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financial guarantees for university entry

(24 Posts)
funnyperson Sun 28-Aug-11 15:18:07

Has anyone any experience of the 'supporting evidence' and 'professional letter' which Oxford require as a financial guarantee before a student can start? A letter from a parent isn't enough apparently. What have other people provided ?

DD is getting a student loan but there will be a shortfall- do I just get my bank/building society manager to write a letter saying I am a good egg- well saying what exactly? The want a guarantee for over £36000 odd to cover the whole of the course.

ptiger Sun 28-Aug-11 15:48:53

this is a link from the oxford uni, look half way down the page, it explains what you need.http://www.ox.ac.uk/feesandfunding/prospectivegrad/financialguarantee/#d.en.12392.

mumofsoontobelawstudent Sun 28-Aug-11 19:46:57

shock is this just Oxford that do this?

BlackandGold Sun 28-Aug-11 22:34:14

Cambridge do it as well!

esperance Mon 29-Aug-11 18:20:39

Wow. This must be something new; neither of my sons had to do this for Oxford.

The link provided by ptiger above applies to prospective graduate students not undergrads. This is usual for grad students and for overseas students.

Below is some info. copied from Jesus College:

Students who are not in receipt of public funding for tuition fees and/or not eligible for maintenance support via UK student loans will be asked to provide a financial guarantee to cover the additional tuition and/or maintenance costs for the duration of their course. This normally applies to overseas students (tuition AND maintenance) and EU students (maintenance only), and any other privately-funded students (e.g. those studying for a second BA). The financial guarantee normally takes the form of a letter from the student’s bank or building society, awarding body (in the case of an external scholarship), or a guarantee letter for the parents (which must include some external proof of funds).

pamplemousserose Mon 29-Aug-11 18:22:06

I despair. Widening Participation my arse.

harbingerofdoom Mon 29-Aug-11 18:22:36

funnyperson just sent mine off a few days ago. Don't know what they'll make of it though.

funnyperson Mon 29-Aug-11 20:32:08

Thanks Esperance- Wadham's form seems to be for undergrads and includes home students and asks for a financial guarantee for the sum for the whole 3 years including 3% inflation and gives a recommended minimum for maintenance. So it looks as though we have to have a written guarantee for £36109 with support from a bank manager (gulp)

Slightly tricky as the student loan paperwork only refers to 1 year and even then doesn't cover the whole of whats recommended as a minimum for one year.

Harbinger I am sending off the paper work from the student loan company and ringing the college bursar to clarify if this will be enough.

Its very useful leverage to ensure that ex H will cough up for DD. But I don't know if he will cough up in time in writing for 2nd September!

harbingerofdoom Mon 29-Aug-11 20:59:34

funnypersonI sent off photocopies of all the SLC stuff. BUT on the maintenance side, it will go in then out with nothing left over. The Colleges need to know they will be paid. How the student lives???????????who knows???

funnyperson Mon 29-Aug-11 21:37:04

OK good, so hopefully copies of the SLC papers will be enough then. Good. Thanks.

Actually, come to think of it, DS did have to take in his student loan paperwork on the first day when he registered in London.

harbingerofdoom Mon 29-Aug-11 21:49:01

The college collects the tuition fees on behalf of the University. The college also needs to know that the student can pay for their rooms.
This information has not been requested by my DD1's University (also starting 2011).

Betelguese Tue 30-Aug-11 00:54:55

Message withdrawn at poster's request.

Yellowstone Tue 30-Aug-11 01:03:23

I've just checked DD3's huge batch of stuff in alarm (she's vanished abroad) and it just says please confirm you'll have £7,300 for maintenance in 2011/12 bearing in mind that you shouldn't work in either the Christmas or Easter vacs because of academic commitments.

That amount should be covered by her loan, grant and OOB.

Any guarantee would scare me witless.

funnyperson Tue 30-Aug-11 23:40:41

betelguesesmile hooray!how are you?have you been away?how is your ds?

We have double checked the form which was prefilled in at Wadham and definitely applies to home undergrads and definitely asks for a guarantee of £36000 over 3 years which includes tuition fees .However I rang them up and they said her student loan paper work and my last tax return is fine so thats what I have posted. £8000 or so for 175 days a year is just over £45 a day.
Presumably it covers the college if the student loan company goes bust.

harbingerofdoom Wed 31-Aug-11 20:41:39

Hypothetically, how can it go bust?

funnyperson Thu 01-Sep-11 21:24:52

if the loan company loans out loadsamoney and no one pays it back it will go bust
or if the loan company runs out of money to loan.............
or if the loan company loan out loadsamoney and not all of it gets paid back.....etcetc

funnyperson Thu 01-Sep-11 21:25:32

I give it 2 years

harbingerofdoom Fri 02-Sep-11 16:25:49

I thought the loan company was owned/underwritten by the Government though!

AnnaBegins Fri 02-Sep-11 17:17:20

That is crazy, Cambridge definitely don't require this, I just had to send in my Student Loans letter so they could release my loan! And as far as I'm aware (recent graduate) this is still the case.

funnyperson Fri 02-Sep-11 19:15:36

Harbinger. Quite. Thats my point. W dip recession and all that. Iceland and all that. Being tongue in cheek slightly though. I thought you were the harbinger of doom?

harbingerofdoom Fri 02-Sep-11 19:30:01

Aah,get you smile
Can see the double dip coming and then it will become like the 1930s. Then all bets are off as to how the economy and capitalism is going to survive.
The writing is on the wall for the Eurozone unless fiscal and political agenda diverge! Yes,diverge.

funnyperson Sun 04-Sep-11 15:42:47

Just thought I would let you know that sending in the student loan co papers sufficed and DD is now registered and has an ox.ac.uk email address!!!!!!!!!!!!

harbingerofdoom Mon 05-Sep-11 20:13:37

Nothing happened here yet sad

harbingerofdoom Wed 07-Sep-11 22:06:09

Not registered yet and still waiting for the email.
However, got a nice big envelope full of work to do before the first tutorial grin
Produced meltdown when she saw the word 'essay'. Scientist,hasn't written essays since GCSEs.

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