do you still get a student loan if you live at home?

Do you still get a Student Loan if you live at home?

Finance and budgeting can be one of the most stressful aspects of being a uni student. You’re all excited about starting your degree, meeting new people and having new experiences, then, oh wait, you have to provide for yourself. Living at home means that your parents/guardians are still there to support you, but that may leave you wondering. Do you still get a student loan if you live at home? Well, that’s what I’m here for. This article will tell you if you get a student loan even if you continue to live at home while you’re studying. 

Bear in mind that this article will only cover student loans for those studying at home. If you’re moving out for university, you will also be eligible for student loans, but the numbers will be different to what they are here (the same principles apply though). Check out the government website for more details.

Do you still get a student loan if you live at home?
Source: Canva

The short answer

The short answer is yes, you will receive some kind of student loan even if you continue to live at home while studying. This is because of tuition loans. Every “home” student (someone with a UK/Irish citizenship or someone with a “settled” status who has lived in the UK for at least three years prior to starting studies) is eligible for a tuition loan of up to £9,250. This is paid directly to your university, so there is nothing for you to worry about there. 

The long answer

The long answer is yes, but it’s complicated. Even if you’re living at home, there are a number of different factors that determine how much of a maintenance loan you receive from the government. A maintenance loan will help you with some of the costs of day to day life at uni. Like with tuition loans, all home students are eligible for one, though if you’re living at home, you may choose not to. It completely depends on your circumstances.

Do you still get a student loan if you live at home?
Source: Canva

How much maintenance loan will I get if I live at home?

The most important factor in determining how much you can receive in maintenance loans is your parents’ income. For the 2022-2023 academic year, the minimum a student living at home can receive as a maintenance loan is £3597, no matter where you are in the country. The maximum maintenance loan for students living at home is £8171. However, how much you can actually have depends on your parents’ income. If your parents make:

  • Less than £25,000 a year, then you will be eligible to receive the maximum maintenance loan of £8171.
  • Up to £45,000 a year, then you will be able to receive a maintenance loan of £5420
  • If more than £65,000 a year, then you will only be able to receive the minimum loan of £3597
Explained: Do you still get a student loan if you live at home??
Source: Government Website

The exact figure for you, down to the very last penny, will depend on your parent’s exact income. For instance, if your parents have a combined income of £50,000 a year, then you will receive a maintenance loan of £4720. So, make sure when you’re doing your application that you ask your parents to help you out. Remember, if you make a mistake on your Student Finance application or your circumstances change, you need to alert Student Finance. 

There are other circumstances that may mean that you’re entitled to extra money on top of a maintenance loan. These include: if you have a disability, if you receive benefits or if you have someone depending on you. So, check out the Student Finance Calculator, which will give you an estimate as to how much money you may receive. 

So, do you still get a student loan if you live at home? The answer is yes! The amount of money will vary from person to person, depending on your parent’s income and other circumstances. Still, you are eligible to receive a student loan, even if you live at home.

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