{"id":700,"date":"2022-09-30T10:33:18","date_gmt":"2022-09-30T09:33:18","guid":{"rendered":"https:\/\/www.redstareducation.co.uk\/blog\/?p=700"},"modified":"2022-10-03T10:16:21","modified_gmt":"2022-10-03T09:16:21","slug":"how-student-finance-works","status":"publish","type":"post","link":"https:\/\/www.redstareducation.co.uk\/blog\/how-student-finance-works\/","title":{"rendered":"How Student Finance Works"},"content":{"rendered":"

If you’re going to university, chances are you will have to deal with the world of student finance.<\/p>\n

What is it?<\/h2>\n

Student finance provides funds for students to go to university. It is often referred to as your \u2018student loan\u2019, as it is a type of borrowing.<\/p>\n

It is made up by two components: tuition fees and maintenance loan.<\/p>\n

Tuition Fees<\/h2>\n

UK universities can charge up to \u00a39,250 a year in tuition fees, and the majority charge this maximum amount. The good news is that you\u2019ll pay nothing upfront if you\u2019re eligible for student finance, which most students are.<\/p>\n

Tuition fees are paid by the Government on your behalf, directly to the university. You will then repay this loan to the Government after you\u2019ve completed your studies, providing you’re owning over a certain level of income.<\/p>\n

Maintenance Loan<\/h2>\n

The maintenance loan is there to help you with you living costs. Pretty much everyone going to university full time away from home will have to get a maintenance loan, because living is expensive.<\/p>\n

Unlike with tuition fees, this loan is paid directly to you, as it is you who has control over the spending of it… so make sure you don’t get carried away! You will have to make sure you stretch it far enough to cover things like:<\/p>\n