<\/p>\n
Maintenance Loans be like\u2026<\/em><\/p>\n In case you missed the memo: there used to be a maintenance grant as well as the loan, but things have changed and it’s no longer on offer. It sucks, I know!<\/p>\n Before you worry about forever being in debt, you don\u2019t have to pay the money back until you\u2019ve graduated and are earning more than \u00a321,000 a year (or \u00a3404 a week), and even then you only pay 9% of the amount over the 21k. The government will even work this out for you and deduct it from your salary just like they do National Insurance and Tax, so you can\u2019t mess up!<\/p>\n Paying it back isn\u2019t as bad as you\u2019d imagine\u2026<\/em><\/p>\n You can apply online, but it can take up to 6 weeks to be processed, so I\u2019d get it done as soon as you can.\u00a0 Did you know you don\u2019t need a confirmed offer to apply? You can update your application when you\u2019ve accepted an offer. You\u2019ll be asked your National Insurance number and some financial information. They\u2019ll email your parents\/carer to get the proof they need, so send it over as soon as possible so your application isn\u2019t delayed.<\/p>\n You\u2019ll then receive a letter telling you how much you will be given. Keep all your paperwork because you\u2019ll need to show it to your university when you enrol in September. You\u2019ll need to return a declaration form soon, too.<\/p>\n For those of you who are confused about the recent reports regarding Osborne, don\u2019t worry. Although its true that he\u2019s made some changes, you won’t really notice it. Originally the amount you can earn before you have to pay your loan back (the 21k) was going to change each year in line with average earnings, but Osborne has now confirmed the amount will be frozen for 5 years, meaning you could potentially be paying \u00a33,000 more than you would have before, but remember that\u2019s spread across many years, so it’s not going to break your bank, and it’s reported you could earn twice as much as you would have without a degree.<\/p>\n With all this in mind, don\u2019t forget you have to apply each year, so if you\u2019re going into second year this includes you!<\/p>\n To estimate how much you\u2019ll get, you can use this loan calculator<\/a>.<\/p>\n By Mark Smith<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" With the UCAS deadline fast approaching, it\u2019s time to sort out your coppers. Luckily for you I\u2019ve done the research so you don\u2019t have to. I know it can be boring so I\u2019ll keep it simple. Feel free to send me food as a thank you\u2026 Most people will receive two types of loans: A… Read more » about Bills, dough and wonga: applying for student finance<\/span><\/a><\/p>\n","protected":false},"author":1415,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[336,1638],"tags":[877,130,48,600,601,135,280,69,42,40],"class_list":["post-3770","post","type-post","status-publish","format-standard","hentry","category-blogs-archive","category-undergraduate","tag-bournemouth","tag-bournemouth-university","tag-bu","tag-mark-smith","tag-sfe","tag-student-finance","tag-student-loans-company","tag-students","tag-ucas","tag-uni"],"acf":[],"_links":{"self":[{"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/posts\/3770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/users\/1415"}],"replies":[{"embeddable":true,"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/comments?post=3770"}],"version-history":[{"count":5,"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/posts\/3770\/revisions"}],"predecessor-version":[{"id":13792,"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/posts\/3770\/revisions\/13792"}],"wp:attachment":[{"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/media?parent=3770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/categories?post=3770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microsites.bournemouth.ac.uk\/student-blog\/wp-json\/wp\/v2\/tags?post=3770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Finance](\"https:\/\/microsites.bournemouth.ac.uk\/undergraduate\/files\/2016\/01\/Finance-1.png\")
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