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Student finance guide

Wondering about student finance and how it works? We break down all you need to know about student loans, grants, bursaries, scholarships and more.

Eleanor Foulds
by Eleanor Foulds
Last Updated:
30 Jan 2024

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CONTENTS

What’s student finance? 

 

Student finance refers to the money you borrow to help with the cost of your university or college fees and your living costs. With universities charging up to £9,250 a year for an undergraduate course, most students end up applying for it. 

Most students also apply for student finance to help with accommodation costs and living expenses. 

The University of Manchester estimates living costs for students to be around £11,055 per year in 2022/23 based on costs in 2021/22. The average living costs per year can be even more expensive for places such as London. UCL estimates living costs to be £10,743 based on living in uni halls for a 39-week academic year and up to £12,607 if you're renting privately for a 52-week calendar year. 

How much are uni fees? 


This is one of the most important questions students have when deciding to go to university. 

Here’s a breakdown of what you can expect to pay per year for your undergraduate course in the UK (fees are correct for the 2023/2024 academic year but can vary depending on the course): 

UK undergraduate tutition fees 2024/2025

 Home country   Planning to study in...
    England   Scotland   Wales Northern Ireland
 England  £9,250  £9,250  £9,000  £9,250
 Scotland  £9,250  £0  £9,000  £9,250
 Wales  £9,250  £9,250  £9,000  £9,250
Northern Ireland  £9,250  £9,250  £9,000  £4,530

Source: gov.uk

Read more: Check out our complete guide to applying to university

Tuition fee loans 


What’s a tuition fee loan? 

A loan that helps you pay for the full tuition fees charged by your university. The loan is paid directly to the university. Taking out a tuition fee loan is very common and recommended for most students. You don’t have to pay back a tuition fee loan until after your course and when you’re earning a certain amount.

Read more: What are tuition fee loans?

Where can you get a tuition fee loan? 

You can apply for a tuition fee loan through your country’s student finance company. In the UK, these are:

How much can you get as a tuition fee loan? 

This’ll depend on whether you’re applying for finance in England, Wales, Scotland or Northern Ireland. It’ll also depend on whether you’re studying full-time or part-time. 

England 

  • Full-time students – up to £9,250 
  • Part-time students – up to £6,935 
  • Students studying accelerated two-year degrees – up to £11,100 

Wales 

  • Full-time students studying in Wales – up to £9,000 
  • Welsh students studying in England, Scotland or Northern Ireland – up to £9,250 
  • Part-time students – up to £6,935 

Scotland 

  • Scottish students studying full-time in Scotland – your fees are paid for you 
  • Scottish students studying in England, Wales or Northern Ireland – up to £9,250 

Northern Ireland 

  • Full-time students in Northern Ireland – up to £4,395 
  • Northern Irish students studying in England, Scotland or Wales – up to £9,250 
  • Part-time students – up to £3,296.25 

When does the tuition fee loan come in? 

Once you’ve applied for student finance and have confirmed your place on a course, your student finance company will pay your tuition fee loan directly to the university. 

When do you start paying back your tuition fee loan? 

You’ll only start to repay your student loan once you’re earning over a certain threshold amount of money each year after you finish your course. This threshold depends on which government you received your student loan from. 

England 

You’ll be eligible to start repaying your loan from the April after you’ve finished your course, but only if you’re earning over a certain amount per year (before tax). The government will take 9% of anything you earn over this threshold from your salary. The exact threshold depends on which plan you're on, so check this first. 

If you become unemployed or start earning less than the threshold, you’ll stop making loan repayments. 

You’re expected to pay back the full amount of your loan, plus interest. If after 30 years you haven’t paid it all back, your loan debt is written off. 

Wales 

Full-time students will start repaying their loan from the April after they’ve finished their course. Welsh students won’t have to repay their tuition fee loan until they’re earning over £27,295 per year (before tax). The amount repaid each year is based on income rather than the amount owed.  The repayment will be 9% of their income once over the repayment threshold. 

Scotland 

You’ll start to make repayments from the April after you’ve graduated. The current threshold for having to repay your loan to the Scottish government is £25,375 per year (before tax). You'll be expected to pay 9% of any income over £25,375.  

Northern Ireland 

Repayments start from 6th April after you graduate, provided you meet the repayment threshold. The current repayment threshold for students from Northern Ireland is £20,195 per year (before tax).  

When should you apply for a tuition fee loan? 

 

England 

You should apply as soon as possible, and you can apply before your place is confirmed. If your course starts between 1st August and 31st December, you must apply for student finance before the 31st May deadline after your course start date. Applications usually open in March before your course starts.

Wales 

You can apply for a tuition fee loan up to nine months after the start of your course. You don't need a confirmed place to apply, and applications usually open the April before your course commences.

