Money from the Government
In 2018, UK and EU Students are fully eligible for the UK Government’s student loan support package if they fulfill the appropriate criteria:
- The university, college or other institution you have applied for must be a ‘recognized’ or ‘listed’ institutional body (it must offer qualifying courses).
- You must aim to complete at least 25% of your entire course module per year.
- If you’re doing your first higher education qualification.
There are two main sources of funding from the government available to students:
- A Tuition Fee Loan – £9,250 a year for undergraduate studies, £10,609 for postgraduate master’s studies and £25,000 for Postgraduate Doctoral studies.
- A Maintenance Loan – This loan of up to £11,354 a year is intended to help towards your living costs whilst at university including accommodation. Everyone is entitled to a percentage of this loan, although how much you receive is dependent on when you started your course, where you live, and what your household income is.
Scholarships and Bursaries
For particularly high-achieving and talented students, academically as well as in the arts or sport, or for those in specific personal circumstances, a bursary or scholarship may be available to receive. This would mean that their tuition and/or maintenance fees may be partially or completely paid off. The extent to which courses are paid off, or if scholarships and bursaries are available at all is at the discretion of the universities themselves, and differs from campus to campus, so it’s important to check the course listings and contact institutions for more information.
Bursaries and scholarships may also be more likely for those studying certain degrees, including both undergraduate and postgraduate courses:
- Students on eligible healthcare courses may qualify for an NHS Students’ Bursary. For more information, and to find out which courses are eligible, check the NHS website.
- If you’re undertaking teacher training, there may be funding available to support you. It depends on a few different things – such as the type of training route/programme, your degree/teaching subject, where you live, where you’ll study, and your personal circumstances.
- If you’re training for social work, you may get a bursary to help with living costs and tuition fees. The amount won’t depend on household income – instead it’s based on where you live and where you’ll be studying.
What else you may need to pay for
University, whilst incredibly enriching and important in the employment process can be very expensive. Even on top of tuition fees and maintenance loans for basics such as accommodation and food, surprise figures may suddenly need to be paid. These can include:
- Notepads, paper, pens and other stationary
- A laptop
- Kitchen and bathroom supplies
Tips to save money
This may seem intimidating to most, with many students unsure of how they will be able to balance paying for everything whilst at university but there are ways to get around this:
- Finding the right bank for you: Many UK banks offer student friendly bank accounts with varying benefits. Some include an overdraft which allows you to temporarily draw out more money than you actually have if you need to. Others come with benefits such as discounted rail travel and restaurant prices. It is important to research which student account is right for you.
- Budgeting correctly: It’s hard to make only a little bit of money go a long way, but it can be done with the right budgeting techniques; analysing and organising where your money is spent and how much of it is used for different things. By doing this, you can realise where you might be overspending, or even see where you can save money to have some to spare.
- Working part time: Although it may not be the best idea to do at exam time, many students take up part time employment alongside their studies to gain some extra spending money. If so, this can bring in some serious disposable income. However, you should remember that it is important to maintain a good balance between work and study.
The Study Britannia Blog Page features several articles detailing how to best manage your money during your university experience; with tips ranging from ‘How much a postgraduate degree costs in the UK?’ to ‘How to open up and manage a bank account as a student’. Check out the rest HERE.