Student finance Uni stuff.

[Pete.]

I'm just looking at my daughter's student finance stuff for Sussex Uni. Now none of the family have been to Uni before so this is all new stuff to us. No in-laws to askso I thought I'd turn to the mighty BCF for hints, tips and pitfall-avoidance advice

WHat's the significance of having someone 'supporting her application'? Id this just means-testing to determine eligibility for stuff like maintainance grant etc or does it have a bearing on the amount of loan she can get or it's repayment terms?

Another thing, she's lucky in that this year the fees are capped much lower than they will be next year onwards. She tells me that her second and third years will also be capped at the lower rates and not at the new £9k cap the gov't has introduced. Is that correct? I bloody hope so

Anybody got anything else they think I should be considering? I don't want to send off the application then find out I missed out on a trick somewhere.

Pete.
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a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[DanceLikeAMon...]

[carvell]

In my day, the person supporting the application gave their salary etc. and this was the basis on which they decided if you got any grants and whether you got a higher than usual loan.

Repayment rules are the same for everyone, regardless of what you were given/who supported the application.

Yes, she is correct in that she'll be on the lower fees for the duration of her course.

This is all based on what the score was a few years ago now, but I doubt it's changed.
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Yamaha TDM 850

[Poseidon]

I started uni last september and had to go through the whole process.

The support application is for parents (or in my case partners) to fill out as you're the one who she is currently dependant on. Basically they look at how much your household income is and base how much loan and grant she's entitled to from that. It's not credit checked in anyway, so the loan amount is not worked out like a personal loan is where the amount you borrow depends on your credit score.... It's done purely on a means test (the support application) and how much the guv'ment thinks she'll need. It certainly isn't anything to do with repayment either, as that is based on her earnings once she graduates.

As for the fees being capped, I've still got three years to go, but providing I stay on the same course, my fees will remain at the current rate (something like £3350 a year bar inflation) for the duration of my study. It's only those that start after the fees increase that will have to pay it. Even if the did rise, the guv'ment will still cover the fees cost and they wont be repayable until she's graduated and earning over 21k under the new system... The repayment rate will also be lower than it currently is (despite students owing more).

One thing I will add is to send them as much as you possibly can with regards to evidence. They will require basics (think it's stuff like proof of address, UK residency etc), but if you send them stuff like bank statements showing all your bills (gas, water, leccy, insurance, council tax, tv licence etc) they may give her more grants than loans, which means the total amount repayable may be lower. I did this part way through the year and they removed £1400 from my loan and turned it into grant, which means that although the amount they give me is near enough the same, I'll owe less at the end (which is nice as it means I'm getting a small amount of my tax contributions back after all these years instead of it lining the pockets of smack-heads and jeremy kyle contestants).

Oh and SLC (student loans company) are really shit at paperwork. They sent me loads of reminders telling me to do stuff I'd already done (sending proofs, signing and returning agreements etc), each time I rang them they just said "oh it's an automated thing, your stuff will be in a pile on someones desk, just ignore the reminder". Their systems really take the biscuit, but you just have to roll with it.

It may also be worth checking the financial services department of her uni, as most universities do bursaries based on academic achievements and such and she may be eligible... just a thought

PM me if you have any more questions and I'll do my best to answer them

Drew
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1977 Honda CG125
2002 Ducati Monster S4 (currently restoring)

[Pete.]

She definately won't qualify for any grants, as I earn too much, so do I still need to go through the whole evidence thing or will it make no odds?

What I had in mind was for her to take the £3k maintainance loan and use it as her living costs and I will pay her accomodation for the first year at least.
I've read different places that they might not award her the full amount because of my earnings and they expect me to contribute but isn't paying her rent contributing? The maintainance loan isn't enough to cover rent let alone food/toiletries/beer.
____________________
a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[Poseidon]

Yes you'll still have to fill out the support application. This will allow them to decide how much loan they will give her.

