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Money for university and HE

All new students applying for full-time courses in HE and continuing students can apply now for student finance online at www.direct.gov.uk/studentfinance (from Dec 14th, 2011).

Think carefully about the financial aspects of going on to higher education. There are a wide variety of loans, grants, scholarships and bursaries - make sure you know what’s available and what you're entitled to. You will eventually have to pay back loans, but remember - the higher your qualifications are, the more you're likely to earn in the future!

Your main expenses at university or college will be tuition fees and living costs (rent, food, clothes and transport).

More from: Student Finance England.

Student helpline: 0845 300 5090

Open: Monday to Friday, from 8.00am to 8.00pm; Saturday and Sunday, 9.00am and 5.30pm. Calls charged at local rates.

or visit Student Finance England

The main form of student support is a loan. There are two types of loan:

Tuition Fee Loan

You won’t have to pay any money for your fees upfront.  You can take out a tuition fee loan, which you won’t start paying back until after you’ve finished university or college and it is likely that you will need to be earning more than £21,000 a year before starting payments. However, keep up to date at Student Finance England. The cost of your fees will depend on the university or college, the course and where in the UK you’ll be studying. Check the prospectuses and university and college websites to find out the fees. Your student loan will cover the full cost and will be paid directly to the university or college. You can apply online or on paper. For details on how and when to apply go to Student Finance England or call 0845 300 5090.

Part-time students: You will also be entitled to a loan and will most likely not be expected to pay fes up front, though this depends on the number of hours you are studing. Go to Student Finance England for the latest details.

Maintenance Loan

This is to cover your living costs while you’re at university. Accommodation will be your biggest expense, but you’ll also need to budget for food, going out, transport and books. You can apply for a student maintenance loan, but the amount you’ll receive will depend on your parents’ or carers’ income, because parents with higher earnings are expected to give you financial support. Moving away from home, particularly if you study in London, is more expensive than living at home. You won’t have to pay this loan back until after you’ve finished university or college and it is likely that you will need to be earning more than £21,000 a year before starting payments. Again apply to Student Finance England or call 0845 300 5090

 It’s important to get your application in on time to make sure you get your money at the start of term.

 

Maintenance Grant

You may also be entitled to a Maintenance Grant to help you with basic living costs if your family income is low. This grant doesn’t have to be repaid. You cannot receive this as well as the Special Support Grant. Apply through Student Finance England or call 0845 300 5090

Special Support Grant

If you are a single parent, or have certain disabilities, you may be eligible for a Special Support Grant. There are also other groups of people who may qualify. This grant doesn’t need to be repaid. You cannot receive both a Maintenance Grant and a Special Support Grant.  Apply through Student Finance England or call 0845 300 5090

Disabled Students’ Allowance

If you have a disability, a mental health condition or specific learning difficulties, you may be entitled to a Disabled Students’ Allowance. This helps with costs as a result of a health condition or learning disability. It is not means-tested and doesn’t have to be paid back. For further information, see the DirectGov Student Finance England site.

 

Bursaries

If you are entitled to the full Maintenance or Special Support Grant you may also qualify for a bursary. These are provided by universities and colleges and don’t have to be repaid.

Scholarships and Sponsorships

Scholarships are often awarded on academic achievement rather than personal financial circumstances. Others are linked to the subjects you want to study or where you live. Some employers sponsor part-time higher education study while you work.

Other financial support

There is further financial support available for people in special circumstances or on specific courses such as medical and dental courses, social work or teaching. 

Benefits

Depending on your circumstances you may also be entitled to benefits. These include financial support with childcare costs.

Part-time work

You may have to find a part-time job and holiday work to make ends meet. This could affect your choice of university or college. Big cities will have greater employment opportunities than small towns. Visit the local job centre as soon as you arrive. You could also ask your Students’ Union if they have any jobs available.

Useful links:

www.ucas.com to plan your finances

www.tda.gov.uk for information on financial support for teacher training.

www.nhsstudentgrants.co.ukfor information on NHS bursaries.

Direct Gov
All your questions on student finance answered

Student Calculators:
Get you thinking about money and helps you budget while at university...
- UniAid Student Calculator 
- Student Finance England Student Calculator

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More useful money for learning links!