Student Maintenance Loans guides / helpful tips
As we found out in our National Student Money Survey, the Maintenance Loan is regarded as one of the most common sources of income for students at university.
There is no doubt that you will have to take out a maintenance loan at some point in the future, so it’s good to know what the eligibility criteria are, how the application process works, and how much you will be able to borrow. It will also be important for you to know how you will be able to repay the loan and what happens if your loan is not big enough. You can rest assured that Save the Student has got you covered in typical Save the Student fashion. Check out our guide to student maintenance loans and we’ll answer all your questions.
What is Maintenance Loan?
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There are a few types of student loans that are made available by the government, one of which is the Maintenance Loan, which is intended to assist you with your living expenses while you’re at university. It is the maintenance loan that can help you pay for the rent, bills, food, nights out, and many other things that you may need in order to maintain your home.
There is no difference in the application process for Maintenance Loans and Tuition Fee Loans, and you will eventually be required to repay both loans together as part of your monthly repayments. Nevertheless, there are two different types of funding when it comes to maintenance loans and tuition fee loans. As much as we hate the idea of students taking on any debt in order to attend university, we must admit that the repayment terms on Student Loans are pretty manageable at the moment. I would say that in most cases it would be better if one would take out a Tuition Fee Loan as well as a Maintenance Loan, rather than either of them (or neither of them).
What are the terms of the Maintenance Loan?
You will receive your Maintenance Loan in three (almost) equal installments throughout the year straight into your student bank account. Unless you live in Scotland, where loans are paid monthly, you’ll receive one at the beginning of every semester. In other words, you will have to budget your loan carefully and make sure that you do not spend all of it in freshers’ week because that would be a waste of money.
It is common for students to ask why the third payment is so much larger than the other two when they will be likely staying home over the summer. During July and August, some of you still have to pay rent while others are still students, so the answer is simple: you’re still a student.As a result of this same logic, it’s also thanks to your final year that things change again a little bit. If you are paying off your maintenance loan at the end of this year, your final payment will be less than last year. Because you are no longer a student after June/July, you are no longer entitled to a Student Loan as you are no longer a student.
Moreover, you should also be aware that you will not receive all of your Student Loan directly to your bank account. There is no need for you to see the money you owe to your university as the tuition fee loan will be paid straight to them. As a result, you won’t have to worry about your university chasing you for payment, or the temptation of spending the money on your own because there won’t be any pressure from them.
Can you get a maintenance loan
Maintenance Loans are based on a number of factors that determine whether or not you are qualified for them. You do not have to be worried if you do not meet any of the eligibility criteria right away, we’ll go over them all in a bit, but if you do not, don’t worry. There is usually funding available for most undergraduate students when they start university.
University or college
You must first be registered as an entity (such as a university or college) in order to gain a ‘recognised’ or ‘listed’ status. There are a number of universities and colleges that are included in this, so the process is not as complicated as it sounds. Also, you need to make sure that the course you are enrolling in falls part of the government’s list of qualified courses that you are eligible to enroll in.
In the case of undergraduate courses, most of them are recognized and allow you to receive funding for them. In the event that you are going to be studying part-time, there are some criteria that you will need to meet. Maintenance loans are available to students on most courses at most universities who are enrolled in most courses. You can find the full list of criteria on the official website of the government, so be sure to take a look there.
Nationality and residency status
One of the most murky criteria of all when it comes to eligibility for a scholarship is nationality and residency. The most common trap that students tend to fall into is this one, as it is often the hardest to avoid.
There is generally no requirement for a self-study maintenance loan if you are a member of the UK Armed Forces (or a person who has ‘settled status’), live normally in the UK (or the Channel Islands or the Isle of Man) and have done so for the three years prior to starting the course.
It is important to keep in mind, however, that in order to ensure your eligibility, all three of these factors must apply to you. There may be situations where you are no longer eligible, such as if you were born in Britain but moved abroad as a child. It may be possible to appeal in some cases, in which case you will be awarded a Maintenance Loan regardless. This generally means that you will have to show that you have maintained economic ties with the UK even though you have not been here (for example, your parent has remained and paid taxes), or that one or both of your parents have had to relocate abroad due to work reasons. Special exceptions are also made for certain groups, such as refugees and stateless individuals, in order to ensure that they are treated fairly. For UK citizens who live in the EU, there may also be an opportunity for funding for courses that begin before 1st January 2028 for those who are living in the EU.
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Final thought
This is something you should keep in mind whenever you are looking for a job as we mentioned earlier.
As we have stated earlier, the majority of students at the majority of universities will be eligible for the receipt of a Maintenance Loan. We stand by our statement. There is no doubt that your chances of gaining admission to a well-known university are much higher if you have been studying at a school in the UK.
