How Can I Pay For University

Funding Your Studies

There are two main areas to focus on when considering how you will fund your studies:

1. Your tuition fees
2. Your living costs (often referred to as maintenance)

Tuition Fees
Created by the government, the Student Loans Company provides non-means tested loans each year to thousands of students. At present, the current tuition fees, for the 2009/2010 academic year, stand at £3,225. Students are not expected to repay the loan until they have completed their course and earn £15k or more per year.

Living Costs
Your living costs are often considered to be the “hidden costs” of a university or college education. It is currently estimated that students living away from home will need at least £8 – 10k per year to pay for their living and accommodation expenses.

There are many ways student source funding and cover their living costs.

1. Maintenance Loan – available to students from a low income background
2. Student Maintenance Loan - www.slc.co.uk
3. Scholarship or Bursary – All universities or colleges provide bursaries or scholarships to help students fund their studies. Check to see if they are any available and if you are also eligible.

Other Sources
Parental support can play a major part in financial assistance. However, not all parents are in a position to help. Many students often take on part-time work to aid additional costs. However, it is important to note that students can only work up to 20 hours a week so, it is important that you don’t rely on this as a major source of funding.

Another way you could reduce your spending costs is through living at home. A sandwich year courses also allow student to take a year off on full-time pay, which can often lighten the load.

For more information on financial support for students go to: www.direct.gov.uk