Final yr student loan

twinkle162

I just got my form for next years academic year. The amount I'm allowed is about 1/4 the amount I got this year.
My mother rang the loan company and they said that there is generally a big reduction the closer you are to finishing, they said its normally 1/2 what you'd get previously.

Is this normal - I'm gutted that it's been reduced by about 3/4. :eek:

Gingernutmeg

Maybe it's changed since the introduction of the 'new' system, but my partner got a full student loan this year, which was his last year at uni. Can't say I've ever heard of anyone getting less in the last year ... That seems a bit odd to me, you're not at uni for less time. I'd call the SLC again, or maybe get in touch with the finance department at your uni.

EmmaJ_3

You always get a bit less in your final year, as you shouldn't need it to cover your summer like in other years (however, I've still had to take a quite substantial loan from a family member to cover me moving house & living till my first paycheque, and I'm starting work the monday after graduation!)

However 1/4 sounds like quite a lot - I think you can appeal though, one year mine was very low and I just rung up and said that's not enough and it was increased. It's a loan after all you do pay it back eventually!

papito

you still can get help through the ALF

twinkle162

papito wrote: »

you still can get help through the ALF

The what???

papito

Access to Learning Funds, check in you Uni or Finance help...

Bamber19

eek, i'm entering my 4th year after the summer, I knew it dropped down a bit but I, and everyone I've talked to, expected it to be around 3/4 what we'd got in previous years.

lellie

yeah mine was quite reduced in my last year.. it's silly as it's probably the year you need the most money..

This year I've had to work less, I've had to spend lots of money on a new suit and going to interviews and the like.. and my graduate job doesn't start until next january!!

Bamber19

well, correct me if i'm wrong but isn't your last year generally slightly longer? At the same time i'll be doing my dissertation so a lot of people might be thinking of cutting down the amount of work they do outwith uni in order to put more time and focus onto research and their dissertation.

raa_thistle

My loan went down maybe £200 i think (on minimum loan). Basically they reduce it because its not to support you over summer (not that it does anyway). Unfortunately you are stuck with it, although it shouldn't got down to 1/4 of previous, unless circumstances have changed drastically? You should still get the minimum of ~£3100ish.

twinkle162

It's about 1700 - not even going to cover my uni rent for the year.