Maintenance Loans are a type of Student Loan provided by the government, and they’re intended to help towards your living costs while you’re at university. Rent, bills, food, nights out – all these things and more are what the Maintenance Loan is there to help you pay for.
What is the difference between a student loan and a maintenance loan?
Student loans can include a tuition fee loan and a maintenance loan to help with your living costs. … Maintenance loans can be applied for at the same time, lending you money at the start of each term (or monthly in Scotland).
What does a student maintenance loan cover?
It can help pay for things such as rent, food, books, travel, and other expenses. Any loan you borrow needs to be paid back, but not until you’ve finished or left your course, and your income is over the repayment threshold.
How much do you get for a university maintenance loan?
All students who are eligible for the loan can receive up to 50% of the maximum loan amount regardless of their financial situation. The maximum loan amount for students living away from home in London in 2021-22 is £12,382. Access to the remaining 50% is dependent upon your household income.
Who is eligible for full maintenance loan?
You may be eligible for the maintenance loan if you: are a UK national or have ‘settled status’ (no restrictions on how long you can stay) normally live in England. have been living in the UK, the Channel Islands or the Isle of Man for 3 years before starting your course (5 years for students from the EU)
Is maintenance loan a term?
Maintenance Loans are paid directly to the student three times a year, normally around the start of each term.
What is the household income limit for student finance?
Students with household incomes of £25,000 or less qualify for the maximum Maintenance Loan. If your household income is above £25,000, the Maintenance Loan is income assessed on a sliding scale but this does not continue indefinitely.
What is maintenance loan used for?
The first is a maintenance loan, which is there to help cover your living costs, such as your accommodation, food, and so on. You get more if you live away from home as you’ll be paying rent.
Can I apply for maintenance loan later?
Don’t forget to re-apply for Student Finance each year! Don’t panic if you miss the deadline. You can apply for Student Finance up to nine months after the start of the academic year, but the longer you leave it, the more of your own cash you’ll have to shell out in the meantime.
Can student loans cover rent?
Student loans can be used to pay for room and board, which includes both on- and off-campus housing. So the short answer is yes, students can use money from their loans to pay monthly rent for apartments and other forms of residence away from campus.
What is higher maintenance loan?
Students studying in London and living away from home:
If your household income is below £25,000, you will be eligible for the maximum amount of Maintenance Loan £12,382. If your household income is above £25,000, 50.2% of the Maintenance Loan is income assessed on a sliding scale.
What dates are student maintenance loans paid?
Student loans are paid in three instalments, but the exact day you’ll get them depends on your term start date. If your course starts in September, you’ll most likely receive your payments in September, January and then April.
What is the maximum amount of maintenance loan?
The maximum Maintenance Loan is £12,382 and is paid to students who will be living away from home and in London, and whose annual household income is £25,000 or less. And for more info on Student Loans in England, check out this guide.
Do you have to pay back maintenance loan?
A maintenance loan means you will receive funding for your day to day expenses directly into your bank account. This money will have to be paid back but only after you start earning above the repayment threshold.
How much is the maintenance grant?
The grant for day-to-day living costs (known as the maintenance grant) is up to €3,025 for eligible undergraduate and PLC students – or up to €5,915 for students from families in most financial need. (Financially disadvantaged postgraduate students can also now get the €5,915 grant).
Can you get a maintenance loan for a foundation year?
studying an undergraduate course (BA/BSc/LLB degree). … Please note: If you are a part-time student studying a Certificate of Higher Education or Foundation Degree you can only apply for a tuition fee loan. You are ineligible for a maintenance loan.