Help With Student Loans - HERE!

ajdj

Hi, wondering if i could get some advice regarding application for student loan please?

I have just applied to study a full time foundation degree course (2 years) starting in September. Subject to an interview I have been told that I stand a very good chance of gaining a place.

I am 25 and single and have not undertaken any Higher Education courses before. I am currently working full time earning approx £23k before tax but will stop this job at the end of August and look for part time work to compliment my course.

I live with a friend (paying rent) and will continue to do so when i start studying.

I have completed a 'Student Finance Estimate' on the direct.gov website which estimates I will be entitled to the following-

Maintenance loan- £3497
Long Courses loan- £747
Higher Education Maintenance Grant- £2906
Tuition Fee loan- £3225 (paid direct to uni)

My questions are-
1) I am obviously applying as an individual and therefore there is no need to provide details of my parents income at the age of 25. However, when asked for an estimate of my household income, it suggests that this should NOT include any part time earnings from employment.

I will be working part time, however, as yet it is not known where or how much i will earn (although i doubt it will exceed £16k). Will i have to provide any income details on my application?

2) My tuition fees will be £1650 per year. Presumably I will just claim for this and can't claim any difference between the estimated figure and the actual figure for myself.

Any help appreciated.

Lokolo

1) It will be different are you are applying independant. When you actually apply it will be completely different.

2) Erm are you sure? Very few universities offer lower fees.... but the case is, yes you apply for however much they are. However I would doublecheck before.

And also, when is the interview? There is already a backlog for student finance so you kind of want to get it going ASAP.

Also you will be living with someone who isn't a student and therefore you may want to remind them that you do not have to pay council tax as you are a full time student. However, they will get 25% single person discount off.

ajdj

Lokolo wrote: »

1) It will be different are you are applying independant. When you actually apply it will be completely different.

2) Erm are you sure? Very few universities offer lower fees.... but the case is, yes you apply for however much they are. However I would doublecheck before.

And also, when is the interview? There is already a backlog for student finance so you kind of want to get it going ASAP.

Also you will be living with someone who isn't a student and therefore you may want to remind them that you do not have to pay council tax as you are a full time student. However, they will get 25% single person discount off.

I applied for the course today and was informed to complete my UCAS application in order to obtain a clearing number. I will have the interview either last week of July or 1st week of August and assuming everything is ok will be given a verbal offer there and then followed up with a written offer within a few days. Once I have the verbal offer I will need to provide them with my clearing number and they will sort everything out in terms of enrollment.

I know I need to sort my student loan application now in order to get it sorted in time. I've checked the uni website again and it quotes, 'Prices for academic year 2009-2010 Year 1 and Year 2 £1650'. I'm pretty sure this is due to the fact it is a Foundation degree that i will be studying not a full BSc.

Sorry, my mind is a bit bogged down with all the info i've been reading. I'm not sure I understand your answer to my first question.

Will I be asked to provide current income details on my application? I am 25 and of independant means, I have no other income other than my employment, which as i've stated will finish in August anyway. Just want to ensure that I will get everything that was on my estimate!

student_advisor

ajdj wrote: »

Will I be asked to provide current income details on my application? I am 25 and of independant means, I have no other income other than my employment, which as i've stated will finish in August anyway. Just want to ensure that I will get everything that was on my estimate!

Nope, you will only be asked to claim your unearned income i.e. interest on savings - but not from ISAs.

(also my college charges less than the full £3k, so £1650 is reasonable esp. for a foundation degree)

ajdj

Thanks, haven't got any savings other than my ISA anyway.

Oldernotwiser

When you say you live with a friend, do you mean as a flatshare or in a relationship? If the latter, your finance will be assessed on their income as well as yours.

ajdj

Oldernotwiser wrote: »

When you say you live with a friend, do you mean as a flatshare or in a relationship? If the latter, your finance will be assessed on their income as well as yours.

No, as a sharer with a tenancy agreement. I completed my application online today and they haven't requested I send any additional documents so hopefully everything will be ok and I will hear from them fairly soon.

FOXGLOVE_2

Went onto check the status of my application. I received an award letter ages ago but have signed nothing and had no payment info since then.

Does it take awhile for this to come through?

I'm thinking about phoning them but last time I did, I came off the phone wondering what happens next!

MrsManda

FOXGLOVE wrote: »

Went onto check the status of my application. I received an award letter ages ago but have signed nothing and had no payment info since then.Does it take awhile for this to come through?

By award letter do you mean the notification of entitlement - with the breakdown of what you are eligible for? If so, with that letter there was a declaration of finances which basically says all the information you've provided has been correct, you'll inform the SLC of any changes in circumstances and adher to the T&Cs of the loans. You need to sign this and return it. According to the cover letter of the notification, you will get the schedule of payments about 3 weeks prior to the start of term.
HTH

Ronan88

I am getting royally screwed over by SAAS. They are only offering me £500 to live on for an entire year, and that's a loan!

How does someone live on half a grand a year? They will force me into commercial debt.