Whether it’s for tuition fees or living costs, you need the skinny on Student Loans: Leave it to Moneymanual
If you’re studying for your first degree (or equivalent course) and are a UK or EU student, you can apply for help with costs from the Government via the Student Loans Company (SLC) and your country’s student finance body. Loans come in two flavours:
1. The Tuition Fee Loan covers your course fees (if there are any) and is paid directly to your college or university. It’s not meanstested, and you can apply for a fees loan wherever in the UK you study – so, if you’re from Scotland (which doesn’t charge students tuition fees) but study in England (which does), you can still borrow for course fees.
2. Most of the Maintenance Loan (which covers living costs) is also non-income assessed. You’ll need to declare your household income if you want the full amount and will get funding on a sliding scale depending on how much your folks have coming in. Either way, it’s paid into your bank account monthly in Scotland or three times a year elsewhere, so how you manage it once you have it will be down to you. There are top-up loans if your course lasts longer than 30 weeks.
Don’t forget that you’ll need to apply for your loan again each year that you’re studying and still want funding, and that you’ll be responsible for any loans even if you quit your course early.
You won’t receive any Maintenance Loan until you start uni and officially register for your course (when you hand over your funding paperwork), so you’ll need some money to tide you over when you first get there for rent and food, etc.
You won’t need to start repaying your Student Loan until you’ve left your course AND your income is more than £21k (in England/Wales) or £17,495 (Scotland/NI).
Read this piece and much, much more in our Student Moneymanual which is also available as a digital download on our website!