STUDENT FINANCE

If you're embarking on your first degree, financing your studies might seem daunting, especially with tuition fees and living expenses to consider.

For UK residents, financial assistance is available in the form of student loans and grants, aiding in covering tuition fees and living costs while at university. This support, termed 'student finance' by the government, offers additional assistance based on individual circumstances.

As a UK university student, you'll incur tuition fees for each year of study, which can vary between institutions and courses. Each nation sets a maximum cap on tuition fees for UK-resident students, while international students are subject to different fee scales.

Accelerated degree programs, completed in two years instead of three, offer a way to reduce overall degree costs in England.

UK residents enrolled in degree apprenticeships have their tuition fees covered by their employer, as they work as paid employees during their education.

In addition to tuition fees, students face living expenses, including rent, bills, travel, and textbooks, especially if they relocate from home. Read more here

Eligible undergraduate students in the UK can access two types of financial support: tuition fee loans (paid directly to the university) and maintenance support (directly to students to cover living costs). Maintenance support includes loans and sometimes grants, depending on the student's UK nation of origin.

Loans, managed by the UK Government through the Student Loans Company, must be repaid once the student reaches a certain income threshold.

Tuition fee loans typically cover the full tuition fee amount, except for private institutions where students receive a reduced loan and must cover the difference themselves. Funding is generally available for the entire duration of the course, but previous study experience may impact the level of support eligibility.

Maintenance loans are typically available to UK-resident students and are means-tested based on household income, usually that of your parents unless you're a mature or independent student with several years of self-sustained living.

In most cases outside of Wales, maximum support is granted to students with low household incomes. Higher household incomes may result in reduced maintenance loan amounts, necessitating additional funding sources such as parental contributions, part-time work, or savings. Exploring other financial aid options like grants, bursaries, or scholarships is advisable if you meet their criteria.

For Welsh students, regardless of household income, the same amount of student finance support is provided, comprising both a grant and a loan. The grant amount increases with lower household incomes.

Students may be classified as 'independent' if they've financially supported themselves for three years, are care leavers, or are irreconcilably estranged from their parents. Note that claiming estrangement while maintaining any contact with parents may have consequences. The charity Stand Alone offers guidance on financial support for independent students.

Financial support details and application processes vary depending on the nation of residency before starting university:

• England
• Northern Ireland
• Scotland
• Wales
• International students
• Contact your education authority for the Channel Islands or the Isle of Man.

Once enrolled, students remain under the same payment scheme throughout their degree, with annual funding reviews potentially affecting amounts.

Additional funding may be available for high academic achievement, low income, or specific personal circumstances:

Students with conditions affecting their ability to study may qualify for DSA, which funds equipment or practical support for higher education courses. Consult your university's disability advisor for guidance.

University Hardship Funds Emergency funding may be available for students experiencing unforeseen financial difficulties despite careful budgeting and maximizing available funding. Priority is often given to those with low incomes, dependents, disabilities, or care leaver status. Seeking assistance from your university's money advice service or external organizations like Step Change can help manage debt and financial challenges.