What to do when your student maintenance loan is not enough

What to do when your student maintenance loan is not enough

The student maintenance loan is intended to cover your day to day livings costs, but many students are finding that this money is simply not enough to cover their expenses

The maintenance loan is a means tested loan, which means that if your parents earn more than ?58,222 you can only get the minimum loan of ?3,410 per year and you don’t have to be doing a degree in Maths to realise that is not going to cover all your living expenses! If they earn more than ?68,977, you do not get anything.

Even the maximum loan of ?12,382 could be a struggle if you are living away from home in one of the more expensive cities in the UK. Given that the average cost of student accommodation is estimated to be ?126 per week, (remember that’s average across the UK and will be a lot more than that in major cities) that is ?4,914 of your loan gone on a place to live.

The fact that amount of maintenance loan is based on parental income is due to the assumption that parents will support their child financially through their studies, but the amount given is not based on how much the parents do provide. For many parents this additional expenditure is just not possible and the student is left to make up the shortfall between the loan and the actual cost of living at university.

So if this sounds like you, what are your options? Apart from the more obvious solution of getting a part time job (which isn’t always easy) there are various other places you can turn to if you need some additional income:

Add to that food, books, travel, and other daily expenses and most students, even with a full maintenance loan will be struggling

1. Student money advisors Each university has a Student Money Advice service. They will be able to tell you if you are eligible for any additional funding. Most have what is known as a hardship fund, to help students out when they are struggling financially and have exhausted all other possible avenues. Fortsett å lese «What to do when your student maintenance loan is not enough»