With the rise in tuition fees affecting all students from 2012 onwards, we have outlined the different types of financial help available. Furthermore, below are useful links to different websites that detail the financial support available to students.
There are 3 primary ways to fund your time at university. This comprises of:
- Student Loans;
- Maintenance Grants; and
Student loans are repayable upon completion of your degree and when you start work. Grants and Bursaries do not have to be paid back.
There are 2 loan options available from The Student Loans Company. The first kind, which the majority of students will apply for is the Tuition Fee Loan. This loan is the fees required to study a particular course at a particular university. The Student Loan Company will pay this fee directly to your university and you will never physically see it.
The second type of loan is the Maintenance Loan. This loan is intended to help you with day-to-day living expenses. All students are eligible; however the amount can vary in different parts of the country. As mentioned in the Research Universities section , a student from London is likely to receive a higher amount than a student from Sheffield.
Student Maintenance Grants
As well as your Maintenance Loan, should you choose to apply for one, some may be entitled to grants intended to help with day-to-day living expenses. These grants do not have to be paid back.
Student Bursaries and Scholarships
Similar to grants, these do not have to be paid back, however, these are provided by the University. There is a wide range of bursaries available based on household income to receiving a particular grade for your A-Levels.
We would strongly recommend spending some time on The Student Loans Company website to get a full understanding of how the loans operate, the interest rates, when and how they have to be paid back and more.
For information on the interest rates, visit our Myth Busting page on Tuition Fees.
Useful Student Finance Links
Money Saving Expert - One of the best breakdowns in helping you understand Student Loans - A MUST READ!