Learning About Student Finance

Learning about student finance can be scary and overwhelming. However, what most do not realize is that there are many different ways to approach your own financial plan as a student. The university or college institution in which you choose to pursue may be able to let you borrow money to assist in paying for fees with living and learning costs. There is also a chance that you can receive money on top of this if you are from a low income family, if you are disabled, or have children.

Before you apply remember that once you earn over a set amount, you will then begin repaying your loans. Your monthly payment amount will depend on how much money you earn and not necessarily what you owe. Fill out an application for student finance to begin your journey. If you are the parent of a student, you will need to fill out a support a student finance application. Estranged student applications are for those who are under 25 and do not have any contact with their parents and support themselves.

New and full-time students can apply for a tuition fee loan as well as maintenance loan. If your university or college sets the fee for your tuition and the load is paid to them you will be required to pay it back. Be prepared to provide details of your household income. Many sites provide student finance calculators to help you calculate the amounts in loans you will need. You should also consider the idea of studying abroad and the amount of money you will need for that as well.

You can also apply for grants which can be applied towards your tuition fees. Students over 60 cannot apply. You will have to give details of your household income. This loan will be paid into your bank account in which you will need to pay the loan back. Grants for living costs will require household income information. The money will also be put into your bank account which you will then pay back but the fund you get will be reduced.  The special support grant works for those who qualify for the following: income support, income-related employment and support allowance, housing benefits, the housing element of universal credit. The amount for the special support grant will be the same as the maintenance grant without the reductions. If you are a lone parent or have a certain disability, you may get the special support grant. Those who wish to study abroad might get a grant to cover an amount of travel expenses.

Part-time students might be able to receive a tuition fee loan. This is possible if the part-time course intensity is a percentage of 25 or more. You can check your course intensity with the college institution or university you wish to attend. The tuition fee loan is paid to your bank. You will then pay them back.

You qualify for student finance for a number of factors: your university or college, your course, if you’ve received a higher education course prior to this, your age, nationality and residency status. Each college or university offers instructions as to what is considered a qualifying course. It is important to understand student finance for yourself as well as your future children. Understanding it for yourself is vital in coming up with a plan to pay for college. Understanding for your future children is important as you will need to teach them the same things. It is easier than most think to apply for loans and grants. For more information, call the Student Finance contact number to speak to the SLC.