As a way to help cover your living costs, the UK government through Student Finance makes provision for the Maintenance Loan. According to SaveTheStudent’s National Student Money Survey, the Maintenance Loan is the number one source of money for students while they are at the university aside from parent’s funding. So, if you think you will be needing one, then this article is for you. Here, you will get to know how the maintenance loan works, the eligibility criteria, the application process, and how much you can get. Also, learn more about the student finance maintenance loan calculator, what the loan covers, when and how to pay it back. Here is a table of what to expect:
What Is A Student Finance Maintenance Loan?
A Maintenance Loan is a type of student loan provided by the UK government to cover your living costs while you are at university. It covers the cost for rent, bills, food, nights out, and so on. Through the Student Finance, the government provides the maintenance loans to all eligible students. These maintenance Loans are paid in three (almost) equal installments throughout the year – one at the beginning of each semester (other than in Scotland, where loans are paid monthly).
How Does The Student Finance Maintenance Loan Work?
As a student, your Maintenance Loan is provided by the part of the UK you normally live in, not where you will be studying. So, for instance, if you lived in Northern Ireland but planned to study in Scotland, you’d apply for funding from Student Finance Northern Ireland. Furthermore, unlike the Student Finance tuition loan which is paid to your university without you ever seeing the money, your maintenance loan is paid directly into your bank account at the start of each term. Also, since this is a loan, you have to pay the loan back. Read on to see how this works.
What Does My Student Maintenance Loan Cover?
It covers everything that pertains to your living as a student. So, it’s advisable that you draft out a realistic budget immediately you receive your maintenance loan. Basically, the student maintenance loan covers the following:
How Much Is Student Finance Maintenance Loan?
There is no specific amount for the student finance maintenance loan. In fact, how much maintenance loan you get depends on where you’ll study, your living arrangements, and your household income. However, estimates of how much you will get as the maintenance loan are broken down into two groups depending on the type of students you are.
New Full-Time Students
Below is a tabular representation of how much new full-time students receive as their finance maintenance loan:
Continuing Full-Time Students
Below is a tabular representation of how much continuing full-time students receive as their finance maintenance loan:
How Is The Maintenance Loan Calculated?
As said earlier, the amount you will receive for your maintenance loan is calculated by how much your parents earn per annum and other factors. However, this can be increased if you are eligible for extra help. Notwithstanding, to estimate your Maintenance Loan, click on the button below to use the student finance calculator.
Who Is Eligible For Maintenance Loan Student Finance?
Whether you qualify for student finance depends on the following factors: Learn more about who can apply for the student finance maintenance loan, click on the eligibility button below: Check if a university or college is officially recognised HERE. As a part-time student, you may be eligible for student finance if your course is in the UK and one of the following: This is so because, as a rule, all students are eligible for funding for the number of years of the course they’re applying for plus an extra year. So, if you stopped your course within the first year, you’ll get funding for the same course or a new course when you go back. Simply calculate the amount you will get by taking the total number of years of the course you are applying for and adding one year. Then take away the number of years you studied for. If you studied for part of a year you should count it as a whole year. For instance, if you are applying for a 4-year course and have studied 2 years of a different course, you’ll get 3 years of funding from the student finance maintenance loan. However, there are exceptions to this rule. For example, if you stopped your studies for a personal reason (like illness or pregnancy), you might get funding for all of your course. Also, even if you have a degree, you could still be eligible for funding. Admittedly, this only applies to a minority of students (like those ‘topping up’ a qualification to a full Honours degree). In addition, you would be eligible for Maintenance Loans as an EU national if you’ve lived in the UK for reasons other than study for at least three years, or five in England. There are also special exceptions made for specific groups, including refugees and stateless people.
How Can I Apply For Maintenance Loan On Student Finance?
If you are from England, Northern Ireland or Wales can all apply for a Student Finance Maintenance Loan online or by post. On the other hand, if you’re from Scotland, you will have to apply for your funding online as there’s no postal option for your country. Below are links to apply for a Maintenance Loan from each of the UK’s four funding bodies. Click on your country for more information on the application. ENGLAND SCOTLAND WALES NORTHERN IRELAND
How To Make Changes To The Maintenance Loan On Student Finance
Most students sometimes find themselves in situations that require a change in their maintenance loan even after sending their application. Contrary to what some believe, making these changes are not that difficult. For instance, you made a wrong selection while filling your student finance application and only realized it after it was sent off. Using an example from TheStudentRoom, here is what you should do. Student’s Question: Answer/What You Should Do (Still from the StudentRoomWebsite) Yes, you can certainly request maximum maintenance loan available or a set amount that you would need for this academic year. You should be able to change the amount online or by posting a maintenance loan request to us. If you cannot make changes online it may be because we are awaiting financial details from your sponsors. If you can contact our helpline or message us on social media (privately) we can certainly help you with this. Another scenario that requires a change in your maintenance loan is where there is a change in your living arrangement. To do this, you must tell Student Finance through your online account if your living arrangements change to get the correct amount of student finance. Also, you might be asked to provide evidence. Click here to login/register on your student finance online account:
When Is Student Finance Maintenance Loan Paid?
