The UK government provides great student loans for students pursuing higher education in the UK. Student Finance England offer by the government includes Tuition Fee Loans, Maintenance Loans and Maintenance Grants. Repayment of government loans are income based and you do not need to make repayments until you have a minimum income of £21,000 per year.
The UK government provides great support for students pursuing higher education in the UK. Student Finance England offer by the government includes Tuition Fee Loans, Maintenance Loans and Maintenance Grants. Repayment of government loans are income based and you do not need to make repayments until you have a minimum income of £21,000 per year.
Tuition Fee Loans
You can apply for up to £9,000 to cover your tuition cost per year for an undergraduate degree at a UK university. Currently postgraduate students can’t avail of this, however it is said that tuition fee loans of up to £10,000 will be made available from 2016/17. Tuition fee funds will be disbursed directly to your university in installments.
Maintenance Loans / Grants
Maintenance loans help you cover your living costs while studying. The amount you can apply for depends on your situation, e.g. if you are living with your parents, in student housing or if you are studying abroad. Maintenance loans are being disbursed directly to yourself, usually in 3 installments. Furthermore, you can apply for maintenance grants, the difference being is that you don’t need to pay the grant back. Note: Receiving a maintenance grant means that the government will reduce the amount of maintenance loan you can request.
Sounds Great, Doesn’t It?
Without a doubt government aid should be the first stop for students in need of financial help. An article by the Telegraph suggests that half of students run out of money before their next student finance payment hits their account. In actual fact, 1 in 6 students have spent their loan within the first month of attending university. This can be due to poor financial management from the student themselves and shows how important it is to budget your income and expenses. However, not everything can be blamed on a lack of financial knowledge. We all know that studying can be very expensive, especially when you are living in a city where rent prices are going through the roof, or when you are simply not eligible for government aid (e.g. second-degree students, international students, etc).
We Are Here To Help
28% of students worry that they are not able to finish their degree due to financial issues. We think that money issues shouldn’t hold anyone back from pursuing their higher education. With Future Finance you can apply for that little bit of extra help you might need to cover your tuition fees and living expenses while studying. We are the first private student finance provider in the UK and our loans are designed with the student lifestyle in mind. Visit our website or FAQ section to find out more about our rates, eligibility and application process.
Long Story Short…
Please apply for government student finance first and make sure to set a realistic budget for your installments. However don’t get your head stuck into the sand if you have financial problems. There are options available that you can make use of. As Benjamin Franklin said:
“An investment in knowledge pays the best interest.”
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