A maintenance loan is provided by the UK government to help students cover their living expenses. The loan can be used to pay for things such as rent, utilities, food, travel, and any other costs necessary.
A tuition fee loan is a loan that’s paid directly to your university to cover your tuition fees.
Both loans have to be paid back, but only after you finish your course and when you earn over the threshold (we get to this later).
You can apply on Gov.uk by creating a student finance account and filling in the application. Depending on your circumstances, you might have to provide extra evidence. This could include, and is not limited to:
The application can take up to 6 weeks to be processed and you may have to provide the extra documents listed above. It’s recommended that you complete your student finance application as soon as it opens for the academic year to avoid delays in receiving your loans.
Your maintenance loan is decided based on your household income and when you started your course. It also depends on where you decide to study. For example, attending a university in London will mean that you receive a higher maintenance loan than if you were to attend another university. This is a result of higher living costs in this area.
This structure is in place because it works to ensure that students from lower-income families receive higher support so that there are opportunities for students from all backgrounds to attend university. It works under the assumption that students from higher-income families will be supported by their parents’ earnings.
To estimate how much maintenance loan you’ll receive, you can use the government’s student finance calculator.
You can also find out the maximum loan you will receive here as a full-time student.
If you’re not confident that your maintenance loan will cover your expenses, there are alternate options that could help.
Bursaries
Most universities offer some type of bursary to students. It’s worth visiting your university website to see if you’re eligible to apply. Bursaries are often available to students from a range of backgrounds, including those from low-income families, underrepresented groups, or those studying in high-demand fields.
Scholarships
If you are recognised by your university for outstanding academic performance, you may be offered scholarships including free tuition and accommodation. Again, you need to check your university’s website to find out more. These types of opportunities can make all the difference to your spending because they free up money that would otherwise have been spent on tuition and rent.
You may be able to get extra money from student finance if you:
Part-time employment
If you have free time, it may be worth applying for part-time jobs to help pay for daily expenses. This is a great way to accumulate money for nights out or activities with friends or to contribute to your rent and course materials.
When do I have to pay back my loan?
You’ll only start paying back your student loan when you hit several criteria. This depends on which student loan plan you have. Find out which student loan plan you’re on to help figure out when you will start paying back your loan.
If you’re on Plan 1, 2, 4 or 5, you’ll pay 9% of your income that’s over the yearly threshold for your plan. You can find more detailed explanations of this on Gov.uk.
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When you move into a student house, everyone suddenly becomes an energy expert. Read our blog on energy myths to understand what will really save you money.
If you’re the housemate that seems to always take care of everything, the burden can soon add up, and it can start to feel like your home life is another full time job. Fear not – we’re here to help you share the load, getting more people to pitch in with chores and freeing your time up to do more important things, like watching TV, mindlessly scrolling on your phone or having a well-earned nap.
Nottingham has stood the test of time to become one of the UK’s most vibrant and exciting cities, so we don’t blame you for wanting to get to know Nottingham better. Read our guide to find out how you can make the most of Nottingham on a budget.