Most individuals don’t think about student finance UK when they’re finishing high school. Naturally, they don’t have a reason to, especially if they go to public school. However, university is nothing like high school, and it certainly requires you to assume more responsibilities than you might have previously thought.
With that comes the responsibility of managing your belongings on your own, but a great student storage facility can definitely help you with that! And that’s what we are for!
Now back to finance.
For many, affording college is out of the picture without any additional help. University fees can be well over £10000 per year, and everyone doesn’t have that kind of disposable income. That’s the reason why student finance has become so popular- because it is needed.
It allows people to pursue their dream of higher education without having to find a job right after school. Surely, thousands of people are benefiting from the government’s loan system. But not many know what it actually entails until they opt for it.
If you’re thinking about applying to college, you need to know the basics of student finance It can seem confusing at first, but it will certainly come in handy later. And as you are trying to manage your expenses and your belongings, it would be a good idea to check out student storage services too!
You’ve probably heard different things from different people who simply don’t seem to make sense. Most of it can sound like jargon when the person explaining doesn’t do a good job of helping you understand. Rest assured, student finance isn’t that complicated.
Once you’re done reading this guide, you’ll have all the answers you’re looking for. So, let’s dive in!
First things first, what is student finance?
Essentially, student finance is a framework introduced by England’s government to support those who can’t afford higher education. However, the terms and conditions underlying these loans aren’t the same as what’s offered in the US.
Please bear in mind that student finance in the UK has significant differences compared with the loans provided in America. The good thing is that these are a bit more flexible and much more forgiving.
You need student loans for tuition fees, accommodation, travelling, and more. Without them, half the population wouldn’t be able to send their kids to college. Regardless, student finance mostly covers tuition fees, inarguably the most prominent cost of your overall education.
Even the cheapest universities charge around £10000 each year, deeming the need for student finance. Of course, this figure is just an estimate, and the real amount is likely to be higher. Tuition fee simply allows a student to become a part of the institution, be eligible for attending classes, and taking exams
The rest, which includes course books, project materials, and miscellaneous items, are not covered at all. Interestingly, tuition fees can be higher or lower depending on the city you live in and the one you’re going to. Thus, student finance will have different implications for everyone.
For instance, studying in London is much more expensive than in Nottingham. This is because the quality of education in capital universities like the London School of Economics is considered to be superior to the rest. And also because, student or no student, the capital itself is pretty expensive.
However, our student storage services are based in London but provided in other cities such as Birmingham, Eastbourne, Portsmouth, and Brighton at very similar prices. We make sure that students can at least be comfortable in managing their belongings at cheap rates.
Students who hail from Scotland don’t have to think about student finance UK when they choose a university in their hometown. If they decide to board cities, however, they will have to pay.
This may encourage you to stay put even if you don’t want to, but you shouldn’t compromise on your dreams just yet. Student finance UK is a viable option that deserves your consideration in any case.
Paying tens of thousands of pounds is never a pleasant experience, but you must not lose sight of what’s more important—getting a great education trumps everything else. Rest assured, if you truly wish to pursue your dreams, then Student finance UK will not disappoint you.
But are you even eligible for a student loan to begin with? Unfortunately, if you’re an international student with a VISA to study in the UK, the answer is no.
At the moment, federal student finance UK is only reserved for nationals or those who are recognized as legal residents. Similarly, if you’ve been in the country for three years before enrolling in university or college, you are still eligible.
Citizens need to be studying at a national university with appropriate educational certifications to make them eligible for student finance UK.
You must also be over the age of 18 and less than 60 to apply. In case you’re younger than the mentioned criteria, consider working for a few years until you qualify. Otherwise, there is simply no way around availing the benefits of student finance UK.
What does student finance UK cover?
Student loans not only allow individuals to afford education but also offer money to meet the costs of living. If, for example, you have enough to cover everyday expenses and accommodation rent, you should consider a tuition loan instead.
These only cover your tuition fee and thus, have lower interest and repayment requirements. However, it isn’t always easy to identify which category you should opt for. And there’s certainly no single way to decide.
When should I consider student finance UK?
While student finance UK is a great option, you should only exercise it as a last resort. This is because it can take years to pay the debt off.
Knowing whether you should apply for student finance UK is a big deal in itself. After all, you don’t unnecessarily want to borrow the government’s money.
Simply put, people should only think about student finance UK when they have retired other options. The latter can include self-funding, savings, and part-time work.
