Student finance and managing money at university

Fees and funding can be a complex topic for students. Therefore, it's important to understand the student finance system and the support available to you.

Student Finance

Navigating the world of student finance can be daunting, but getting a good grasp on it can make a big difference.

There are funding packages available for students to support them throughout their studies with both their tuition and living costs. 

If you would like further information about student finance, student loan and what's included visit our fees and funding webpage and the GOV.UK website. 

Tuition fees cover the cost of your teaching, assessment and operating University facilities such as the library, IT equipment and access to study and personal support facilities.

  • Fees vary between institutions and courses. Check the university website for more information
  • You can apply for a non means tested Tuition Fee Loan to cover the cost
  • This loan is paid directly from Student Finance to the relevant university
  • Can include rent, utilities, travel, food and socialising
  • You can apply for a means tested Maintenance Loan. The amount received depends on:
    • Household income
    • Where you live
    • The location of your university
  • Paid to you in three instalments at the start of each term

If you would like a more accurate picture of your potential student funding package you can utilise the GOV.UK student finance calculator.

  • Financial support that does not have to be repaid
  • Can be used to support tuition or living costs
  • Allocated by universities based on different criteria
  • Applied for via the awarding institution and not Student Finance. Check the university website for more information on what they offer. 

You can take a look at Loughborough's scholarships and bursaries on the webpage. 

  • Applications are carried out in the Spring of Y13
  • You will then need to re-apply each Spring until you have finished your course
  • Applications are made to and processed by Student Finance and completed electronically
  • Once you have finished your studies the sum of your Tuition Fee and Maintenance Loans will be brought together
  • Repayment begin the April after graduation providing you earn over the repayment threshold
  • Your repayments stop if your income is under the threshold
  • Rates linked to salary not the amount borrowed
  • Any remaining balance forty years after graduation is written off

Budgeting

Managing a budget and financial commitments can be a steep learning curve when entering higher education.

Understanding the various different areas of expenditure associated with university can help you to appreciate where your financial support packages will be spent and forecast a weekly or monthly budget.

It's common for students to undertake part time employment during term time and in the holidays, providing it does not interfere with their academic commitments, as it's an excellent way of supplementing their finances.

Head to our budgeting at university webpage and the Save The Student how to budget webpage for more information and top tips. 

What I Spend in a Week as a Student at Loughborough University

For National Student Money Week 2022, student Jemima shares what she spends in a typical week at Loughborough University.

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