Student Loan/Grant/Bursary linked to savings?

Broke_Student

My question: Are student loans/grants/bursaries linked to personal savings or just to household income?

Hi. I am currently a gap year student between college and university. I should be starting uni as an undergraduate this September.

I have a single parent recieving I.S. Based on this I believe I fulfil the criteria to be eligible for,
- Student loan for fees: £3070
- Student loan for living costs £6315 (if I go to London, half this if I stay home)
- Full Maintenance Grant (non-repayable) of £2765
- University bursary (non-repayable) of atleast £300

Now the problem is that I will be starting university with savings of 20k in the bank. I do not in the real world 'need' the money being offered, but everything will be assesed on my mothers income (benefits). I have tried researching this but cannot find any reference anywhere about loans/grants being linked to savings. I would have assumed eligibility for these was like JSA and you get nothing if you have over 16k in the bank!?

Broke_Student

Can I please ask that this thread does not start into a 'benefit scam' thread, 'spoilt rich kid' thread or any other sort of moral debate as it did on another student forum LOL. I thought posting here I will get a better responce from some adults.

Just to be clear - I KNOW I do not need the money I will be entitled to in the first year. My finances are seperate to my mothers - she is entitled to I.S. My point is that it seems the government will still judge my eligibility for these 'generous' benefits based on my mothers income, not my savings. I am not going to turn anything down if it is being offered...

How I got/will have 20k ----> following the great advice on MSE!!! :T :T
- Saved my £30 a week + £500 bonus EMA whilst at college 2 years
- Have taken a gap year to pay for uni. I have 2 jobs with no over heads (still at home, mum still cooks for me).
- Made ALOT from matched betting & quidco.
- Tesco R&R.
- Gifts from very generous uncle with no children.
- Everything going into ISA's for last few years.
- I do alot of shopping for my family + neighbours using coupons, saving £100's. They are happy for me to keeps what I save.

Oldernotwiser

I have no problem with your getting financial support whilst having savings; as far as I know it's no problem.
On the other hand, amassing this amount of savings whilst living off a mother who's a single parent on IS seems very dubious to me. I'm sure she must be so proud....

Broke_Student

Oldernotwiser wrote:

I'm sure she must be so proud....

Yeah like you won't believe. She's really proud of the obvious 'MSE' stuff she gets to see. Like I go Tesco's and come back with a £40 shopping trolley for a tenner using coupons, plus a bunch of free toiletries and £3 worth of clubcard points (worth £12 in deals).

I have also taken some responsibility off her this year and sort the bills (even though she and my older sister pay). I have cut the cost of car insurance, gas, electricity, broadband, mobile, contact lenses, everything.... (she does not get to see my £40 quidco commision for changing suppliers though lol).


There is some stuff which I don't share though as I'm not sure she would understand the matched betting lol although i'm sure shed be proud if she did! I've also made a couple of hundred on ebay selling stuff I found cheap in the Jan sales which I can't share with her as she hates internet banking and is very old fashioned.

AddieH

having savings is not really an issue with student support, but I believe you may need to declare the income you have received through interest on the savings.

Broke_Student

AddieH wrote:

having savings is not really an issue with student support, but I believe you may need to declare the income you have received through interest on the savings.

Now I am confused about what the 'household income is'. I will no longer be working when I start uni but will what I have earned in my gap year count as 'house hold income'? Also, my sister lives at home and recieves a grant from her uni for her phd. Does this count towards the 'household income' I would have to declare?

Crispy_Ambulance

It all comes down to whether or not you are an independent student. If you are under 25 and have not been self-supporting for 3 years before your course starts, you are assessed on your parental income. If your parent is on IS, you should get full support.