Are you thinking about starting university? Well, stay tuned because this article will tell you everything you need to know regarding student finance eligibility in the UK.

Studying at university in the UK can be incredibly expensive. This is especially true when taking into account the cost of your degree, travel or accommodation and living expenses. In fact, the typical university student spends over £800 a month.

Therefore, it’s no surprise that students in the UK apply for student loans due to universities charging a minimum of £9250 for a year of tuition fees.

Money management is a general point of anxiety for most university students.

A student loan is there to cover your tuition and maintenance fees. This will make your life easier, allowing you to focus on your studies. Applications can be made regardless of your financial circumstances. Despite this, it is crucial to check your eligibility to ensure that you get the correct amount. Don’t forget that these are loans and will need to be repaid eventually.

Be sure to apply for your student finance promptly. Doing this before starting your course will guarantee that you receive your money on time. You will have to wait at least four weeks before you know the status of your application. You need to apply every year.

Are you from the UK?

Your residential status is a significant factor in proving your student loan eligibility. If you are an English citizen or have settled status (with no restrictions) you will be entitled to the regular amount of student finance.

Irish and EU students are able to get tuition loans but are unlikely to get assistance for maintenance. International students unfortunately pay a larger fee than UK citizens.

Extenuating circumstances are always taken into account. If you are unable to adequately explain your situation using the application contact student finance directly. Hardship funding is also available (and you won’t need to pay it back!) You may also want to consider a bursary or look into scholarships.

Student Loan eligibility: residential status
Source: Pexels

What degree are you studying?

Your course must be publically verified and from a registered university. A first degree, foundation degree and Higher National Certificate are examples of courses verified for government support. Initial Teacher training is also covered under this. You can find more information on the government website.

Please confirm that your course is authorised for funding with your university.

Is this your first degree?

You may not necessarily have access to undergraduate student loans if you have previously completed a degree. Although if you are repeating a course you failed to finish you may still gain funding.

Changing courses is to be considered carefully as you risk losing your eligibility for student loans in the UK.

Student Loan eligibility UK: Explained
Source: Pexels

What about part-time studying?

If you are studying part-time your degree needs to have a certain amount of intensity; 25% or 30 credits a year is permissible.

Remember that your student loans must be repaid four years after part-time study – even if you haven’t finished. No need to fret however, this only applies if your income is above the threshold of £23,375 per annum.

How old are you?

Getting a maintenance loan to study an undergraduate course full–time generally requires you to be under 60 before you start. Thankfully tuition loans and grants have no age limit. This is also the same in postgraduate courses.

If you want extra information on maintenance loans we have the perfect article for you here!

What is your household income?

Consideration will be given to your parent’s savings and income. Earning above the £25,000 threshold will disable access to the highest amount of student loan. However, you can request reassessment should your situation change.

Don’t fret if you are unqualified for student finance, other opportunities are available. For example, Turn2Us offers charitable grants (which do not need to be paid back) to students in need as well as alternatives to university. Keep an eye on your universities bursaries’ or scholarships to see if you can apply.

Ultimately loans have the ability to make academia attainable for many students. If you’ve lived and been educated in the UK you are able to get funding. Your age, parent’s financial situation and whether this is your first degree is all necessary information to determine your eligibility. Exceptions may apply and so you can find a more extensive list on the government website linked above.

Parents income: Student Loan eligibility UK
Source: Pexels

We hope this has helped you understand student loan eligibility in the UK!

You can check your eligibility here using the student finance calculator – it also takes into account whether you have kids or are disabled for extra student funding.

Any questions? Feel free to let us know in the comment section below!