Scotland 

You should apply as soon as possible to ensure you get your loan on time. You don't need a confirmed place to apply. You can apply late, but your loan may not arrive before the start of term.

Northern Ireland 

The deadline to apply for tuition loans is nine months after your course starts, but it's best to apply early to ensure your loan is processed in time for term.

Note that applications can take up to six weeks to be processed, which is why it’s best to apply as early as possible. You don’t need to have chosen which university you want to go to before you apply.

How do you apply for a tuition fee loan? 

Apply for your tuition fee loan online through your country’s student finance company. You'll need to provide proof of your identity (either your passport or your birth certificate) and details of your household income (how much your mum and/or dad earn).

You’ll also need to include your course start date and end date (if known, otherwise you can update later), bank account details and National Insurance (NI) number. If you don’t know your NI number, you can find it on the HMRC website.

Your parents will need to confirm that your household income details are correct. They'll be sent an email after you've begun your application with a link to submit their details.

You’ll need to reapply each year for a tuition fee loan.

Read more: Find out more details about how you can apply for student finance

Maintenance loans 


What’s a maintenance loan? 

A loan to help with living costs at university. These include your rent, food, books, equipment and other living essentials.

Read more: What are maintenance loans?

How much can you get as a maintenance loan? 

This’ll depend on whether you live in England, Wales, Scotland or Northern Ireland.

England 

Student Finance England decides how much maintenance loan to give to you based on factors such as where you study, where you’re living and how your course is structured:

England maintenance loan table

  Full-time student 2024/25 academic year
  Living at home   Up to £8,610
  Living away from home, outside London   Up to £10,227
  Living away from home, in London   Up to £13,348

Source: gov.uk

This maintenance loan is paid directly into your bank account in three instalments per year, one at the start of each term. You have to pay this maintenance loan back once you’re earning above a certain amount.

Wales 

How much maintenance funding is available to you will depend on whether you’re living at home and where. Exact numbers for 2024/25 have yet to be released. In 2022/23, students living at home can get up to £9,950 in maintenance funding. Students living away from home but not in London are eligible for up to £11,720. Those in London can get up to £14,635.

The maintenance funding you get is split into two parts: a maintenance loan that’s repayable and a maintenance grant that’s not repayable. How much of your overall maintenance funding is repayable or not is worked out using your parents’ household income. You can find more information on what you could get on the Student Finance Wales website.

Scotland 

The SAAS provides a mix of repayable loans and non-repayable bursaries, which are again means-tested using either your own or your parents’ income. This table shows the amount of bursary and student loan you can apply for based on your household income. This is inclusive of an additional £2,400 special support loan. The additional support loan is not available for students on all courses.

Scotland bursary and loan table 2024/25

  Household income   Bursary   Loan   Total
  £0 to £20,999   £2,000   £9,400   £11,400
  £21,000 to £23,999   £1,125   £9,400   £10,525
  £24,000 to £33,999   £500   £9,400   £9,900
  £34,000 and above   £0   £8,400   £8,400

Source: saas.gov.uk

Northern Ireland 

You can apply for a Student Loan for Maintenance of up to £9,492 for the 2023/24 academic year depending on where you choose to study in the UK. This loan is repayable. You can also get a maintenance grant of up to £3,475 depending on your household income, which doesn’t have to be paid back.

You can find more information on maintenance loans and get the 2024/25 figures once they're available in Northern Ireland on the Student Finance Northern Ireland website.

When do you get your maintenance loan? 

Your maintenance loan is paid directly into your bank account in three instalments over the academic year. Check your relevant student finance website for confirmation.

When do you start paying back your maintenance loan? 

You pay your maintenance loan back at the same time and under the same terms as your tuition fee loan.

How do you apply for a maintenance loan? 

You’ll apply for a maintenance loan in the same way as you would for a tuition fee loan. Your application will be made online through your country’s student finance website. Make sure you have with you proof of identity, details of your household income, your NI number and your bank account details.

Each year you’ll have to reapply for your maintenance loan.

Read more: Get more details on applying for student finance

For more information on tuition fee loans and maintenance loans, check out this video from the Money Saving Expert, Martin Lewis:

Student grants 


What’s a student grant?

Student grants are funding provided by the government for those eligible based on a set of criteria. Student grants can also be provided by a business, council or charity. 

Who’s eligible for a student grant?

This'll depend on the conditions of the grant. There are grants to help students whose parents earn less than a certain amount, such as an Adult Dependants’ Grant, or for those studying a particular subject, such as a Postgraduate Doctoral Loan.

What grants are available for students?

There are many student grants. What’s available depends on which student finance company you’re applying through, your personal circumstances and what you study.

If you’re a student with dependent children, you can get a grant to help with living costs. There's extra support if you have a disability, long-term mental illness or a specific learning difficulty (like dyslexia).

