Topic – Best Tips Apply for Student Finance
Apply for student finance applications each year can be a bit of a minefield if you don’t know what you’re doing have you taken enough of how much did you take are you taking too much our all the questions that we’re going to be answering.
Today’s post my gosh back to one cat where we help you build healthy financial habits that lasts and we’re fast approaching the 20/21 deadline for returning students to get out their loan applications and we’ve just passed the deadline for new students.
But you can still apply there might just be a bit of a delay in getting your money when time does start again in September so hopefully you should know where to apply and that is apply for student finance in England.
You know that you get a tuition line of nine thousand two hundred and fifty pound each year and also a maintenance loan that goes from three thousand pounds all the way up to eleven thousand pound depending on where.
You can be studying and on your parent’s income and Student Finance England will tell you how much you’re inside to once you’ve filled in the details on the application process but what.
I haven’t got into any of my post are whether you should take your full entitlement or not so pretty much everyone is going to take the full tuition line so quickly moving past that and into maintenance lives so like.
I said how much maintenance alone you’re inside Sylheti depends on your parents income so if you’re from a well-off the background you get at much lower maintenance loan and this basically means.
That your parents are expected to make up the difference between you and someone from a less well-off background and that’s why it assessed on your parents or income so an example here.
Is my flatmate at the moment and you could say he’s from a fairly well-off background I hate that phrase but anyway you get something like 4,000 pounds a year in maintenance loan but our rent is about seven and a half thousand pound a year.
Because we live in the southeast my rent prices you joke but you can see his maintenance alone even cover his rent so he had a conversation with his parents say look this is the situation and then they agreed to pay the rent.
So he can use his maintenance line on all the other living expenses while it even but if you are only entitled to the small maintenance mode this is because of your parents income.
So you do need to have a conversation with them explaining why you have a small maintenance life and this is something that no one really ever talks about and I know it’s not easy talking about money with your family members.
But you just need to let they know that it is judged on their income and they are expected to make up difference but if you don’t want them to do this or they can’t at the moment.
There are other options and then you’ve got the complete another side of the spectrum and it goes on high-maintenance loans so let’s say.
My something flatmate that I talked about previously and was from a low-income household, he’d be able to access about nine to ten thousand pounds but it makes it looks like.
So you can see that completely covers the rent of seven thousand pounds a year and some basic living expenses as well so in this case the low-income household his parents wouldn’t be able to contribute to his university expenses.
At all but they’re not expected to hence why he is able to access a larger loan but let’s say he was living somewhere cheaper when rent is half what it is in Brighton maybe he might not even need that for nine to ten thousand pound maintenance loan.
So in my situation last year for example and where I worked to move through my gap here and managed to build up a decent level of savings and along with part-time job while at Union last year I knew that I would have for all my expenses covered.
So I didn’t have to ask for any help from my parents and I didn’t take any maintenance loan at all so I knew I didn’t need to add all my bases covered all my situation next year.
Where I’ll be living at home and so I won’t have any bread coming out so my expenses are really stripped back down to next to nothing really and along with a part-time job and I’ll have all my expenses covered.
So I know that I don’t need to take so even though I am entitled to about four thousand pounds obviously I could take this money and feel like a baller for a year.
But if you’re thinking about the future and what you’re going to be paying back over a long time hopefully this will benefit me obviously.
This isn’t applicable to everyone and you can only really do it if you’ve got plenty of savings behind you or you’re living at home.
So your expenses are really small and I know there will be a few of you out there that doesn’t right so essentially the best thing that you can do is to educate yourself on how much or roughly estimate how much your outgoings are going to be over the course the university year.
Now we’ll see that is going to be ten times easier to returning to you but if you’re unsure about how much you’re going to be spending in a year maybe check out my simple student budget post.
But in essence is your maintenance alone enough to cover your outgoings if yes then great only check out what you need to limit your debt.
So you minimize what you pay back over the long run and if it isn’t enough to cover your outgoings this is probably because you’ve got a small amount until I do to your parents all income in which case you need to sit down with them discuss.
What the situation is but you might mean it the part-time job to supplement that but remember don’t worry about taking a large line if you need it.
Because once you graduate you ain’t pay back what you can afford so that’s it for the day but make sure you hit that subscribe button so you don’t miss apply for student finance practically coming in each and everything you.
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