Student life in UK comes with endless opportunities and new possibilities. And, if you are thinking of going to UK for international education, congratulations, you are on the right path. However, the United Kingdom is not that cheap and we hope you know that. Whether it is tuition fees or rent of student accommodation in UK, there is so much to know. This is where the student loan and scholarships act as a saviour. And, student maintenance loans help the students in covering the cost of living.

We understand how crucial the student maintenance loans and student loans are in UK. This is why Uninist has come with a very helpful blog. In this blog, we are going to provide you with a guide on student maintenance loans covering all your doubts and questions. So, keep on reading to find the ultimate guide to student maintenance loans in UK!

What is a Student Maintenance Loan? 

The first and foremost question in your mind will be what is a student maintenance loan? Is it different from student loans? Well allow us to answer your doubts first. Here are some of the points you should know: 

• A student maintenance loan is financial support granted to students so they can cover their living cost while studying. This loan is just like the student loan, but it is less in amount compared to the student loan. 
• The tuition fee loan and student maintenance loan are different. These loans cover expenses like rent, food, travel, bills, and course-related costs. 
• This loan is backed by government student loans companies in UK, mainly through companies like Student Finance England, Student Finance Wales, Student Finance Northern Ireland and many more.
• Some students also consider private student loans if government loans are not enough, but it is important to find a reliable private loan provider. 

What is the Eligibility Criteria for a Maintenance Loan in UK? 

Yes, you heard it right, there is an eligibility criteria for the student maintenance loans. Let’s have a look at what those are: 

• Basic eligibility criteria
• Course requirement

The eligibility criteria has been divided into two parts, let’s discuss each of them in more detail. 

Basic Eligibility Criteria 

• You have to be a UK national or have settled status. The EU/EEA and international students in UK may need specific residency rules.
• You have to be enrolled in a recognized higher education course for example degree, diploma, and foundation. Also, you have to be aged under 60 years old when starting the course. 
• You have to be living in UK for a certain period before the course starts which is usually 3 years for national students.

Course Requirements

• The course requirements are full-time or part-time recognized courses. Also, the universities or colleges should be UK approved. 
• Courses like Undergraduate degree, foundation degrees, HND, HNS, or teacher training programs are typically covered. 

How Much Student Maintenance Loan can You Get? And What Does it Cover? 

Let’s discuss how much maintenance loan you can get and what it covers. The maintenance loan which you can get depends on few factors those factors are: 

• Location of study
• Household income
• Year of study
• Coverage

Location of Study

• If you are living at home then the loan will be lower since expenses are lower compared to someone who is living in a student accommodation. 
• If you are someone living away(in case of outside London)  from home then the loan will be higher so that it can cover rent and bills.
• If you are living away from home but in London then the maintenance loan will be even higher as the cost of living in London is very high. 

Household Income 

• Student maintenance loans depend on the income of your parents or household. Few people can afford a few parts of the cost of living, but some cannot afford at all, so the estimation of household income is important.
• The lower the household the income the higher the maintenance loan. 

Year of Study

• Final year students sometimes receive a slightly reduced loan since term lengths are shorter. 
• The freshers students in UK can get a higher amount in their maintenance loan as their college life just started and they will need more to cover the cost of living.

Coverage 

The last point is the coverage of student maintenance loans. Here are the coverages: 

• Rent and accommodation. 
• Travel and transport like bus, train, etc. 
• Utility bills like electricity, gas, water, etc. 
• Food and groceries cost. 
• Internet and phone bills. 
• Course material like books, stationary, software, etc. 
• Personal expenses like clothes and healthcare. 

How to Apply for Student loan in UK: A Step-by-Step Guide

Now you know what student maintenance loans and student loans are, but the question is how to apply for it as most students don’t know about it. Here is the step-by-step application process: 

• Step 1: Check the eligibility on the official student financial website.
• Step 2: Register online with Student Finance England or any other relevant body.
• Step 3: Complete the application form with details about your course and university.
• Step 4: provide household income details like parents/guardians information, they may also need to provide evidence.
• Step 5: Submit the proof of identity like passport, birth certificate.
• Step 6: Wait for the confirmation and assessment.
• Step 7: Receive a loan schedule showing when and how much will be paid.

Additional Tip: The additional tip from our side which is pretty obvious is apply as early as possible. The application is usually open in spring for the September course.

Which Are the Student Loan Companies in UK?

The main student loan providers in UK are:

• Student Finance England(SFE) 
• Student Finance Wales(SFW)
• Student Finance Northern Ireland(SFNI) 
• Student Awards Agency Scotland(SAAS) 

Private student loans in UK

If the government provided maintenance loans are not enough then you can look for private lenders option. Here are some points you should know: 

• The maintenance loan is offered by banks and private lenders. 
• It can cover extra living costs or tuition fees which are not funded by government loans. 
• Usually it requires a credit check and may have higher interest rates as they are private lenders and not government funded. 
• Some require a guarantor like a parent or a guardian and it is not ideal for everyone, but an option for students with funding gaps. So, only go for this route if you find someone very reliable. 

What Are the Pros and Cons of Student Maintenance Loans? 

Here is a table so that you can understand the pros and cons of student maintenance loans:

Conclusion

The student maintenance loans in UK are a crucial support system that allows thousands of students to cover their cost of living in UK without the tension of repaying it between their studies. Taking a student loan does not mean taking debt, but the repayment is structured and on the basis of income which makes it manageable. To avail a student maintenance loan it is important to apply early. So, take a maintenance loan if you need it, but take the loan from a government student loan company.

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