You can make the right decision by correctly gauging your current situation. For instance, if you have your parents’ savings to contribute toward college, you may just need money to cover living expenses. In that case, working part-time is a much better option.
Contrarily, if you have enough to manage the cost of living but the tuition fee is proving a little too overwhelming, go with tuition fee loans instead. These will be paid to your university while you’ll be able to use your own money for other amenities.
Why student finance UK is your best option
Studying in the UK is a hefty expense which is why a vast majority have to apply for student finance UK. Safe to say, both costs of living and education need to be funded. However, you don’t just get to pick and choose the amount you’ll get.
The government has a thorough screening process whereby your circumstances determine the level of financing you qualify for. Factors considered include your or your parents’ salaries, personal investments, if any, and more. If these are dubbed inadequate to support your journey throughout college, you will get a surplus amount.
Also, if you’re a single parent or differently-abled, you’ll get more money than usual. Thus, contributing to the additional expense, you will incur taking care of yourself or your children while studying at college.
These loans will support you till your university ends. After that, the money will be deducted from your bank account each month along with interest.
One of the biggest misconceptions people have regarding student finance UK is that the monthly deductible is set in stone. This couldn’t be farther from the truth. In reality, you only pay what you can afford, which is why some people can repay student loans in full within a few years, whereas it can take decades for others.
So, if you’re earning £3000 each month, the deductible will be a certain percentage of the net amount. This will be a combination of the original repayment as well as the interest.
Moreover, you’ll need to earn above a certain amount before the repayments actually start. If you don’t make enough money, the payments will not be deducted.
How can you apply for student finance UK?
When it comes to applying for student finance UK, there is no single answer. The process varies across different areas. Such that, what works for one city will not be the same for another. The departments you apply to will also be different.
Right off the bat, if you’re applying for a maintenance loan, there’s a lot more information you’ll need to submit. This will include your or your parents’ earning status, investment income, and more. At the same, student finance UK requires that you send in a renewal application each year to the relevant agencies.
All of this can seem like a hassle the first time around, but you are bound to get the hang of it eventually. Since everything is online now, you can submit your application through the official website and wait until you get a response.
All you need to know about student finance UK
While applying for student loans is certainly a major part of the entire process, what comes after you get approval is equally important. The government lends to you for a reason, and it’s that they want to earn off the interest you pay.
Verily, you should have enough information about repaying the loan before you apply for student finance UK. Each individual has to make repayments across a period of thirty years. Whereby, if there is any outstanding debt left after three decades, it will be cleared.
Then again, you will only be required to pay the government back when you start making over a certain amount of money. If you earn less than £2215 each month, no deductions will be made from your bank account.
Furthermore, the amount you have to pay will not be any more than 3% over the RPI. The latter is an acronym for Retail Price Index, which is calculated by the Office of National Statistics to measure inflation rates in the country.
So, if you’re never able to earn over the specified criteria, you will not be legally bound to repay the loan. As per the rules of student finance UK, however, the interest payments will still be deducted from your salary or other forms of income.
Also check out our student storage scholarship!
Not eligible for Student finance UK? Check out other options instead!
If you’re an international student or a local who doesn’t meet the criteria for student finance UK, don’t be disappointed. There are plenty of other ways to fund your education. These might even be better considering that you won’t have to pay off debt for thirty years.
- Start freelancing
Do you have a skill that people are looking for? Then, try peer to peer platforms like Fiverr and Upwork. Many people today prefer working from home, and it’s easy compared to the daily commute required by onsite work. Ultimately making it a viable alternative to student finance UK.
- Try crowd funding
Suppose you can’t find any way to get enough money for college, you can always ask for help. Crowd funding platforms like GoFundMe enable students to gather contributions from people who want them to achieve their goals.
So, all you have to do is set up your page, convince people why your cause is worth investing in and share it everywhere you can. It beats the throes of student finance UK, doesn’t it?
- Start a business
With the technological revolution in full swing, starting your own business has never been easier. As long as you have a great idea, the needed resources, and a whole lot of determination, your own business can help you pay for college.
This depends on what you like to do. If you’re into fashion, why not start an apparel brand? Simply borrow some money from your family and get started. If you live in a small apartment, rent a storage unit at STORED for the extra inventory.
The UK is brimming with amazing storage facilities like STORED that offer special discounts to students. These are certainly cheap student storage options and won’t be heavy on the wallet. So, what are you waiting for? Call STORED today and take advantage of our amazing services.
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