Student Finance Guide / is Student Finance Guide helpful
Why is it not good to borrow money from a student loan company? Do they really have a bad reputation as they appear on the surface? The first thing that comes to my mind when I think about a student loan is, what exactly is it exactly? Are you worried about the impact it will have on your studies and your future? Is it still worthwhile to attend university now that there are so many options available?
In the last couple of weeks, we have all seen a bit of an increase in chatter relating to Student Finance. The truth is that if you look at the facts, you will notice that it is quite straightforward, affordable, and easily accessible.
As the title of this guide suggests, facts are at the heart of it. Save the student is a student advocacy group that has spent years campaigning against tuition fees, and we are even more passionate about debunking the myths behind why so many young people in the UK do not pursue their dreams of going to university.
A student loan is a loan for students. What is it?
It is important to note that in the UK, student funding consists of a mix of grants (which do not require repayment) and loans (which require repayment). There are two types of student loans tuition fee loans and maintenance loans both of which you can apply for if you are eligible.
It is important to keep in mind that if you decide to leave your course early, you may have to repay some grants as well as additional funding. You should always seek advice before leaving your course.
What is the cost of tuition in the United Kingdom?
The average course fee at a university is £9,250 per year, and this is the case at most universities. Students who live in Northern Ireland, Scotland, and Wales, or who come from the EU, or who started their course in or before the 2020/21 academic year usually pay less (or nothing) at universities there. The fees for international students are usually higher than those for domestic students, which is a common problem.
There is good news though, as most UK students can apply for Student Finance, scholarships, and fee waivers if they are studying abroad, and all of these provide a great deal of help in covering the costs of tuition.
Are you going to receive student finance?
It is possible to borrow as much money as you need to pay for course fees in full, with a maximum loan amount of £9,250 a year (or an approximate amount of £6,000 a year at private universities). It is dependent on where you live while studying as well as your household income as to how much Maintenance Loan you receive for living costs.
In order to apply for a scholarship, you will have to select your study location and household income. However, there is more money available for students who study in London or take part in their studies abroad. If you wish to ensure that you receive the maximum amount of funding, you must check your eligibility for your application. You can also receive funding to support physical or mental health conditions. In addition, you can also get support for parents or carers with varying payouts that depend on their situation.
Who is eligible for Student Finance?
Almost as many rules govern who is eligible to receive Student Finance as there are combinations of Subway sandwiches offered by the restaurant. If you are studying an approved course at a registered university and havent already started a degree or similar course, then you should qualify for tuition AND maintenance support if you are studying an approved course at a registered university.
The most important thing to remember is that you must also be a UK citizen (or have a ‘settled’ status) as well as have lived here for at least three years prior to the start of your course. Tuition Fee Loans are available to Irish and EU students starting a course before the 2020/21 academic year, but they do not usually cover living expenses.
Part-time students, people over 60, people attending private universities, or people claiming special circumstances such as refugee status will also receive different rules and amounts based on these factors. To find out more about the extra details, you will need to contact Student Finance.
As much as Student Finance is helpful to students for paying for university, it usually means you will graduate with thousands of dollars outstanding. The problem is that, because of the way repayments are arranged, many students will only be able to repay a small portion of the money that they borrowed.
In order to determine whether a loan is right for you, you need to estimate your predicted graduate salary and monthly repayments, rather than focusing on how much you will have to pay back. However, while you’re waiting for your finances to stabilize, you’ll need to develop a plan for dealing with the debts of today, including student loans, credit cards, and other sorts of borrowing.