What is student finance and how much could I get?

What is student finance?

Student finance gives you the funding to go to university through the form of loans and grants, if you cannot afford it yourself. 

What is the main student finance package?

There is a tuition loan - which pays for your course fees, a maintenance loan - this pays for your living costs, and a maintenance grant (you don't have to pay this back but not everyone qualifies to receive it.) 

What loans and grants you can receive depends on whether you are a full time student or a part time student. 

Full time students can apply for:

• A tuition loan
• A maintenance loan
• A maintenance grant
• Any extra help from universities and colleges if you are on a low income

Part time students can apply for:

• A tuition loan
• Any extra help from universities and colleges if you are on a low income

The tuition loan never actually enters your bank account, it is paid to your university or college directly and you will have to pay it back in the future. The amount your receive depends on the total amount of your course fees. For example, the course I wish to do costs £8000, so the loan I will receive is £8000.The most expensive courses are £9000, and this is the highest amount of loan you can receive. 

With the maintenance loan, you must be under 60 and a full time student in the UK to be eligible to receive it. Not everybody receives the same amount of maintenance loan, your family income will be taken into account. This loan gets paid into your bank account at the start of the term and again, you will have to pay this back.

• If you choose to live at home you can receive up to £4,375.
• If you choose to live at home, outside of London, you can receive up to £5,500.
• If you choose to live away from home in London, you can receive up to £7,675.
• If you spend a year out of your UK course to study abroad you can receive up to £6,535.

There is also a maintenance grant available. You must be a full time UK student and provide your household income to be eligible for the grant. You don't have to pay this grant back, but if you do receive a grant it will lessen the amount of the loan you receive. If your household income is around:

• £25,000 or less you can receive £3,354
• £30,000 you can receive around £2,416
• £35,000 you can receive around £1,478
• £40,000 you can receive around £540
• £42,611 you can receive around £50
• If your household income is over £42,611 you will not be eligible to receive a grant

There are also special support available for certain individuals. Visit the student finance calculator to find out how much you personally can receive in total.

All the information provided was correct as of January 2013.