FINANCIAL HELP Student financial help is pretty much an essential when it comes to paying for university. The costs are constantly rising and you may feel like you are in over your head when it comes to being able to pay for your tuition- and where will you find any financial help for students? Don’t fear, student financial help is out there. You may think financial help for students is hard to find but it is actually a lot easier than you think to get some assistance. Student financial help comes in many forms so read on to get more information on this important subject.

Firstly and most likely the largest amount of student financial help you’ll find are the student loans. If you are from any part of the UK excluding Scotland, unless you’re from Scotland but applying for an England university placement, you will be charged a "Tuition Fee" by your university.

However, you do not have to pay this fee before you start studying, because you can take out a Student Loan for Tuition Fees. This type of loan is not based on your parents' income, and you won’t need to repay it until you have graduated university, in a job and earning over 15,000 a year If you earn less than 15,000 at any point after you graduate, your repayments will cease, and will only recommence payments if you start earning over 15,000 again. If any of your loans remains unpaid after 25 years, the government will "write off" the outstanding balance so if you feel like the debts will overrun you, they wont and the government has put in steps to ensure we all get a fair education (to an extent). Your Student Loan for Tuition Fees will cover the exact cost of your course (3,145ish a year). However, as you will presumably need to sleep somewhere and eat during your time at university, there are also a couple of other types of costs, which will need to be covered, food, accommodation, general student living.

Student Loan for Maintenance

This is a low-interest loan taken out to cover the general cost of living, which includes everything from accommodation and food to books, train-tickets to boozing (although not recommended you’ll probably be on a tight budget). It is entirely separate from the Tuition Fee Loan and, unlike the Tuition Fee Loan, the amount you get may depend partly on how much your parents earn. The maximum Student Loans for Maintenance are as follows: For those living in London whilst at university: 6,480 For those living elsewhere in the UK (not with parents) whilst at university: 4,625 For those living with their parents whilst at university: 3,580

Maintenance Grants

If you are normally resident in England, and your household income is less than 60,005 and you have taken out a full Student Loan for Maintenance, you may be entitled to a Maintenance Grant of up to 2,835 which does not have to be paid back. The maintenance grant breaks down as followed:  

Household Income                                     Grant Available
0 - 25,000                                                   full
2,835 grant 25,001 - 60,005                    partial grant
over 60,005                                                  no grant

Please be aware that if you do qualify for a Maintenance Grant, up to 1,260 of the Maintenance Grant will simply replace up to 1,260 of the Student Loan for Maintenance. This is beneficial in the long-run, as you will have a smaller loan to pay back in the future. Any Grant you get over 1260, however, is "extra money", and will not deduct from your Loan for Maintenance in any way.

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