How do student loans work? Watch

olliecking
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Report Thread starter 7 months ago
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Hello.

I'm very confused about how student loans work. For anybody who is in uni or has graduated, I'd be so grateful if you could explain to me how the loans work.

How did you get your student loan?

Did you find yourself ever going out of pocket for living costs? (If so, how much?)

How is the money on the loan handled? Like do they transfer it to your personal account?

Thanks!!
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G97D
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So you apply for a student loan via the gov.uk website, you’ll need yours (if living alone) or your parents income in order for student finance to dictate whether or not you actually need support. You can either apply for the minimum loan or the maximum loan.

Depending on the university’s fees student finance will loan you up to £9,250.00 for the entire year (where you’ll have to reapply each year you are in uni) this money you don’t see and is paid directly to the university in three instalments.

As for the maintenance loan you can either get £3k (minimum) or £8k (maximum if I’m correct) - always apply for the maximum as it works out better 😂 say you were eligible for £6k maintenance loan, student finance will transfer this money to you in three instalments of £2k at the beginning of each semester (once every three months) and you’re good to go really 🤷🏼*♀️

I was only eligible for the minimum loan and wouldn’t say it ran out quickly either - I do work a part-time job so maybe I didn’t realise the money rinsing away. Hope this helps 😁😁😁
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DCDCo
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I just went through the process.

You can google "Student Finance Calculator" to get an idea of what you are eligible for.

You make your application through Student Finance England (if you are in England...) and they will then process the application. They pay the fee's directly to the Uni and you make an application for a maintenance loan, up to a maximum of just over £11k for students who live at home outside of London and study in London. This loan is paid three times a year at the start of the term.

There is a dedicated Student Finance England forum on this website. They were really helpful for me. Hop over there if you have any more questions!
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