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, 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 the different
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Budgeting can be time- consuming but it’s essential to do this so you can see where you are financially and identify any shortfalls you have to meet
bursaries and scholarships available, as many universities offer them with certain conditions. Aston University for example has a range of bursaries and scholarships based on various criteria such as academic achievement, financial need and specific talents or interests, and its scholarships aim to support students from low-income households and students classed as care leavers, children from a military family or refugees. “These financial aids can significantly reduce the burden of tuition
fees and living costs, making higher education more accessible but always check the eligibility criteria and application deadlines so you can make the most of these opportunities,” says Paul.
Other sources of funding Charities and trusts offer a huge number
of grants to support your studies. These charitable grants can go towards any reasonable costs connected with going to university, such as tuition fees, accommodation costs, living expenses or equipment you might need. They are allocated according to certain criteria, such as: l Where you live l What your parents do for a living l Any illnesses or disablities you might have l Special interests, activities or hobbies, such as music, sport, drama l Your religion or ethnicity
For some, parental contributions will play a significant role in funding education. While not all families can afford to contribute, for those who can, this financial support can ease the overall burden of university costs. Working part-time can be another effective
way to support your studies financially, especially if you plan on studying in or near a city. Many students find part-time jobs in retail, hospitality, or even within the university itself but make sure you are able to balance this with your studies and time for yourself. In other words, don’t overdo it!
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