Help needed:) can i get university loan with bad credit?? i have poor credit:(

amy_bond

lea_t88 wrote: »

The tuition fee is paid by the loans company straight to your university. You do not get it at any point, they just give it to them and then you have to pay back when you leave and are earning 15k.
The other loan is the maintenance loan, which is money that you actually get to spend on stuff such as books and rent. This one you get in three installments, Sep Jan and April. If you qualify for the full loan then you will also get a grant (which you don't have to pay back) and possibly a bursary from your university. You have to pay this one back with the tuition fee loan.

If it is going off your parents income then find out what it is they earn a year and you can work out whether it is worth getting income assessed or the non income assessed.

When i was going through all this the cut off was 17k for single or 30k for couple (don't quote me). If your parent earns less than this it is worth getting the income assessed one. If your parent earns more than that you should go for the non income assessed one, as going for the income assessed if your parents are loaded means you might end up with even less than the non income assessed.

Can i go on my paretns income even if i havent lived with them for 4 years tho? yeh i think its stil 30k and our household income is about 33k, so what happens then? :mad: confused.com !

lea_t88

amy_bond wrote: »

Can i go on my paretns income even if i havent lived with them for 4 years tho? yeh i think its stil 30k and our household income is about 33k, so what happens then? :mad: confused.com !

If you want to go off your parents income then I don't think it would be a problem seeing as you haven't been registered anywhere else but the family home.
Is YOUR income 33k or your parents?
If it is then I would just apply for the non-income assessed loan which is not off parents income anyway.

Have a look on the student finance website:

http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/DG_202

And it will tell you the standard non assessed loan, and just see if the amount is still 33k. Just bear in mind it can change every year and 2012 figures are not up yet.

Oldernotwiser

I'd like to emphasise the fact that independent status has nothing to do with where you have been living before going to university.

If you have been supporting yourself for the minimum number of years it doesn't matter whether you have remained living with your parents. Equally, you can have been living independently (even owning your own home) for only 2 years and you will still be assessed on your parents' income.

You will be asked to prove that you've been supporting yourself by providing salary details or information about what benefits you've been claiming.

stephy110288

Hiya, well my situation was-

21 when started in first year, and lived in my own house and lived off my own wages. I had only been supporting myself since I was 19 so i didn't qualify as an independant student. If i did qualify i would have had to give proof, i presume things like tenancy agreements, and wageslips but i'm not sure exactly what proof they need as like i said i didn't qualify.
i live with my partner but my loans and grants are based on my parents income. i initially went for the non income assessed one, and this was around 3000. my boyfriend got the same as his parents were so rich, this was his only option. its in three installments so you would get around a grand ish every few months. this could change alot by the time you go to uni. you also may qualify for a bursury from the uni, you dont have to pay this back, but that totally depends on the uni that you go to.
when i saw this i decided to base it on my parents income, even though i hadnt been living with them since i was 19. when i did this it made a big difference and i got a maintainence grant as well as a loan. these loans you don't pay back like with a bank, when you have a job earning over £15,000 a year, it will be automatically deducted from your wages. the tuition fees you will never see, student finance pay them direct to the uni
if you have bad credit the only thing you probably wont get is a student overdraft. i think thats a good thing. i dont have one and i have managed fine as i work 20 hours a week. i think its crazy to give students 3000 overdraft it just encourages them to drink it all away and not bother getting a job.
anyway rant over!
hope that helps

amy_bond

lea_t88 wrote: »

If you want to go off your parents income then I don't think it would be a problem seeing as you haven't been registered anywhere else but the family home.
Is YOUR income 33k or your parents?
If it is then I would just apply for the non-income assessed loan which is not off parents income anyway.




And it will tell you the standard non assessed loan, and just see if the amount is still 33k. Just bear in mind it can change every year and 2012 figures are not up yet.

Currently my partner and I's income combined a year is 33k, yes. I dont really associate with my parents so the non income assessed loan is best then. I am currently registered at our rented house, and i was at my last address. just from leavving the family home in 2006 and living in temperary accomadation for 14moths, i wasnt registered on the electoral roll, and then again when i moved into my first rented house, i wasnt registered, its only since feb (ish) 2008 ive been continuously on the electoral roll.:)

lea_t88

You could still go off your parents income if you wish then. If their combined income is less than the threshold then I would go off theirs and be in with a chance of getting the grant you don't have to pay back too. If its over the threshold, then I would just go for the non assessed loan.

stephy110288

you can always ask for one assessment then tell them you would like the other. thats what i did, so i could see which way i ended up with more grants that ill never have to pay back. with the non income assessed one i didnt get any at all, when i based it off my parents i got around 1400 extra a year.