Is student finance available despite savings?

Izzy_Skint_2

Hello all,

I'm sure this has been answered elsewhere in this forum, but I just can't find it. Simple Q, I have been fortunate enough to come across an inheritance recently. It is my financial security and my key now to do what I've always wanted to do. Study and go to Uni. I am 38.

I'm sure the student loans company don't as I've read their PDF, but do they means test what you can claim in loans/grants due to your savings? I am aware there is a case for not pulling on someone elses purse but the idea of not having to pay back until you're earnimg £21,000 attracts me, hence why I'd rather take such a loan out than pay for it via the inheritance. I am an independant student, surviving both of my parents.

Similar question, apart from what I have just mentioned, when it is time to pay back the loan does the government look at your savings (again), or is the £21,000 level the only stipulation, causing your savings to effectively be "ringfenced" from the governments grasp at all times in this process.

Thanks Folks

Graham

Dunroamin

In both the case of the amount of loan you can borrow and what you need to pay back, only the interest of your funds is taken into account, not the savings/capital itself.

amiehall

Okay your age means you will be considered automatically independent. Your financial assessment mainly depends on whether you're married or not.

If you're married, you will be assessed on partner's income. If not, you won't be assessed on anyone's earnings.

Either way, your unearned income (which includes interest on savings, income from investments etc) is taken into account but the capital sum is not at all relevant to your loan assessment or the repayments. You are asked to estimate the unearned income you will receive over the academic year and that sum is added onto the earnings when your loan is assessed.