When to apply for student loan

scoobydo_2

Hi I am new to all this student stuff so pretty clueless I need help and advice my son has been offered places at 2 uni's but is chosing the one near home for financial reasons so he can live at home. I think in his heart he'd live to go to one further afield to in his words "have the full uni experience! " .
I am on a very low income and divorced from his dad when do we need to apply for student loans as unfortunatly I can not afford to support him. I feel very worried as to the cost of uni but i do not want him to miss out on any oppertunity.

Lokolo

He could have started applying a few weeks ago for student finance.

The sooner it gets done, the sooner it gets sorted.

What is your 'low income'? (this will determine how much he will get)

http://www.studentfinance.direct.gov.uk/calculator/studentfinancecalculator/1011/

You can put in his details here. And it asks how much your house hold income is, and it will give you an estimate.

scoobydo_2

Thanks lower than £6000 a year its only bumped up by child tax and working tax credits .

Oldernotwiser

As you are on a low income, your son will receive the full funding package of loans, grants and bursaries and may well be better off that students from families with higher incomes. This would mean that going to the further university would be perfectly possible, particularly if it's in a comparatively inexpensive area.

You can find all the information on www.direct.gov.uk and then ask here for further, more detailed information.

There is really no need to worry about the funding aspect of this so don't let this spoil your happiness for your son or let it affect his choices.

Lokolo

scoobydo wrote: »

Thanks lower than £6000 a year its only bumped up by child tax and working tax credits .

Do you have a partner? If he lives with you his income will also come into consideration.

However, if you do not and that is your total household income, he will get full loan and grants (I will look up the exact later, but it is lunchtime and I'm hungry ).

If he knows which uni he is likely going to, get him to start an application now.... (get him to do it, not you )

http://www.studentfinance.direct.gov.uk/portal/page?_pageid=153,4680119&_dad=portal&_schema=PORTAL

robpw2

i woul start applying now as last year they took ages to sort things out

Lokolo

I got bored waiting for friends to come get me:

Assuming £6k a year income for yourself, he will get:

Maintenance Loan - Paid directly to you £2385
Higher Education Maintenance Grant - Paid directly to you £2906

Total being £5,291

Assuming living at home.

(and if he does get this, he will not need all of it, so either charge him rent to live at home, or make sure he saves some. MAKE HIM AN MSE)

MrsManda

He's also likely to get a further grant from his university.

Oldernotwiser

Just to add that he will also get a loan to pay his fees and the student funding is payable to him.

(Sorry, Lokolo, I thought the way you worded it was a bit ambiguous.)

If he lives away from home, but not in London, he will receive more than the sums mentioned; the average university bursary (grant) is around £900pa.