There are also grants and bursaries available for nursing students (through the NHS), as well as those studying teaching and social work. You can even apply for a travel grant if you plan to study overseas for a year.

You can find out more details on what’s available and if you’re eligible on your government's student finance website.

How much money can you get as a student grant?

Student grants depend on your household income, personal circumstances and what you study. These grants are paid on top of your tuition fee and maintenance loans.

When will you have to pay back your student grant?

You don’t have to pay back your student grant.

Bursaries and scholarships 

Most universities and student finance companies offer bursaries and scholarships to help fund your way through university. These are awarded based on a set of specific criteria, such as academic achievement or support for students in need. They don’t need to be paid back.

You can check if your chosen university offers any scholarships on their profile pages when you search for a university. The amount of funding offered, and application deadlines will vary from uni to uni.

Read more: See how to find scholarships and bursaries for universities

Student bank accounts 


What’s a student bank account?

Many banks throughout the UK offer special accounts only available to students. This will typically involve a 0% overdraft, which means you’ll have access to an overdraft without any sneaky interest charges. Some banks will offer you the same overdraft amount for each year you’re at university, while others will increase the amount you’re entitled to year on year.

Why do you need a student bank account?

A student bank account with an interest-free overdraft is a useful addition to your university funding. It can be difficult to fund your time at university without support, and often your maintenance loan might not be enough to cover the costs of living.

“While we don’t encourage students to get into debt with an overdraft and it shouldn’t form part of their budget, interest-free overdrafts can be useful to cover unexpected expenditure,” says Peter Dunn, former Head of Communications at the University of Warwick.

A major mistake people often make is relying on their overdraft as a safety net. In reality, it's anything but. Know exactly what key terms and conditions you’re about to sign up for before opening a student account, otherwise you might find that those extra little indulgences bring a flood of bank fees you didn’t expect.

Read more: See more benefits of getting a student bank account

How to open a student bank account

You’ll need to be over 18 to open a student bank account. Most banks will ask you for the following when you apply:

  • Proof of ID (passport, driving license or birth certificate)
  • Proof of address (a letter or bill addressed to you)
  • Proof of your unconditional acceptance to a university in the UK 

When should you apply for a student bank account?

Set up a student bank account before you apply for any student loan. Any maintenance loan, grants, bursaries or scholarships you’re entitled to will be paid directly into the account you’ve listed on your student loan application form, so it’s wise to set up your account beforehand.

How to choose a student bank account

The decision comes down to you and your personal preferences. Many students open an account with the bank their family uses, but that doesn’t necessarily mean you’ll be getting the best deal. Thoroughly research what different banks offer before deciding.

Student money tips 


You should be smart with how you manage your money while at university. Many universities offer money management advice to help you with this and to ensure you have enough money to last you through the year.

Student budgeting

The first money challenge you’ll face at uni is dealing with the chunk of loan money that will land in your account in September. You’ll need to know how to make it last throughout the university year. This is where creating a weekly or monthly budget comes in handy. 

Start by removing the cost of your weekly rent and seeing how much you have left. Then map out what you need for your basic necessities such as food, clothes and general expenses. You can allocate any money you have left over to your savings or to be used in case of emergency.

Working while studying

Working while you study or during uni holidays won’t only give your bank account a much-needed boost, but it can also improve your CV for future employment.

Most universities have a dedicated job service to help students find employment during term time. Be sure to have a look on your university’s website as to what job services they offer, or even reach out to any of your lecturers to see whether they can offer any part-time work in the field you’re studying.

Be a savvy shopper

When it comes to groceries, go for cheap, healthy meals that don’t need many ingredients. Buying plenty of fruit and veg is a great way to eat cheap but also healthy. Also consider bulk-cooking meals and freezing them, to make sure you’re always stocked up. 

Look for student offers when clothes shopping or going out for a meal. Your student card will automatically qualify you for discounts on certain items, while a TOTUM card will give you access to more discounts. There are also plenty of voucher websites you can use to get a good discount such as Student Beans or UNiDAYS.

If you’re heading home during uni holidays, remember to book your rail tickets a week or two in advance, as they’ll usually be cheaper than tickets bought on the day.  

These are just a few hints and tips to get you started with managing your finances. There are countless ways to make your money go further. You can read more about funding your studies in the Whatuni student advice hub.

Read moreCheck out more of our student money tips

What are universities doing about the cost of living crisis? 


The cost of living crisis is impacting everyone across the UK, including students. Some universities have been bringing in measures to help students affected by the cost of living crisis, including free meals, unlocking extra hardship funds and bursaries, making vital technology available and more.

Read more: See what universities are doing about the cost of living crisis

Read more: How do universities spend your money?

 

Header image: Photo by Oliur on Unsplash

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