The student finance myths
Heard a few rumours about student finance? Struggling to separate the fact from the fiction? Weâre here to help you work out whatâs what, with our student finance truths.
MYTH: âI have to pay for my course upfrontâ
TRUTH: The Tuition Fee and Maintenance Loan are paid once you have completed your course and are earning over Â£21,000. If you are applying for Student Finance the tuition fee is paid direct to your college or uni on your behalf.
MYTH: âIf I work part time I wonât get the full amount of Student Financeâ
TRUTH: Many students will need to work in order to boost their income whilst studying. Student Finance will not take earnings you get from part time work into account.
MYTH: âI am 18 and donât live at home therefore I donât need to give my parents detailsâ
TRUTH: Student Finance considers you a dependant student until you are over 25 years of age. Therefore, even if you do not live at home, Student Finance will still take into account your parents earnings. The exceptions to this are if you are estranged from your family and do not have contact twitch them, or if you are a parent yourself.
MYTH: âThe Maintenance loan does cover my living costs, so I cannot afford to go to uniâ
TRUTH: If you think your Maintenance Loan is not going to cover your living costs, think of ways you can maximise your income. Can you work during the summer in order to save some money and/or get part time work whilst on course? Can your parents help with some of your costs like a contribution to food? Can you live at home to save money?
Remember, you may also be able to get some help from your university through bursaries or scholarships, so contact them ASAP.
It will also help if you make a budget to get a clear picture of how much you need to cover your costs whilst studying.