw

I am an student in my first year at university and have a 3 year old child. I was advised by the student loan company that my finance would come from income support. In december my benefits were stopped and I have received a demand claiming back the benefits. The student loan company dont seem to know how to help me, does anyone know what finance and loans I can claim. At this moment in time I have no income at all apart from having my child care costs paid for.

i am still struggling to sort out what finances are available to me. I have no income comming in at all and may have to give up university unless I find out what I can claim as a mature student, living independently and having a 3 year old son. Does anyone know where I can get help as the SLC doesnt seem to know

[Oldernotwiser]

Originally Posted by shauw

i am still struggling to sort out what finances are available to me. I have no income comming in at all and may have to give up university unless I find out what I can claim as a mature student, living independently and having a 3 year old son. Does anyone know where I can get help as the SLC doesnt seem to know

What happened when you contacted the LEA to apply for your student loan, grant and etc? (See previous post).

[DjSatansfury]

Hi

Couple of quick questions from me.

I am assuming disabled students, can apply for DSA (Disabled Students Allowence) as a non-repayable grant ontop of the maintenance loan?

Also as someone who claims Income Support with a disability premium (not enough NI credits to claim Incap Ben) it is possible to still claim this, although at a drastically reduced rate. Not only that, but it is better to claim for a Student Support Grant (SSP) rather than the Learning to Access Fund (LAF) as SSP is not calculated as income in the IS calculations? Ontop of that, my intended college provides a £1,000 year scholorship, does this also count towards income regarding IS?

I have contacted the colleges student support service but they couldnt help with financial matters. The internet isnt very clear in the information it provides.

I have also previously attended a Higher Education (HE) course, but had to withdraw due to ill-health. Is it right that i need to provide proof for the LEA or LA to prove this was the case, when deciding how much support to give?

Thanks.