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I am in my first year at college and will be going to university. There is a maintenance loan which I can get however it can make my bank balance high as I already have £3500 in my bank (current accou… Read More
dealer221 Avatar
4m, 2w agoPosted 4 months, 2 weeks ago
I am in my first year at college and will be going to university. There is a maintenance loan which I can get however it can make my bank balance high as I already have £3500 in my bank (current account). After the student loan is applied when I go to university I would have about £7000 in my current account. Will I have to pay tax on this and how much will I have to pay?
dealer221 Avatar
4m, 2w agoPosted 4 months, 2 weeks ago
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Responses/page:
#1
From what I have just read it looks like it is all tax free.
#2
if you can live without it could you not bother with the maintenance loan ? as
less to pay back afterwards...
#3
It's tax free. However, I wouldn't get the maintenance loan all of the time if you don't need it. It'll make you stupid with money.
To be honest, it wouldn't surprise me if the government change it by the time you're at university...
#4
no tax would be due never has been people confuse tax on interest with tax on savings.so if u get in trestle on the savings the intrest is taxed but I don't know if there are any allowances on this as i dont have a intrest related account. if u don't need the loan best not have it.
#5
So I can get just a loan for my university tuition fee without getting the maintenance loan?
#6
dealer221
So I can get just a loan for my university tuition fee without getting the maintenance loan?
Hi, yes you can just apply for the tuition fee loan if that's what you want to do. When you put in your application it asks you what you want to apply for. (tuition fee loan, maintenance loan (needs to be paid back) and grant (doesn't have to be paid back)
#7
shywallflower
dealer221
So I can get just a loan for my university tuition fee without getting the maintenance loan?
Hi, yes you can just apply for the tuition fee loan if that's what you want to do. When you put in your application it asks you what you want to apply for. (tuition fee loan, maintenance loan (needs to be paid back) and grant (doesn't have to be paid back)
I think they've scraped the "free" grant now I'm sure everything has to be paid back now.
#8
stefromuk
shywallflower
dealer221
So I can get just a loan for my university tuition fee without getting the maintenance loan?
Hi, yes you can just apply for the tuition fee loan if that's what you want to do. When you put in your application it asks you what you want to apply for. (tuition fee loan, maintenance loan (needs to be paid back) and grant (doesn't have to be paid back)
I think they've scraped the "free" grant now I'm sure everything has to be paid back now.
Sorry my mistake then. I'm just going by my Daughter's application. Apologies if I've confused you even further!
#9
Hi mate, you need enable private messages in setting to receive them.
#10
kay1992
Hi mate, you need enable private messages in setting to receive them.


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