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N2K Newsletter


Student Finances

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What can students get?

university-student-loans.jpg

One of the things you will have to consider is how you will support yourself during your studies. Many young people worry about the amount of debt they will have acquired by the time they finish their course. Some careful planning is needed to manage your finances and you may be eligible for loans, grants and bursaries. 
You should receive information on grants and loans through the post and some schools will offer advice and help. You can begin applying in the March of the year you begin university. 
Student loans 
You can apply for a student loan to cover the full cost of your tuition fees up to the maximum of £9,000. This is not means-tested, in other words the amount you get is not related to your parents’ income. This is paid directly to your university or college. 
You can also apply for a loan to go towards your living costs. This does depend on your personal circumstances and how much your household has in income. This money will be paid directly to you in three instalments. 
You do not have to start repaying these loans until you are in employment and earning over £21,000 per year. 
Maintenance grants 
From September 2012 more students will be able to apply for a grant towards their living expenses, as the government has raised the amount of income a household can earn and still qualify for a student grant. You do not have to pay this money back. 
Students from a household with an income of up to £25,000 will get a full grant (£3,250 a year in 2012) and partial maintenance grants are available to students from families with incomes between £25,000 and £42,000. 
* These figures are correct as at 21st April 2011 but should be confirmed with Student Finance nearer the time.
Bursaries and scholarships 
There are also bursaries you may be entitled to and do not have to repay. For instance, some universities reward academic achievement. Also, if you are in receipt of the maximum maintenance grant, universities charging the highest rate of fees will also give you a non-repayable bursary. To find out more you should check with the university or college you have an offer from. 
For more information you need to contact:
Student Finance England on 0845 607 7577. You can call Monday to Friday, 8am-8pm and Saturday and Sunday from 9am-5.30pm. You can also visit the website
Student Finance NI on 0845 600 0662. You can call Monday to Friday from 8am-8pm and Saturday and Sunday from 9am-5.30pm. You can also visit the website at www.studentfinanceni.co.uk.
Student Awards Agency for Scotland (SAAS) on 0845 111 1711. You can call every day from 8am-5pm (4.30pm on Fridays). From June to mid-October you will be able to call every day until 6pm (4.30pm on Fridays). You can also visit the website at www.student-support-saas.gov.uk.
Student Finance Wales on 0845 602 8845. You can call Monday to Friday from 8am-8pm and Saturday from 9am-1pm. The helpline is closed on Sundays. You can also visit the website at www.studentfinancewales.co.uk.
To see if you are eligible for a scholarship go to www.scholarship-search.org.uk.

One of the things you will have to consider is how you will support yourself during your studies. Many young people worry about the amount of debt they will have acquired by the time they finish their course. Some careful planning is needed to manage your finances and you may be eligible for loans, grants and bursaries.

You should receive information on grants and loans through the post and some schools will offer advice and help. You can begin applying in the March of the year you begin university.

Student loans 

You can apply for a student loan to cover the full cost of your tuition fees up to the maximum of £9,000. This is not means-tested, in other words the amount you get is not related to your parents’ income. This is paid directly to your university or college. You can also apply for a loan to go towards your living costs. This does depend on your personal circumstances and how much your household has in income. This money will be paid directly to you in three instalments. 

You do not have to start repaying these loans until you are in employment and earning over £21,000 per year. 


Maintenance grants 

From September 2012 more students will be able to apply for a grant towards their living expenses, as the government has raised the amount of income a household can earn and still qualify for a student grant. You do not have to pay this money back. Students from a household with an income of up to £25,000 will get a full grant (£3,250 a year in 2012) and partial maintenance grants are available to students from families with incomes between £25,000 and £42,000. 

* These figures are correct as at 21st April 2011 but should be confirmed with Student Finance nearer the time.

Bursaries and scholarships 

There are also bursaries you may be entitled to and do not have to repay. For instance, some universities reward academic achievement. Also, if you are in receipt of the maximum maintenance grant, universities charging the highest rate of fees will also give you a non-repayable bursary. To find out more you should check with the university or college you have an offer from. 

For more information you need to contact:

Student Finance England on 0845 607 7577. You can call Monday to Friday, 8am-8pm and Saturday and Sunday from 9am-5.30pm. You can also visit the website.

Student Finance NI on 0845 600 0662. You can call Monday to Friday from 8am-8pm and Saturday and Sunday from 9am-5.30pm. You can also visit the website.

Student Awards Agency for Scotland (SAAS) on 0845 111 1711. You can call every day from 8am-5pm (4.30pm on Fridays). From June to mid-October you will be able to call every day until 6pm (4.30pm on Fridays). You can also visit the website.

Student Finance Wales on 0845 602 8845. You can call Monday to Friday from 8am-8pm and Saturday from 9am-1pm. The helpline is closed on Sundays. You can also visit the website.

To see if you are eligible for a scholarship check out the website.

You'll find more on student finances along with other important issues that students need to consider and make choices for in Applying to University - The Essential Guide - an easy to use reference for both students and parents.

If you’re going to university this year, you can take a preview of what life will be like in University - A Survival Guide - current students and new graduates share their experiences, reveal where they went wrong and what would have been helpful to know at the time.

Extract taken from Applying to University - The Essential Guide. For more information on applying to university and what to expect, take a look at the book - available now in large print, eBook and printed book formats. Buy the printed version and get the eBook free!