So you have made the decision to go to University, yet now it is time to organise the funding. It is a busy time – with hours of studying required, together with a possible part-time job, University application commitments, oh, and a social life. But all of the information you need regarding funding for University can be found on this page. Remember to browse around the site for more relevant and helpful content, all of which can help your preparation for University.
In the vast majority of cases there are two strands of funding you will require: Firstly, tuition fees. The majority of institutions will charge £9,000-9,250. In select cases, such as NHS-funded courses, tuition fees won’t be required. Unfortunately though, the NHS won’t be covering your Art and Design course. Secondly, you will need money for general living costs. This includes food and water, hopefully other beverages, and of course your money to rent wherever you stay. As together these will likely be around £20,000 per year, there are a range of loans to help you out.
Tuition Fee Loan
You will be able to apply for a loan up to £9,250/9,000 (in line with your University’s fee). This money won’t ever appear in your bank account, and will be paid directly to the University by Student Finance – more on that later. If you want to fund this partly yourself, the amount you borrow is flexible. To reiterate, you won’t ever have access to this money.
On the other hand, a maintenance loan is available. This will help with your living costs – including rent, food and drink. After a recent revamp, any student based outside of London can borrow up to £8,200. Any student in London is eligible to borrow up to £10,072. This is only eligible to students living away from their parents. The exact amount you will be eligible to borrow depends on your household income. For more clarity on this, check out this link. Unlike the tuition fee loan, you will see this money in your bank account. You will receive the money in three instalments – which should at least help you with budgeting!
Worried about Repayments?
Check out UniEel’s guide on repaying these loans – it really isn’t as scary as it sounds!
Bursaries and Scholarships
Many Universities will offer bursaries and scholarships – based around parental income and academic performance. It is worth looking at each University in isolation in this respect – as generally, different policies apply.
Remember you will be able to fund yourself if possible, and you can apply for as much or as little as you want in regards to your loan. Hopefully this guide will enable you to understand the options open to you to help facilitate your University experience. Feel free to post any questions in the comments.