Finance advice
Money matters
Going to university can be the very first time a young person is in charge of their finances, so knowing where the money is coming from, what you might be entitled to and how to budget are vital. It’s also the time to make funds go further and last longer so check out our guide to ensure staying on top of the pounds and the pennies.
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oans, grants, scholarships, bursaries, repayments, budgeting… The world of student finance can seem overwhelming but it’s one of the most important
aspects of student life, so it’s vital that you find out what is available and how it can benefit you. And when you’ve secured the necessary finance, you’ll need to know how best to manage it and what your commitments are, so that you can actually enjoy spending money rather than worrying about how to make ends meet. Read on to find out how to make the most of student finance.
Learn all about loans There are many options to help fund your degree and your day-to-day living, with student loans the most common way to fund UK university education. There are two main types of student loans available to all students, which are processed by the Student Loans Company.
Tuition Fee Loan: This is paid directly to your university by the government, with up to £9,250 available per year. It covers the cost of tuition fees, which means you don't have to worry about paying this amount upfront. The maximum amount you can borrow matches the cost of the fees per year, ensuring that your educational expenses are covered.
Maintenance Loan: This goes towards living costs such as food, travel, rent and course materials. The amount you can receive depends on where you live and is means tested, so you have to give details of household income. To give you an idea, for the 2024 to 2025 academic year, the maximum loan that may be available is £13,348. You start repaying these loans after you finish your course, and only once your income is over a set repayment threshold, making them a manageable option for many students. Under a new ‘Plan 5’ introduced in 2023 (and affecting
anyone starting a degree from October that year), the income threshold for repayments changed from £27,295 to £25,000, while the repayment write-off period (the time after which loans are written off) has been extended from 30 years to 40 years. “This loan is crucial for managing daily expenses and ensures you can focus on your studies without financial stress,” says Paul Hebron, head of marketing and campaigns at the University of Aston. “Bursaries and scholarships are fantastic ways to fund your education without the need for repayment.” Research carefully the different bursaries and scholarships available, as many universities offer them with certain conditions. Aston University for example
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