The wonderful world of Student Finance!

Hello all, hope you’ve had a great week.

I wanted to make a post about possibly one of the most important things (in my opinion) surrounding university life: Student Finance and funding options! If you are living on campus or even if you think you’ll struggle with course and travel costs, Student Finance is something I’d definitely suggest. This is a funding board put together by the government for current studying students.

There are currently two different loans on offer for new students:

  • Tuition fee loans: these pay for the price of the course you want to study. Even if you are staying at home and aren’t wanting extra funding because of this, the University still charges a fee for being on the course. You have to pay this back after Uni, however, this is once you begin to earn over £21,000 a year (https://www.gov.uk/repaying-your-student-loan/overview)
  • Maintenance loans: this is the loan you might want to apply for if you are living on campus or need help with anything such as travel fees, course books and necessities and food during your time on campus etc. You also have to pay this back, however, the same rules apply as with the tuition fee loan.

The application process can seem daunting, especially if this is your first attempt at applying for any kind of funding for anything, but if you follow what is said during the application process, you’ll be ok! Your parents/guardians are also required to fill out an application of their own so that they can gather information on their income and also get confirmation on the information you’ve given them. You are required to send certain documents as proof of what you’ve said and ID, but this is all clearly explained, so don’t worry!

Once your application has been processed, you will get a clear confirmation email and will eventually be told how much you are entitled to.

I found the Student Finance process to be quite daunting, so here’s a few tips:

  • Don’t panic! You’ll be ok just as long as you stay organised and listen to what you are being instructed to provide and mention in the application process.
  • Don’t keep putting it off. Especially if you need funding for rent or food! You don’t want to be caught out by deadlines or risk not getting paid when you need the money.
  • Read the guidelines and criteria provided. This will stop you getting caught out by anything that might mean your application doesn’t get accepted or is stalled.

Most of all, just remember the top tip I’ve provided!

Click here for a link to the Student Finance page and some information on how to apply and what you need to know.

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