How much Student Finance will you get?

How much Student Finance will you get?

The Tuition Fee Loan lets you borrow enough money to pay course fees in full, up to ?9,250 a year (or up to ?6,000 a year at private unis). How much Maintenance Loan you get for living costs depends on your household income and where you live while studying.

The maximum Maintenance Loan that most can apply for is ?9,488 a year, though there’s a bit more on offer if you study in London or spend part of your course abroad. Many students will get less than the maximum, so it’s important to check https://worldpaydayloans.com/payday-loans-wv/walton/ for yourself!

Your funding package may also include support for physical or mental health conditions, or cash for parents and carers: payouts for these vary.

Who can get Student Finance?

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At its simplest, you should be eligible for tuition AND maintenance support if you’re studying an approved course at a registered uni and haven’t previously started a degree or similar course.

You’ll also need to be a UK citizen (or have ‘settled’ status) and have been living here for at least three years before your course start date.

While Irish students, and those from the EU who started their course in or before the academic year, can apply for the Tuition Fees Loan, they won’t usually get help paying living costs.

Rules and amounts also vary if you’re a part-time student, over 60, at a private uni, or claiming special circumstances such as refugee status. Contact Student Finance to flesh out the extra details for yourself.

What else do students have to pay for?

Tuition fees may hog the headlines, but for most students, the key to surviving at university is planning for living costs.

These include monthly rent, food, transport, textbooks, and anything else you need to stay alive and on top of your studies.

When should you apply for Student Finance?

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You can start applying for Student Finance in the spring before your course starts. You don’t need a confirmed place, so get in early to be paid promptly at the start of term. You can apply as late as nine months after starting, but don’t wait if you need the money!

Either way, allow time to get your paperwork together, plus at least four to six weeks to hear a decision. It’s not as long-winded, but you’ll also need to reapply for funding each year of your course.

What funding is available if you can’t get Student Finance?

Universities offer a mix of scholarships, bursaries, fee waivers and hardship (emergency) funds. Some charities, companies, councils and professional bodies also award grants and financial support: it’s possible to dig up hidden funding for everything from spiritual or ethical beliefs to what your parents do for a living.

If you can’t get or don’t want Student Finance, make sure your salary, savings, family support or other finance is enough to cover the cost of uni.

Will tuition fees change?

Tuition fees have been frozen for the last few years, but in 2017 they increased from ?9,000 to ?9,250 a year even affecting students who had already started their courses. However, even if tuition fees jumped up to ?100,000 a year, it wouldn’t hurt your future finances.

Will bigger loans lead to more student debt?

While Student Finance helps pay for university, it does usually mean you’ll graduate owing thousands. But, because of the way repayments work, in reality, many students will only pay back a small part of what they borrow.

Use your predicted graduate salary and monthly repayments to see if the loan is right for you, rather than fixating on what you’ll owe. In the meantime, you absolutely do need a plan to deal with everyday debt such as student overdrafts, credit cards and other kinds of borrowing.