The student finance maintenance loans are paid in three (almost) equal instalments throughout the year (other than in Scotland, where loans are paid monthly). That is, you should receive your maintenance loan at the beginning of each semester. Typically this means you will receive funds in:
How Do You Repay The Student Finance Maintenance Loan?
Basically, repayments towards your Maintenance Loan and Tuition Fee Loan are made together as one Student Loan. However, you don’t start paying back your Student Loan until the April after you’ve left your course and start earning above a certain amount. Here is a breakdown of how to pay back your maintenance loan on student finance:
What Is The Interest Rate On Maintenance Loans?
The interest rate on the maintenance loans varies among the countries funding them. For students from England and Wales, the interest rate on the Student Finance Maintenance Loans is currently anything up to 5.4%. If you’re still at the university, interest will be charged at the full 5.4%, but if you’ve graduated, interest will be charged between 2.4% and 5.4% depending on how much you’re earning. For students from Northern Ireland and Scotland, the interest rate on the Student Finance Maintenance Loans is currently 1.1%. However, it’s worth bearing in mind that the interest rates on Maintenance Loans can (and usually do change) every year based on inflation.
How Do I Cancel Student Finance Maintenance Loan?
If your plans for a student finance maintenance loan change before the start of your course, you can amend or cancel your funding application. All you have to do is to contact Student Finance England or the relevant administering body to process this.
When Is Your Student Finance Maintenance Loan Cancelled?
Unlike most student loans, the repayment terms of the maintenance loans are quite friendly and can be cancelled. This is it. In the repayment terms for Maintenance Loans is that no matter how much or little you’ve paid back, the balance is always cancelled after 30 or even lesser years. For instance, if you’re from England, Scotland or Wales, your loan will be written off 30 years after you first became eligible to repay (the April after you graduated). On the other hand, Northern Irish students will have their loans cancelled after 25 years. Also, no matter where you’re from, your loan will also be written off if you have to claim a disability-related benefit and can no longer work (or if you die). For more information on the Student Finance Maintenance Loans on the Gov.uk website by clicking on the button below: A Maintenance Loan is a type of student loan provided by the government to cover your living costs while you are at university. It covers the cost for rent, bills, food, nights out, and so on. Basically, the student maintenance loan covers the following:1. Rent (if you are living away from home)2. Bills3. Food4. Transport costs5. Social events (be careful not to overspend here)6. Household goods (soap, cream, washing up liquid, toilet paper, and so on)Books There is no specific amount for the student finance maintenance loan. In fact, how much maintenance loan you get depends on where you’ll study, your living arrangements, and your household income. Whether you qualify for student finance depends on the following factors:1. Your university or college.2. Your course.3. If you’ve studied a higher education course before.4. Your age.5. Your nationality or residency status. There are several factors that determine this. However, you are most likely going to be eligible to receive a Maintenance Loan – especially if you’ve been studying at a school in the UK and will be attending a relatively well-known university. If you are from England, Northern Ireland or Wales can all apply for a Student Finance Maintenance Loan online or by post.On the other hand, if you’re from Scotland, you will have to apply for your funding online as there’s no postal option for your country. The student finance maintenance loans are paid in three (almost) equal instalments throughout the year (other than in Scotland, where loans are paid monthly). That is, you should receive your maintenance loan at the beginning of each semester.Typically this means you will receive funds in:JanuaryAprilSeptember Basically, repayments towards your Maintenance Loan and Tuition Fee Loan are made together as one Student Loan.However, you don’t start paying back your Student Loan until the April after you’ve left your course and start earning above a certain amount.
Conclusion
As a student, you may be able to borrow money to help pay for university or college tuition fees and to help with living costs. The Uk Government through Student Finance provides tuition and maintenance loans to help students fund their degree. The Maintenance loans are provided to cover living costs and the amount you get depends on your nationality, living arrangement and household income. And just like any loan, you have to pay back your maintenance loan. Although we do not encourage students having to take on any debt to attend university, living costs are inevitable in a student’s life and the current repayment terms on maintenance loans are actually fairly manageable. Do well to go through the terms above and apply if you qualify for and also, need the student finance maintenance loan Good Luck and Success!!!
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