Tip 1 – Know your payday!
There are two student loans. Make sure you know if you’re applying for one or for both before you start.
- The first is Tuition Fee Loan. You never see this money! It goes straight to the university to cover course fees up to £9,250 a year.
- The second is your Maintenance Loan. This is the money you’re responsible for managing effectively. It can be as a high as £10,539 per year, although it’s usually much lower than this. You could receive as little as £3,410 per year.
How much maintenance loan will you get?
Short answer – it depends! The loans are means tested – so it is calculated according to your household’s income. The higher your household income, the lower your loan amount. The amount you will receive also depends on whether you plan to live at home with your parents or you are planning on living independently as well as whether you’ll be studying in London, out of London, in Scotland, Wales or if any part of your course takes you abroad.
Your maintenance loan is paid three times a year. Whatever your annual amount is, that will be divided into three parts and paid into your account at the start of each term.
When you receive the first part of the maintenance loan, it will seem like a lot of money – but this is to last you for your entire term!
For more information and to calculate how much you may receive, click on the country your university is located in: