Student maintenance loan. Help!!

Josiea

Hi, I've been looking to take out a student maintenance loan for when I start university. I don't have a clue about this type of loan and neither does my family or friends. The entire sum of my maintenance loan will amount to one years rent at my accomodation (with £20ish spare). I'm not sure how these are paid? Are they paid in full or in parts throughout the year?

Another thing im concerned about is they ask you to provide your household income. My parents are self employed so we have no fixed household income and not really any way we can provide evidence of income because of this as no one is paid a fixed amount per year. How can this be done?

silvercar

Check with the landlord, but for uni owned halls, the rent is due termly. A private landlord may want rent monthly.

Your parent can use their tax returns as evidence of income.

zagfles

They ask for your parents income from 2 years ago, eg for the 2019/20 academic year they'll ask for their income from the 2017/18 tax year. They must do tax returns if self employed so they just need to use the figures they declared on the tax return. If their income has gone down 15% or more they can give an estimate for this year.

You get the loan in 3 chunks at the start of each term.

It's really really worth watching Martin's video to understand student loans, it's a hour but well worth it https://www.moneysavingexpert.com/latesttip/?weeklytip=02-10-2019#msetv

meer53

Josiea wrote: »

Hi, I've been looking to take out a student maintenance loan for when I start university. I don't have a clue about this type of loan and neither does my family or friends. The entire sum of my maintenance loan will amount to one years rent at my accomodation (with £20ish spare). I'm not sure how these are paid? Are they paid in full or in parts throughout the year?

Another thing im concerned about is they ask you to provide your household income. My parents are self employed so we have no fixed household income and not really any way we can provide evidence of income because of this as no one is paid a fixed amount per year. How can this be done?

You won't know what your loan will be until you submit your household income details so you may have more spare than you think. Accomodation fees are usually taken in line with Student Loan Payments so it usually works out. Private landlords who specialise in Student Accomodation also accept payments in line with Student Finance payments, my Daughters does.