Student finance

CATH4343

my head is spinning and i need some advice! i think this should be a topic for martin to discuss on daybreak(?). my eldest son is going to university (hopefully!) this year. i don't know where to start re student loans. we wont be entitled to any benefits as both parents in full time jobs but have no spare cash to contribute. having read a few threads i'm confused where to start ( now or later in the summer when results are out?) are the accommodation and tuition loans separate. please advise a complete novice ( neither myself or my husband went to uni so this is all new to us. thanks!

Helix

CATH4343 wrote: »

my head is spinning and i need some advice! i think this should be a topic for martin to discuss on daybreak(?). my eldest son is going to university (hopefully!) this year. i don't know where to start re student loans. we wont be entitled to any benefits as both parents in full time jobs but have no spare cash to contribute. having read a few threads i'm confused where to start ( now or later in the summer when results are out?) are the accommodation and tuition loans separate. please advise a complete novice ( neither myself or my husband went to uni so this is all new to us. thanks!

I don't wish to panic you but the deadline to apply to guarantee payments in time for the start of term is 31st May 2011 (next Tuesday). You can still apply after this date but the loans may not arrive in time for the start of term.

There are 4 main types of funding:

Tuition Fee Loan
Maintenance Loan
Maintenance Grant
Scholarships and Bursaries from Universities or other organisations.

Everyone is entitled to the first two providing they live in the UK and haven't previously been to university. Tuition fee loan pays for tuition fees obviously and Maintenance loan is used for living costs - Accommodation etc.

The Maintenance grant is dependent on household income. If the household income is under £25,000 then your son will get a Grant of £2906.00. If your household income is over £25,000 but under £50,000 then your son will be entitled to a smaller grant, over £50,000 there is no grant at all. Part of the maintenance loan is also dependent on household income, if the household income is under £60,000 then you will be entitled to some additional maintenance loan on top of the amount everyone gets.

So if your household income is under £60,000 you will want to do an income assessed application and have you and your husband provide details of your income from the 09/10 tax year. If the household income is over £60,000 then it's not worth doing an income assessed application.

Also if your son is entitled to the full maintenance grant then he will also get a bursary from the university. Other than that what is offered varies from uni to uni, you would have to look on their website to see what they offer. Some bursaries are dependant on income and there are normally scholarships for academic or extra curricular achievements.

It will be quickest to apply online and the website is http://www.direct.gov.uk/studentfinance. This also goes into more detail about what you may be entitled to.

CATH4343

thanks that helps. we have a joint income between 50 & 60k and although that sounds like we should be able to help we took on a lot of debt from a failed business so i'm feeling really concerned.

MrsManda

CATH4343 wrote: »

thanks that helps. we have a joint income between 50 & 60k and although that sounds like we should be able to help we took on a lot of debt from a failed business so i'm feeling really concerned.

Many students don't receive any help from their parents even if they cannot get bursaries/grants due to their parents income. They get part-time jobs and work during the summer so don't worry much. The best thing you can do for him at the moment is to make sure he's started his application for studnt finance and provide your household income details before the 31st May so that he can get his application assessed and approved and have his money in time for the start of term.

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

Encourage to apply for jobs now so that he can work over the summer in order to already have some cash in his bank. Once he's received his student finance assessment he'll be able to make a budget. Learning to budget is one of the important skills you learn as a student

melancholly

http://www.moneysavingexpert.com/banking/student-money-saving

get your son moving very quickly on this - has he not had any info from school. the article on the main site is a good starting point. have a look but also make your son read it too! he'll be the one signing for the loan and he needs to know what's going on!

(just checking you're in England? otherwise things may be a bit different)

CATH4343

Thanks he has a part time job now but he's not to good with budgeting! he says he plans to visit newcastle (where he wants to go to uni) to try and set up a job prior to starting.

CATH4343

yes we live in england and will definitely go through this with him. think school have given them a booklet but think it would have been more helpful to have a meeting with parents (which i intend to tell them for future)

southoftheriver

CATH4343 wrote: »

yes we live in england and will definitely go through this with him. think school have given them a booklet but think it would have been more helpful to have a meeting with parents (which i intend to tell them for future)

They probably won't take this on board because even though students will require their parents details when applying for finance, most students are 18+ and are encouraged to explore this for themselves. I agree it is a minefield but if he's going to enter the system learning about it together will help ensure that he gets what he is entitled to and applies on time.

Lokolo

http://www.studentfinance.direct.gov.uk/portal/page?_pageid=153,4680136&_dad=portal&_schema=PORTAL

There's a calculator here.

Put details in and it will give an estimate.

But I agree with the above, the only parental help for student finance really is answering any questions they have, and filling in your income details. They're about to go off into the big wide world, make this their first learning step of doing something independantly, they're going to have to do a lot more in the next 3+ years!

melancholly

CATH4343 wrote: »

yes we live in england and will definitely go through this with him. think school have given them a booklet but think it would have been more helpful to have a meeting with parents (which i intend to tell them for future)

although i kind of see your point, if they've given him info that he's ignored/not given to you to talk about, you might want to have some strong words with him as well! he'll need to wise up about budgeting pretty quickly.

i honestly doubt that a lot of teachers are completely up to date with student finance applications/regulations as it's not something they get involved with!

danzig

Hi I'm looking at this thread and wondering if anyone can help me. I am in my second year of a two year course (Operating Department Practice).It is a diploma of higher education course, and I receive a bursary of £558 a month and tuition fees paid to the University does anyone know if I could be entitled to any maintenance grants or anything like that, as I'm struggling to survive as I have a mortgage and other bills that exceed the bursary every month I am single and pick up the occasional bank shift in a hospital as a health care assistant if anyone could help put me on track that would be great as my boiler has been broken for 3 months and am showering at different family members every week and cant carry on doing this for eleven months till I finish. Many thanks.