Choosing to study a degree in the UK can be a great decision, with some of the best universities in the world located here. But it’s important to know how you’ll fund your studies before you begin.
If you’re a British or EU student, you’ll be eligible to apply for funding from Student Finance England (SFE). This includes loans and grants to help with living costs while you study.
If you’re from outside the UK and EU, or are planning to take out a loan from SFE, then this guide won’t apply to you. Instead, check out our guide on international student finance for more information.
The UK government has a range of financial support for students to help with living costs. This includes a maintenance grant and tuition fee loan, which you do not have to pay back until after you graduate and earn more than £21,000 a year.
Also, visit What is the Future of Fashion Industry in USA?
The maintenance grant is intended for students who have a household income below £25,000. It can be used towards your rent or other living expenses such as food, heating and travel costs.
Tuition fee loan
All undergraduate students in England (and other UK countries) are allowed to borrow up to £9,250 per year to cover tuition fees and living costs (including rent). This means that on average, you can borrow around £30,500 from the government over three years if you study full-time at university in England.
The financial support available to undergraduate students is different depending on your country of residence.
If you’re a UK resident and studying at a university in the UK, you can apply for a loan from Student Finance England (SFE). You’ll have to repay this loan once you leave university, but the amount you pay back depends on your income.
If you’re not a UK resident, you may be able to get funding from the government if your course is not available in your home country. If it is available, contact your country’s embassy or consulate in the UK for more information.
There are many different types of financial support available for students in the UK.
You can get help from the government and from your university to pay for your tuition fees, living costs and extra costs, like books and equipment. The amount you’ll get depends on your household income and savings as well as where you live – there’s a different funding system in Northern Ireland.
Here’s what you need to know about student finance in the UK:
- The basics of student finance
- How much money will I get?
Your eligibility for student finance depends on several factors: your age, whether you’re studying at university or college, your residency status, whether you’re eligible for a maintenance grant in Scotland or not, how much money is left over after paying off any previous loans and grants, and how long it takes you to finish your course (or if you drop out). Thankfully there’s no set formula – instead it’s up to individual universities how much they offer their students through bursaries and scholarships – so ask around before making an application.