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CO-EDITOR ADRIANNA GNIFKA
Student Finance Simplified
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BY ADRIANNA GNIFKA
University can be daunting enough without all the paperwork and the thought of financial burdens, but luckily applying for student finance isn’t as complicated as you might think. Knowing where you stand with all the payments for your accommodation, tuition fees and living costs will also take away from the stress of starting university, so the earlier you apply the better. First of all, there are some important deadlines to note – if you’re starting university and applying for the first time, do so by the 21st May 2021, but if you are a returning student you have until the 25th June 2021. This is because applications take up to 6 weeks to process, especially since there is always an influx, so it’s advised that you don’t leave it all until the last minute. All student finance applications are done through the Gov UK website and they also provide lots of helpful information especially if you’re an EU or international student. There are also multiple loans students usually apply for and the amount of money they receive depends on their household income and background – these include the ‘Tuition Fee’ loan which goes straight from the government to the university and is paid back after you finish your degree and earn above a certain threshold, as well as a ‘maintenance’ loan used to pay for your accommodation and living costs which is paid into your bank account every term and is also repaid later on. As well as this, you can apply for grants and bursaries which go towards your living costs if you are eligible, and these do not have to be paid back. Though these depend on the university you are going to and so you apply through them – the easiest way is to check your university’s website and their details about any financial aid they may offer. Bursaries and grants are also offered by charities and do not have to be repaid either. The easiest way of checking your eligibility for these is by using the Turn 2 Us grant search which is also linked on the Gov UK website under the Student Finance section.
In summary, students have many options when it comes to financial aid and it shouldn’t be something you fear.
Student Finance FAQs
WHO IS ELIGIBLE FOR STUDENT FINANCE?
Brace yourself, this one *can* get complicated... In most straightforward cases, you are eligible for both tuition and maintenance support if you’re studying an approved course at a registered uni and you haven’t previously started a degree or similar course.
You need to be a UK citizen or have ‘settled’ status.
You need to have been living in the UK for at least 3 years before the start of your course.
Rules are slightly different for Irish students or if you’re coming to study from the EU. (If that’s you and you’ve started a course in or before the 2020/21 academic year, you can apply for the Tuition Fees Loan, but you won’t usually get help paying living costs. If your circumstances differ to what’s stated above, for example you’re looking to study part-time, then it’s best to contact Student FInance for advise on an indiviudal basis. HOW MUCH STUDENT FINANCE DO YOU GET?
Again, (as you’ll come to learn) this answer will vary person to person but we’ll give you a rough idea. There are two main loans: The Tuition Fee Loan and The Maintence Loan
TUITION: “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”.
MAINTENCE:
“The maximum Maintenance Loan that most can apply for is £9,203 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 for yourself!”
For more information, visit: www. savethestudent.org/student-finance/the-bigfat-guide-to-student-finance-2012.html
