Student Loan....

[arthurleung]

Well, I'm about to apply for student loan for next year. Last year due to my parent's low income I got full amount of bursary and loan from both my LEA and University.

But I have been spending it really slowly (only used about half of what they gave me).

My mother is getting quite worried that I have too much money in my bank account and they might not give me the loan/bursary next year. Don't want to take it out since interest rate just hiked again.

Anyone know if there is a limit on how much money you can have before applying for loan/bursary? (It is free money after all hmm...)

Any thoughts?

Cheers
Arthur

[Agent]

They have always checked how much my parents had, but never how much *I* had, which seems a bit strange.
Dont know if its the same for you?

But either way, don't worry about it, honestly. The LEA are clueless, and wont bother chasing you for that little.

[kalniel]

As far as I know they don't care how much you have saved. If they do, just stick it in an ISA or other savings account. It would be totally irresponsible of them to promote spending the last of your old loan before getting a new one.

[Dreaming]

I opened savings accounts and just maxed out by interest free overdraft by dumping cash in them. If all else fails, buy some assets if you're worried.

[krazy_olie]

How have you managed that? My loan covers my rent and not much else?

[arthurleung]

How have you managed that? My loan covers my rent and not much else?

My loan cover my rent only, but my bursary is more than my loan so I have quite a lot to spare.

[Kezzer]

Hold on, since when did they do credit checks for student loans? I thought it was income based?

[Million]

yeah, Kezzer's right - they don't look to see how much you have in your account. If you have too much money when the next loan arrives, let me know - I think I can help! That or put the extra in an ISA or buy premium bonds...

[doddsy]

Yeah they don't really care how much you have. Just what your parents earn.

[Dorza]

I've always had a four figure sum in my student account (well since the end of my first year anyway). They haven't bat an eye at how much is in there. They have kept putting it in there when they have been scheduled to do so and have provided me with more or less the same amount of a loan for the last three years.