Can I Afford University?

Preparing for university is an exciting and daunting experience. During this time you’ll get to complete your course, make friends for life, and experience some of the best years of your life whilst also learning how to be dependant. But one worry for many students is the financial side of it. Can you afford to go to university? In short, yes, and we’ve got some pointers that might help. 

Student finance

Once your place at your chosen university is conditional or unconditional, it’s time to apply for student finance. Students in England can apply for a loan which covers the tuition fee of up to £9,250 and living costs. You may also be offered a student grant. Student finance is based on the income of your parents, and this will determine the amount of student loan you will be offered. 

There are calculators available online to estimate how much money you may get through student finance. You will have to apply for student finance each study year. You only begin to pay back this loan when you’re earning over £27,295. 

Scholarships and bursaries

All universities have different rules when it comes to scholarships and bursaries which is awarded to student. This amount of money depends on the university and does not need to be repaid back. Contact your chosen university to find out how you can apply and how they undergo their selection process. 

Other funds

It’s safe to say that the amount you receive through student finance isn’t enough to live by but through skilful planning and spending, you can make it stretch for the year. Alternatively, there are loans available for students, including those with poor credit, to tide you over until your next finance instalment. It’s important to do your research beforehand when it comes to loans. 

Additionally, getting a part time job whilst studying can also help financially. Working flexible hours for additional income can help your finances throughout the year and it means you’re not struggling to put food on the table. Depending on the financial status of your family, getting a monthly allowance from your parents can also help with funding. 

Additional funding

Always do your research beforehand to see if you are eligible for extra funding so you’re not missing out. The government also offers extra funding for those with physical, mental, and learning difficulties as well as those will children and adult dependants. The money that is offered does not need to be repaid. 

Living on a budget can be hard, but don’t let this ruin your university experience. Chances are that all your university friends are in the same boat. Be sure to research the financial aids out there that you can apply for.