Student maintenance loan is a government-funded student loan designed to assist with living expenses while attending university. Maintenance loans can help you pay for all of your rent, bills, meals, and more. You apply for the Maintenance Loan the same way that you apply for tuition fee Loans. Yet, the tuition fee loan and maintenance loan are technically two different sources of support. Maintenance Loan, plus any interest, must be repaid, but not until the student has completed or dropped out of their study and their salary exceeds the payback level. This article will cover all you need to know about maintenance loans read along!
How is a student maintenance loan paid?
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Maintenance loans are deposited directly into your student bank account in three (equal) installments throughout the year. Except in Scotland, where loans are paid monthly, you’ll get one at the start of each semester. This means it’s up to you to budget your loan wisely and avoid blowing it all during freshers’ week. However, keep in mind that not all your student loans will be paid directly to you. Tuition Fee Loans are paid to your university directly. It means you won’t have to worry about your university pursuing you for payment, or about the temptation to spend the money yourself.
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Factors that determine eligibility for a student maintenance loan
Eligibility for Maintenance Loan depends on a few factors. We will run through each of the criteria in this section but don’t panic. Most undergraduates starting uni are usually eligible to receive this loan.
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Your college/ university
Firstly, your university or college (or another type of institution) must be “recognized” or “listed.” This is easy, as most universities and colleges are listed. Furthermore, the course you’re enrolled in must be on the government’s list of qualified courses. Again, most undergraduate courses are recognized and funded. But, there are certain additional requirements if you will be studying part-time. To be sure of your school eligibility consult the government’s website for the whole set of criteria.
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Whether you have studied before or not
In theory, the only way you will be eligible for a maintenance loan is if this is your first higher education study. However, if you previously started a course but had to withdraw from the university, you are eligible for financing again. Similarly, if you are repeating a year at the same institution, you may be eligible for a Maintenance Loan. This is because all students are entitled to financing for the number of years of the program for which they are applying, plus one extra year. If you’ve previously studied and are applying for a Maintenance Loan for a different course, subtract the number of years you’ve already studied from this figure.
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Age
Most of students have no trouble with this one. The only age limitations on Maintenance Loans apply to people over the age of 60. Even so, if you’re studying full-time, you might be able to acquire some funding. But, if you are 25 or older, the size of your loan will be computed differently. For more information, research Student loans for mature students.
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Nationality and residency status
The most ambiguous eligibility criteria are nationality and resident status. As a result, it’s the one that most students get wrong. You are eligible for a Maintenance Loan if you are a UK national (or have settled status’), live in the UK (or the Channel Islands or the Isle of Man), and have done so for the three years preceding the commencement of your study. But, it is important to note that all three of those conditions must be met for you to be eligible. For example, if you were born in the United Kingdom but moved overseas as a child, you may no longer be eligible.
How much student maintenance loan will I get?
The size of maintenance fund you will receive depends on the following factors.
- Which country in the UK are you from
Each country in the United Kingdom has its own student funding body. You’ll apply to the body in the country where you reside when you’re not in university.
- Where will you be living
Except for Scotland, countries in the UK provide more funds for students who live away from home while attending university. There is frequently more money available if you will be studying away from home and in London.
- Your household income
Students from higher-income families receive less financing packages from Student Finance bodies. Meanwhile, those from lower-income families typically receive the most assistance. Depending on where you live in the UK, this may influence how much of a Maintenance Loan and/or Maintenance Grant you are eligible for (if any).
- How long you are studying for
If you enroll in an accelerated degree program, you may be eligible for additional funds for the extra weeks of study each year.
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How to apply for a student maintenance loan
Students in England, Northern Ireland, and Wales can apply for a Maintenance Loan either online or by mail. If you live in Scotland, there is no postal option, so you must apply online. But, whether you apply online or by mail, you may be required to supply some supporting documentation. Passports, birth certificates, and other documents are likely required.
Final thoughts
Student maintenance loans are available in addition to tuition fees loans and have good repayment terms. This means that when you graduate and begin repaying your loans, you will only have to make one monthly payment. The amount of money you can borrow on a maintenance loan depends on your family’s household income as well as where you choose to study. Overall student maintenance is good for students who can’t afford to fend for themselves in uni.