There's three basic types of money SLC give out:
Fees loan: Everyone is eligible and gets their fees paid, repayment based on earnings after graduation
Maintenance loan: Amount based on means testing and is on a sliding scale, the more you earn, the less she'll be entitled to. Repayment based on earnings after graduation
Maintenance grant: Amount based on means testing, no repayment

SLC will look at your income and decide how much you contribute and how much loan she will get. Like I said, the whole lot (bar the fees loan) is means tested and based on your income. This is why it's worth sending evidence of your other financial commitments as your income does not tell the whole story, and what SLC think you can afford is not always a realistic amount.
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1977 Honda CG125
2002 Ducati Monster S4 (currently restoring)

[carvell]

Paying for her accommodation is contributing, yes. In a big way, too.

When I applied (in 2004), you could opt to not go down the means tested route if you knew you earnt too much for means tested to be worth it.

Perhaps they've changed that now and everyone has to go down means tested.
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Yamaha TDM 850

[Pete.]

[Frost]

The amount she gets depends on how much her parents earn. So take the full amount that a student could get then take off how much she's getting then give her that much.
So say it's £6k max, she's getting 3k, give her the other 3k.
The loan covers the fees, then the maintenance money is paid in 3 instalments through the year, i suggest you do the same.

I think i got 4500 maintenance, over 9 months that's £500 a month, and i was paying £320 rent. Could you live on £180 a month whilst drinking more than you've ever done before? No. That's why i had to get a 'job' and apply for the hardship money in January

[Pete.]

[DanceLikeAMon...]

[Redoko]

[Pete.]

[L4Isoside]

This is uni, there will be 90% booze and the other 10% will be everything else .

[Frost]

If you don't drink at uni, there's not much else to do. Yeah they try and tell you there are all these sports clubs and stuff, but all i've ever seen any of them do is get MASSIVELY pissed. The typical society has 200 members, 50 turn up to the piss up, 5 turn up to the actual thing the society does.

[Pete.]

I've been through all of the student financing pages and see nothing about 'beer grant' or 'pinacolada allowance'

Another question.

In the second year, students have to move off-campus. Does this usually cost more, or less, on average? What's the most common second-year accommodation setup that students use?
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a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[Poseidon]

All of my uni friends that live in halls are all moving into "student" houses (private rental). Every year my univeristy publishes a "home-run" list, which has all the student orientated private rental properties in the surrounding area, I'd assume her uni will do the same. From what I've seen, they all seem to be moving in with the people they shared a flat with in uni halls (bar kicking out the nob-heads and replacing with a friend). They're typically 4-8 bedroom houses decked out to suit having students in them (read; smell a bit funky and most rooms are hose-downable ). There's plenty of them and I think it works out to roughly the same cost as uni halls. Some include bills, some don't... It's like most private rental houses, just with a slightly bigger bond.
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1977 Honda CG125
2002 Ducati Monster S4 (currently restoring)

[Liono]

I think the relative costs of the second year depend on how expensive the halls are, whether they are catered or not etc. I can't remember how much I paid for halls or rent, but I'm sure someone will have a better idea.

Most students who move out of halls for their second year rent a house for a year with a group of friends. You'll find specialist student landlords who have the contracts etc all set up around a group of individuals all sharing the house for an academic year. The other, less common, alternative is to rent a room in a house, often with strangers. The university should have some kind of housing advice facility where your daughter can get lists of landlords etc. It's not really something you need to worry about too much at this stage, she'll want to get a good idea of who she wants to live with, which areas to avoid etc first.

[Pete.]

The first-year accommodation is £110pw all-in on campus. I would imagine that 8 sharing a house would come out less would it not?
____________________
a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[Imonster]

[Charlie]

I didn't think the maintenance loan was means tested. I thought the maintenance grant was the only thing that was means tested. My loans aren't means tested, however I've always got the maximum for the maintenance loan.

Personally I've found the 2 university houses I've lived in to be cheaper than halls by quite away. Although the Halls where expensive because I went for en-suite ones and where probably the nicest one you'd get.

[Poseidon]

[Charlie]

[Pete.]

[Charlie]