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Almost all students will have access to financial
help throughout their time at university; with a recent study showing
that around 46% of students take on a loan in some form. Student loans
can be applied for in your local education authority to help you to pay
for items such as tuition fees and day-to-day living expenses. The actual
amount of loan you can apply for will vary depending on factors such as
you and your families, living costs.
The amounts that students are usually able to borrow are between £3,400
and £6,170 and if you are considering applying for a loan then it is wise
to apply well before you start attending college to avoid delays in payment.
If you take out a loan with your local education authority then you won't
have to start repaying the debt until you have graduated or are receiving
an income of over £15,000 a year.
The interest on the loan will usually be charged at the rate of inflation
so the amount of your loan will increase each year but even so, this is
still the cheapest way for students to get a loan. There are several different
grants, bursaries and loans on offer to the student that you may wish
to look into and these include:
* A university grant - this type of grant is usually available to those
students who are living at home and whose parents are on low incomes,
so it will be assessed on the amount of money your parents have coming
into the house.
* Bursaries - if your college or university charges you more than £2,700
a year for courses then you may be entitled to a bursary, the individual
college provides these or the university you are attending and the amount
will usually vary between £300 and £5,000 per year. The amount you could
get will depend on the student's circumstances and a bursary does not
have to be repaid.
* Scholarship - a scholarship will be given to any student who has achieved
exceptional academic success and usually come from outside companies and
organisations.
Around 1 in every 10 students will claim a hardship loan and 1 in every
5 will receive a hardship grant as a student, if the student is facing
severe financial difficulty while in college or university then they may
be entitled to a hardship grant or loan. The rules on whether you are
entitled to a hardship grant can be complex and the government decides
if you are entitled but if you can prove you are having severe financial
difficulty then you may be entitled to a lump sum payment of £500 cash.
Other ways you can get help
Many students get into real financial difficulty when going through college
or university so you are not alone, there are charities and agencies specifically
to help students who may be having financial problems. Student services
which normally have offices on campus are there to support students who
are in financial difficulty and they provide help and advice free of charge
to students.
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