Student Finance

30 November -0001

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Money. It's the thing that puts most people off going to university and the thing that makes most people regret ever going.

And following the recent debate over raising tuition fees, even more young people are apprehensive about going to university. But it needn't be such a struggle, there's plenty financial help available.

The key lies in budgeting for each year and discipline in sticking to it. Easier said than done, I realise, but once you've got yourself into the habit, its not too bad.

Students starting college before 2005 will have tuition fees of £1150 to deal with.
If you are dependant on your parents before you start uni, the actual amount you will have to pay depends on what they earn. If its under £20'950 anually, then you will be able to get a grant to cover your tuition fees. If not, then the grant will cover part of your tuition fees, up to earnings of around £30'000, above which you will be responsible for the whole amount.

On top of this, you will also need money to live. Part of this will most probarbly be down to you and your own earnings, but most of it will probarbly be paid from a student loan.

So the minumum student loan you will get, is £2'375.

In your final year at university, you will be eligible for less student loan than during the first two years, simply because the final year is shorter.

Potentially, you will start paying the loan back in the April after you leave university, but the payments will be deferred until you earn more than £10'000 per year. (the figure is due to rise in april 2005 to £15'000) you will pay roughly 9% or earnings over 10'000 per month.
For example If you earn £18'000 per year, you will pay 9% of £8'000 during the year. This works out at £60 per month.

Beyond your Student loan, you will also have other forms of Income. Part time work, Holiday work, Parental help.
Depending on the course you're studying, you may also be eligible for extra financial help, such as Hardship funds, NHS bursary or LEA grant, so ensure you're recieving your full entitlement.
Those with Dependants, mature students with financial commitments, those with disabilities or those who have been in the care of their local authority can also recieve extra help, so don't be afraid to see your Universities finances department who will put you on the right track.

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