When you start university, it’s highly likely that you won’t have had any experience with the intricacies of finance. So student finance can often seem complex.
Luckily, it really isn’t, and the process is simpler than actually enrolling for most societies. Just a few clicks online every year, and you’ll be ready to pay your way through university… Well, you’ll be ready to have the government help you through university.
Apply
The first thing you’ll need to do is actually apply – the sooner you can do this, the better. It’s not a long process but it’s not really all that short either. Try to put aside an afternoon to sort it all out, and be ready with some basic information about yourself. After you’ve registered, you’ll have to let your parents fill out some forms to ensure you get the correct funding, which is often higher than the base amount offered. Always make sure you get your tuition fees covered when you register, otherwise you’ll be short by £9,000 when September rolls round, and anyone applying for SFE will probably struggle to afford that!
The loan
Here it’s important to note that the overall loan is split into two chunks – tuition and maintenance. Tuition covers the costs of university itself, and the full fees will always be paid, no matter your financial situation. Maintenance is the other side of the coin, covering costs such as accommodation, bills and socialising. This is worked out with your parents’ income – if you live in a low-income household or have siblings that will be studying at the same time, you’ll usually be entitled to more.
Bursaries and grants
As well as the systems put in place by SFE, there will usually be something in place at the university itself, which usually comes in the form of a bursary (grant). As this doesn’t need to be repaid, it’s really only reserved for low-income students. If you plan on living beyond your means, a job before or during university is probably a good idea, as it helps you build up a reserve of cash to live off of when you aren’t working.
A final point to end on is that SFE doesn’t auto-renew. You will have to reapply every year, and the amount you receive could fluctuate if your circumstances change! The best thing to do is re-apply as soon as possible every year. Good luck out there – you’ll need it.
We’ve also found a fantastic guide here, which looks at the most expensive and cheapest university cities as well as offering more advice on managing your finances.
What would you add to this guide to university finance? Let us know in the comments below.
Photo: Tax Credits / Flickr
Warwick Editor for Career Camels and Deputy Comment Editor for The Boar.
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