PDF Parents' Guide To Student Finance 2010/11 discussion

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  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    devildog wrote: »
    There is info on it on the UK Gov website and "providing it is approved by parliament"! .....students "could qualify" Terms and conditions apply.
    Cashing in the guarantee

    The earliest you’ll be able to ‘cash in’ the guarantee is 1 September 2010 - and you’ll need to do so within the time limit.

    It is still not actually that clear though although must admit am scanning through as have to go out.
    Anyone care to look and give their take on it?

    Have found another thread on here dated 8 Jan 10(don't know how to link it) and apparently it was withdrawn!!
    http://forums.moneysavingexpert.com/showthread.php?t=2191287 perhaps I can link it after all :)

    I think that Studentadviser's post on that thread (#8 ) answered the question about the guarantee quite accurately. - basically it's been shelved.
  • Best bank account advise for a student in further education please...

    I am a 23 year old full-time student.
    I decided to return to education last year (I have been in work since I was 16) and have been back at college for 1 year. I currently have a classic (Lloyds TSB) account and I am always in my overdraft.
    I do not qualify for a student account
    from any bank (that I can find) because I am 'only' in further education.
    I get ALG (the older students version of EMA) the standard £30 a week. I also earn about £200 pound each month. This makes a total of £320. All the 0% accounts I can find required much more to be paid in each month.

    My bank sent me a letter recently saying that I would be charged £5 a month for using my overdraft from December onwards. Things are already VERY tight money wise, I really can't afford to pay the extra fee. I could really do with a 0% overdraft or at least an account that will not charge me an extra fee on top of my overdraft interest.
    Any ideas?
  • Savvy_Sue
    Savvy_Sue Posts: 45,938
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    Welcome PurplePanda!

    You are probably right about not being entitled to a student account, and you may struggle to change accounts, but I'd just like to check that you have looked at Martin's articles on bank accounts? This one has a bit about overdrafts, and while getting a 0% overdraft may be out of your reach, there are some suggestions about what to do if that's the case.
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  • Thanks Sue, But I had looked over that article top to bottom before posting. It didn't have any suggestions for someone in my particular circumstance.
    Does anyone else have any suggestions that may be helpful?
    Thanks.
  • MrsManda
    MrsManda Posts: 4,457 Forumite
    edited 17 October 2010 at 1:09PM
    Thanks Sue, But I had looked over that article top to bottom before posting. It didn't have any suggestions for someone in my particular circumstance.
    Does anyone else have any suggestions that may be helpful?
    Thanks.

    You're unlikely to get a student bank account as you've already discovered. Try posting on the Bank Accounts board as there are a lot of people on there who'll be able to suggest non-student accounts. It may also be worth posting on the debt free wannabe board to see if they can help cut down your expenditure.
    £5 is abit steep, I think Halifax charges a £1 and I don't think Nationwide charge anything other than interest but I may be wrong
  • I have just read the guide Parents guide to student Finance, where it states that "maintenance loan does not count as income." I'm afraid it does count as income if applying for help with health costs (filling in an HC1 form) and even counts if you choose NOT to take the loan. To quote the notes "We will consider a student loan to be income if you would be entitled to claim one, whether or not you choose to take it up"

    How can that be right?
  • Savvy_Sue
    Savvy_Sue Posts: 45,938
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    The HC1 form is a bit of a law unto itself: you'd think that certain situations would 'fast track' you into entitlement, but that's not the case!

    Although I don't think that student loans is something which SHOULD fast track you, because situations can vary so much.
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  • MrsManda
    MrsManda Posts: 4,457 Forumite
    To quote the notes "We will consider a student loan to be income if you would be entitled to claim one, whether or not you choose to take it up"
    How can that be right?

    Because you are delibrately depriving yourself of income.
  • MrsManda wrote: »
    Because you are delibrately depriving yourself of income.


    But its not income - its a loan. The guide does state student loans are not counted as income. My daughter has taken on a part time job so she doesn't have to get into more debt, but has been penalised for it.
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    But its not income - its a loan. The guide does state student loans are not counted as income. My daughter has taken on a part time job so she doesn't have to get into more debt, but has been penalised for it.

    Student Loans are counted as income for all means tested benefit purposes. If someone chooses not to take out the funding available then they won't be eligible for money from elsewhere, which is only fair.
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